Time to buy or wait till cheaper?

Hello friends,

I'm looking to rebuild a (twice) long-lost position in CBA.

My sister worked at CBA as a teller for a long time and before she realized it, she banked $65,000 worth of stock over decades and decided to sell in 2015. Well, in hindsight that wasn't very clever!

I participated in the CBA SPP in 2008 and like a moron dumped it at $40, but I've become much more patient and better at "buying and holding".

The question is, is CBA good value right now? It's past $100, it's done a big buyback, the economy is recovering, and if you look at Canada the bank share prices there are rising quite substantially given the Bank of Canada is going to raise rates as soon as this month, so investors are flocking to lenders in anticipation of margins that are finally going to increase once again. Plus there's surplus capital sitting on banks for higher dividends.

But at $100 and P/E of 20, is it good value now? I will only buy CBA if I was to buy a mortgage bank because it has the best management (aside from MQG).

I'd prefer to hear HotCopperer's opinions over that of analysts.