Huninni - yup it looks cheap to me. seems to have been trading in a bit of channel for ~9 months now. it is not right at the bottom of the channel yet, but i have always made a little bit of $$ buying below $24 and looking to offload over $25.
from memory it did dip into low $22s (albeit briefly) recently so take care if you have loaded up at current level using a margin loan....
I like NAB at this price because they have strong business banking business and limited retail (ie home loan) exposure so SP should come up strong if Aust businesses can continue to perform. Lower downside (compared to other Big 4) if we do actually have a housing bubble that bursts.
Joker in the pack (RISK) is their UK banking assets. Been a millstone over last couple of years but anything resembling an improvement will help SP. doesnt seem that is likely in the near term though.
as always timing is all.
NAB Price at posting:
$23.84 Sentiment: Buy Disclosure: Held
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