14/08/2023 16:30

Bendigo & Adelaide Bank (BEN) $8.92

BEN – 2.94% A miss at the earnings line drove a decline in the share price today, although it wasn’t all bad news for this regional lender. Cash net profit after tax (NPAT) of  $282m was a ~5% miss to the $299m expected while the FY23 dividend of 61cps.

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24/03/2023 09:06

Bendigo and Adelaide Bank (BEN) $8.90

BEN is trading on a valuation of 9.1x, very similar to ANZ which again we both prefer and own. We believe that BEN’s earnings are close to peaking with earnings upgrades priced into the share price leaving us seeing no reason to buy the stock even into recent weakness - the stock traded ex-dividend 27c fully franked earlier this month.

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20/02/2023 16:34

Bendigo & Adelaide Bank (BEN) $9.79

BEN +1.87%: edged higher today on a decent update, although much of it had been flagged at the December trading update. Since then, shares have rallied ~7% and todays update should see them remain supported.

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10/02/2023 09:12

Bendigo & Adelaide Bank (BEN) $10.05

BEN saw its total housing loans shrink -0.2%  for December and as we said previously MM believes this is likely to continue over the coming quarters. However they delivered a solid trading update in December reporting cash earnings of $245mn for the 5 months to November 30th overall a 15% beat of consensus estimates at the time which has seen the stock rally in recent weeks. BEN is currently trading on a 10.9x P/E

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14/12/2022 09:49

Bendigo & Adelaide Bank Ltd (BEN) $9.66

BEN rallied +6.86% on a better-than-expected trading update with cash earnings of $245m for the 5 months to 30 Nov coming in around 15% ahead of consensus. MM currently holds two banking positions in our Flagship Growth Portfolio, 5% in Commonwealth Bank (CBA) and 7% in Macquarie Bank (MQG), well below the Banking Sectors...

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02/09/2022 09:21

Bendigo Bank (BEN) $8.92

BEN reported some disappointing numbers last month which saw the stock plunge ~18% in the following weeks - Net Interest Margin (NIM) was weak at 1.74% plus importantly they informed the market that they are less leveraged to higher interest rates than was previously thought. Arguably the biggest issue for MM is we’re now unlikely...

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17/08/2022 09:13

Active Income Portfolio

The portfolio was up +0.73% for the week with cash now at 6% following the sale of APA Group (APA). The portfolio is up 3.76% for the financial year to date, well ahead of its absolute return benchmark (RBA cash rate +4%).  Service Stream (SSM) +4.57% and BHP Group +4.35% were both strong while Centuria (CNI) +3.23% bounced back from recent...

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17/08/2022 09:11

Bendigo Bank (BEN) v Bank of Queensland (BOQ)

BEN reported this week and overall MM didn’t like what we read under the hood of the headline numbers i.e. The Net Interest Margin (NIM) was weak coming in at 1.74% but more importantly, they say they are less leveraged to higher interest rates than we thought. The biggest issue for us is we’re now likely to see FY23 downgrades as a consequence which will weigh on both itself and fellow regional BOQ which resides in the MM Portfolio.

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15/08/2022 17:31

Bendigo Bank (BEN) $9.88

BEN -8.35%: The headline result from BEN looked solid on first pass with cash profit of $500.4m ahead of consensus at $485.4m and a dividend in line with expectations at 26.5c, however, the devil was in the detail. The Net Interest Margin (NIM) was weaker than it should have been at 1.74% and they are not getting leverage to higher rates as the other banks are. There are reasons for this however ultimately we’re likely to see FY23 downgrades as a consequence.

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21/07/2022 09:00

Bendigo & Adelaide Bank (BEN) $10.10

BEN has been the best performing major Australian bank in 2022 having rallied +11% year-to-date compared to say ANZ Bank (ANZ) at the other end of the spectrum which has fallen -21% - ANZ has managed to clear its “leftover” shares at $21.64, above its previous close, an exceptional performance after its $3.5bn capital raise to buy Suncorp’s banking assets.

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