ANZ is the best performer of the “Big 4” so far this year managing to eke out a small +0.2% gain, we believe ANZ is inexpensive relative to peers, trading well below historical averages at a 16% discount to the ASX200 Banks Index. This amalgamated with its strong competitive position in Institutional Banking, in our opinion, has the capacity to surprise on the upside and management’s commitment to reversing losses in mortgage share cements our preference over CBA.
- We like ANZ as it approaches $24 but we would only add to it around $22.
MM is long and bullish toward ANZ
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