BEN has fallen -9.3% in 2023 a decline that makes it a clear underachiever as the anti-regional bank sentiment gathers momentum.
- Similar to BOQ we see no reason to chase BEN at this stage of the cycle.
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.
MM is neutral towards BEN.
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