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 to see any positive upgrades until they can show operational improvement which will weigh on the banks share price into 2023 – surprisingly so far in 2022 the stocks performed ok only falling -2% compared to ANZ Bank (ANZ) which has been smacked -17%.
- We can see BEN again testing $8 after next week’s 26.5c fully franked dividend which we feel will represent decent but not compelling value.
MM prefers NAB to BEN even after recent falls
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