VUK has really struggled through 2022 falling 48% at its worst and while the UK operating bank is very cheap compared to Australian names we shouldn’t forget that CBA, NAB et al are expensive from a global perspective. Unfortunately, we believe that VUK will continue to deliver lower margins & profitability, especially when compared to its Australian peers, and the share price illustrates that the market agrees with us.
- Relative political calm looks unlikely to be a catalyst for the reawakening of VUK short-term.
MM is neutral VUK
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