UK based VUK has fallen -13.7% so far this year making the stock cheap as it traded on 4.9x estimated earnings for FY23 plus an estimated yield in excess of 7% over the next 12 months is not to be sniffed at. We definitely prefer VUK over the Australian regional banks for investors who are looking for some deep value, high-beta exposure to the Banking Sector.
- We like the risk/reward towards VUK short term with an initial target around $3.50, or +20% higher.
MM is mildly bullish towards VUK around $2.80
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