WBC +0.09%: Quarterly update today with limited financial details, although what we saw seemed okay. Their capital position, credit quality and funding are all inline with what you’d expect. They didn’t provide details about cost management, which is an important driver for WBC as they improve efficiencies. While we like ANZ & NAB in the space given 1. Valuation & growth via Suncorp & 2. A focus on business banking respectively, Westpac (WBC) is trading on the cheap side of history, about 1 standard deviation below its norm for both price to book & P/E as shown below.
MM views WBC as cheap, although prefers ANZ & NAB
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