Breakingviews - Housing boom pops Aussie lender’s bubbly multiple
of A$2.2 billion, maintaining an annualised return on equity above 11% that bests its major rivals. Trouble is, the results show its huge premium to peers is unsustainable.
Shares in the bank run by Matt Comyn closed on Wednesday at more than 2.4 times book value for the next 12 months, per Refinitiv. National Australia Bank , its closest competitor, trades at just under 1.5 times book, even though its ROE for its financial year to the end of September was 10.7%. Shareholders had given Commonwealth credit for growing quicker than the market. But its all-important net interest margin fell by around 0.1 percentage points in the quarter, Citi estimates, as rampant competition in the heady mortgage market took its toll . If the top dog can be hobbled, too, it doesn’t deserve to be so far ahead of the pack. CalPERS playbook will create new silver linings
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