ANZ's compelling value story

ANZ's compelling value story. ANZ Bank is not the most profitable major bank, but it is growing intrinsic value the fastest of 'the big four'. A play on one of the world's most important investment themes, the growing middle classes of Asia, ANZ offers ongoing earnings growth from offshore should domestic banking revenue not accelerate sufficiently to replace declines in bad debts expense. Reductions in provisioning have reduced resilience and our thesis assumes provisions for bad debts do not have to rise suddenly. (VIEW LINK)