Yesterday’s results highlight CBA’s resilience and the availability of multiple value levers to pull in a challenging market – Buy rating maintained. Our estimate changes reflect lower other income and higher BDD net of lower operating expenses. The net result is a slight decrease to cash NPAT and cash EPS across the forecast horizon of 2%. Consistent with lower EPS expectations, we have also trimmed the dividend estimates and the price target is slightly lowered to $83.50 (previously $85.50). Full report attached.
Bell Potter is a member of the Bell Financial Group (BFG) of companies. We are one of Australia's largest full service stockbrokers and a leading financial advisory firm, offering a full range of services to private, corporate and institutional...