Commonwealth Bank (CBA): Ordeal and triumph

Bell Potter

Stockbroker

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.


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Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to a diversified client base that includes individuals, institutions and corporations.

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