Australian Banks Look Pricey Whatever Happens to Rates -- Market Talk

Dow Jones

2024/12/02

0236 GMT - Australian banks' historically high price-to-earnings ratios and downside earnings risks keep Citi analysts bearish on all four major lenders heading into 2025. They tell clients in a note that this year's total investor returns from banks were the highest since 2009, outperforming the ASX 200 benchmark index by 26%. The analysts cite excess inflation driving incremental cash into what investors perceive as low-risk equities, rather than fundamentals. They warn that major bank stocks are now trading at an unprecedented 18.6 times earnings, while risks appear to be stacked to the downside whatever happens to local interest rates. Citi keeps a sell rating on ANZ, Commonwealth, NAB, and Westpac. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

December 01, 2024 21:36 ET (02:36 GMT)

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