Why can’t Macquarie make up its mind on what CBA is worth?
When CBA reports strong quarterly profits this week, leading banking analysts will say sell. But their colleagues in wealth management will tell clients to buy.
Australia’s extraordinary banking valuation conundrum will come into sharp focus on Wednesday when Commonwealth Bank closes out the bank reporting season with the release of a first quarter profit of about $2.5 billion.
The nation’s banking analysts will plug the fresh numbers into their valuation models and inevitably say CBA is severely overvalued and investors should sell.
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Tony Boyd is the former Chanticleer columnist. He has more than 35 years' experience as a finance journalist. Connect with Tony on Twitter. Email Tony at tony.boyd@afr.com
