ANZ Least Exposed To Domestic Headwinds: Goldman Sachs
Thanks to diversifying its operations beyond the Australian and New Zealand economies, ANZ is the least exposed of its peers to domestic demographic headwinds, notes Goldman Sachs.
Andrew Lyons and colleagues at Goldman Sachs in their July 10, 2015 equity research report on “Australia: Banks” note demographic pressures add to major bank ROE headwinds.
ANZ trading at unjustifiable discount
According to the Goldman Sachs analysts, Australian bank P/B multiples and ROEs have shown a strong linear relationship over time . . .
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