Westpac Banking Corp: Cost shock
About the author:
- Author name:
- By Nathan Lead
- Job title:
- Senior Analyst
- Date posted:
- 22 August 2023, 8:30 AM
- Sectors Covered:
- Infrastructure, Utilities, Banks
- Westpac Banking Corp (ASX:WBC) published its Q3 trading update and regulatory capital disclosures.
- We have made material downgrades to our forecasts and reduced our target price to (login to view), mainly because of the unexpectedly high cost growth.
- The share price performance is disappointing for existing WBC investors. However, for a new investor we think the current price offers potential returns of c.19% (including c.7% cash yield) even after allowing for the reduced target price.
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