Investor Presentaiton
Comparable banking transactions
Comparable price-to-book values
(Acquiror Target)
Westpac / St. George
Bendigo/Adelaide
Comparable price-to-earnings multiples (LTM)
(Acquiror Target)
2.7x
Bank of Queensland / Bendigo
2.6x
Bendigo/Adelaide
21.1x
19.0x
Bank of Queensland / Bendigo
St. George /Advance
HBOS/BankWest
I
Suncorp / Metway
1.7x
I
I
I
Westpac Bank of Melbourne
1.7x
CBA Colonial
Colonial / Trust Bank
1.1x
2.1x
1.9x
CBA / BankWest &
0.8x
St. Andrew's Australia.
Precedent
average: 1.9x
2.5x
Source: Company announcements, ASX announcements, Factset, IRESS.
1. Remaining 43% interest by HBOS.
19
CBA Colonial
18.0x
Westpac / St. George
16.8x
Westpac Bank of Melbourne
16.5x
Suncorp/Metway
16.3x
Colonial / Trust Bank
16.0x
HBOS/BankWest1
St. George /Advance
CBA BankWest &
St. Andrew's Australia
11.2x
15.5×
14,7x
Precedent
average: 16.6x
Determined to be differentView entire presentation