CBA bubble resumes popping

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The CBA bubble has had a rough couple of days since its results exposed it for the revenue growthless utility that it is. It’s been more or less straight down since then, setting up a spectacular double-top chart pattern:

It remains spectacularly overvalued at nearly 20x NTM, versus its peers:

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And other GSIBs in the US and Europe:

In fact, I can’t find another bank anywhere that is anywhere near as expensive.

Ludicrous.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.