It is the brown-nosing duty of Chanticleer at AFR rent-seeking HQ to defend the indefensible:
While the debate about CBA’s valuation will rage on, those willing to look deeper into the bowels of this $222 billion bank can at least get a sense of the way chief executive Matt Comyn is trying to differentiate the CBA from its local competitors – and why its premium to peers is at least partly justified.
…Does all this explain why CBA is trading at more than 23 times earnings, while ANZ, NAB and Westpac trade between 12 times and 16 times? No. As every banking analyst and their spreadsheet will tell you, CBA’s valuation is impossible to defend, given it implies a level of growth that the Australian banking market is unlikely to produce.
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