ANZ
ANZ: Big Four Banking - Transformation's a Tough Nut to Crack
Updated 10 Nov 2025
Fair value $24.00 vs current $36.79 (53% overvalued). ROTE 10.5% trails peers 12.5%. New CEO transformation requires near-flawless execution against 50-75% historical achievement rate. Credit normalization and NIM compression create sector-wide headwinds.
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