Bendigo and Adelaide Bank Limited (BXRBF)
SurévaluéFondamental
43
Prix
$10.20
Capitalisation boursière
$5.92B
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
Bendigo and Adelaide Bank is an Australian retail and business bank built around a network of Community Bank branches — locally owned franchises that share profits with the towns they serve — plus Up, a separate digital-only bank aimed at younger customers. It takes deposits and makes home, business and agricultural loans across Australia, with the country's second-largest regional branch network and the only ASX100 head office based outside a state capital.
Comment l'entreprise gagne de l'argent
The bank earns net interest income on the spread between what it pays depositors and charges borrowers, plus fees from banking services; net interest margin was 1.88% in the 2025 financial year. Around three-quarters of its loan book is home mortgages, funded mostly by customer deposits rather than wholesale borrowing, which keeps funding costs relatively low but leaves earnings sensitive to how central bank rate cuts squeeze the gap between deposit and lending rates.
Avantage concurrentiel
Marque · ÉtroitThe Community Bank model — local franchises that return a share of profit to their town rather than to shareholders alone — has built unusually high customer trust: Bendigo's Net Promoter Score sits about 36 points above the industry average, and its funding is 77% customer deposits versus lower shares at the major banks. That loyalty is real, but the underlying banking products are still substitutable.
Ce qui stimule la demande
Modérément cycliqueLoan growth and credit quality follow the health of the Australian economy — unemployment, house prices and interest rates all move Bendigo's arrears and lending volumes — but a retail deposit-funded bank is more insulated from sudden shocks than a wholesale-funded lender. Residential mortgage arrears rose to 0.82% in the 2025 financial year, still low but trending up from a 2022 trough.
Les arguments en faveur
Buyers argue that the Community Bank model gives Bendigo unusually loyal, low-cost deposit funding and a trust score well above the major banks, and that the Up digital brand is finally approaching profitability after six years of fast customer growth, giving the bank two distinct paths to growth.
Les arguments contre
Sellers fear that a $539.5 million goodwill impairment and rising operating expenses pushed the bank to a statutory loss in the 2025 financial year, and that margin pressure from falling interest rates will keep outpacing the cost savings management is promising for years to come.
Written by the editors, published on 18 août 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18 septembre 2026 with claude-haiku-4-5 — shared with all users
The closest listed peer: a similarly sized Australian regional bank chasing the same retail mortgage, deposit and small-business customers through a branch-plus-broker network outside the big four.
Australia's largest home lender and deposit taker, competing for the same retail and small-business customers nationwide with far greater scale and technology spending.
A big-four bank competing head-on for Australian residential mortgages, household deposits and agribusiness lending, including in the regional areas Bendigo has traditionally served.
Competes for the same business and agribusiness borrowers in regional Victoria, Queensland and South Australia, as well as for mainstream home loans and transaction accounts.
Its Australian banking arm has grown into a top-five mortgage and deposit player through brokers and digital channels, taking share in exactly the segments Bendigo relies on.
A smaller listed regional banking group (MyState Bank and Auswide Bank) selling home loans and deposits to the same regional and broker-sourced customers on Australia's eastern seaboard.
Bilan & Liquidités
Chiffre d'affaires
$1.70B
12 derniers mois jusqu'au dernier trimestre publié — estimation à partir de ratios par action
Résultat net
$337M
12 derniers mois jusqu'au dernier trimestre publié — estimation à partir de ratios par action
Flux de trésorerie libre
-
Capitaux propres totaux
$6.73B
Passif total
$10.73B
Ratio de liquidité général
-
Couverture des intérêts
-
Dette/EBITDA
-
Bénéfice par action
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Le poids de la dette
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$8.39
Prix actuel
$10.20
Marge de sécurité
-21.6%
Fourchette de juste valeur
$6.55 - $10.24
Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
17.37
ROE
5.6%
Ratio P/B
0.87
P/FCF
-
Marge brute
0.0%
ROIC
2.2%
Radar de rentabilité
Création de valeur (avantage concurrentiel)
ROIC
2.2%
WACC
3.4%
ROIC − WACC
-1.2 pp
Le ROIC est inférieur au coût du capital — l'entreprise détruit de la valeur pour chaque dollar investi.
Critères d'analyse fondamentale
Réussi (6)
- P/B Ratio 0.87
- Debt/Equity ratio
- Operating Margin 37.3%
- Price below Graham Number
- Revenue Growth 5Y 5.1%
- Net Margin Trend 18.3% vs -5.0%
Échoué (9)
- Price CAGR -2.04%
- ROIC 2.2%
- Gross Margin 0.0%
- DCF valuation (Unknown)
- ROE 5.6%
- Analyst Consensus 11% Buy
- Earnings Surprise avg -4.7%
- Earnings Quality (OCF/NI) -3.32
- Piotroski F-Score 0/9
Indisponible (12)
- EPS data insufficient
- P/FCF NaN
- Dividend Payout NaN%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- PEG Ratio (need PE > 0 and growth > 0)
- Share Dilution (missing shares data)
Score F de Piotroski
Préoccupations financières sérieuses
Qualité des bénéfices
Qualité faible : examiner la comptabilité
Dilution du capital
Rachat d'actions. Favorable aux actionnaires
Participations institutionnelles
Aucune déclaration institutionnelle pour cette entreprise.
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| Mr. Richard Allan Fennell BEc, CA, MAICD | CEO, MD & Director | 56 |
| Mr. Andrew Robert Morgan B.Com., FCPA | Chief Financial Officer | - |
| Mr. Bruce Speirs BCom, CA, GAICD, MBA | Chief Operating Officer | - |
| Mr. Kieran O'Meara B.Sc. | Chief Technology Officer | - |
| Mr. Adam Rowse M.B.A. | Chief Customer Officer of Bus & Agribus and Interim Chief Customer Officer, Consumer Banking | - |
| Ms. Kerrie Noonan B.Com. | Chief Risk Officer | - |
| Ms. Samantha Miller | General Manager of Investor Relations & ESG | - |
| Mr. Steven J Blackburn B.A., J.D., L.L.B. | Chief Compliance, Financial Crime & Regulatory Affairs Officer | - |
| James Frost | Head of Public Relations | - |
| Ms. Sarah Bateson | Chief Marketing Officer | - |
Risque d'audit
2
Risque du conseil
1
Risque de rémunération
3
Risque droits des actionnaires
1
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Latest News
Recent headlines for BXRBF, sourced from Markets Gazette.