Bendigo and Adelaide Bank Limited (BXRBF)
合理估值基本面
43
价格
$10.04
市值
$5.92B
第一部分 · 这家公司值多少
概览
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.
盈利方式
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.
护城河
品牌 · 狭窄The 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.
需求驱动因素
中度周期性Loan 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.
看多理由
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.
看空理由
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 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年9月18日 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.
资产负债表与流动性
营收
$1.70B
截至最近已公布季度的最近12个月 — 根据每股指标估算
净利润
$337M
截至最近已公布季度的最近12个月 — 根据每股指标估算
自由现金流
-
股东权益合计
$6.73B
负债合计
$10.73B
流动比率
-
利息覆盖率
-
债务/EBITDA
-
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$8.39
当前价格
$10.04
安全边际
-19.7%
公允价值区间
$6.55 - $10.24
所用估值方法之间的离散区间，并非经过统计校准的置信区间。
估算方法
估值指标
市盈率（P/E）
17.42
ROE
5.6%
市净率（P/B）
0.87
P/FCF
-
毛利率
0.0%
ROIC
2.2%
盈利能力雷达图
价值创造（经济护城河）
ROIC
2.2%
WACC
3.4%
ROIC − WACC
-1.2 pp
ROIC 低于资本成本：公司每投入一美元都在毁灭价值。
基本面分析标准
通过（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%
未通过（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
不可用（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)
Piotroski F-评分
存在严重财务隐患
盈利质量
低质量：需深入审查会计处理
股权稀释
正在回购股份，对股东友好
机构持股
该公司暂无机构申报数据。
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| 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 | - |
审计风险
2
董事会风险
1
薪酬风险
3
股东权利风险
1
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有：它帮助你在基本面说服你之后，选择何时买入。包含：技术分析、潜力、历史回撤、Gamma 敞口。
Latest News
Recent headlines for BXRBF, sourced from Markets Gazette.