Stocks Down Under 16 June 2020: ANZ, OpenPay, Briscoe Group
ANZ Bank: Solid balance sheet to weather the COVID-19 storm
Melbourne-based Australia and New Zealand Banking Group, commonly referred to as ANZ Bank, is one of Australia's four major banks. The multinational financial institution offers a full range of banking products to individual, small business, corporate and institutional customers. As the country's second largest bank by assets it has felt the impact of the COVID-19 crisis through loan repayment deferrals, the need for increased provisioning and uncertainty around its dividend. Although the bank appears to be on a long road to recovery, it is well positioned to weather the storm and capitalise on growth opportunities at home, in Asia and in other international markets. The shares have shed approximately one-third of their value in the past year and we believe they are attractively valued for the long-term investor at 11.8x FY21 earnings.
Also in this edition: OpenPay (ASX:OPY) and Briscoe Group (ASX:BGP).
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