Finweek English Edition - - INVESTMENT -

SELL Deutsche Bank re­leased a note on the bank­ing group say­ing that it had raised its 12-month price tar­get to R32.30/share. Deutsche ad­vised clients: “On an in­ter­po­lated one-year for­ward P/B [price-to-book] val­u­a­tion, FirstRand is trad­ing at 2.2x, com­pared with Stan­dard Bank at 1.7x, and Ned­bank and BGA at 1.6x. FirstRand is trad­ing on an in­ter­po­lated one-year for­ward P/E of 9x, along with Ned­bank and BGA, Stan­dard Bank is on 11x. FirstRand is trad­ing on a div­i­dend yield of 5%, with BGA (in­clud­ing a spe­cial div­i­dend) at 8%, Stan­dard Bank and Ned­bank on a yield of 5%.”

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