WBK - Westpac Banking Corp: Opportunity In Rebuilding A Bank

• CEO Peter King has led Westpac with excellent progress across its 3 key strategies of Fix, Simplify and Perform.
• A 17% price rout since the annual report was an over-reaction to slightly softer than expected results, despite an underlying growing business amidst regulatory action.
• A mispricing of the firm has occurred thanks to an overreaction to the annual report.
• Westpac's current price significantly undervalues the residential mortgage business, offering access to the Australian property market at a fraction of the cost compared to other lenders.
• Westpac's forecast revenues may be lower next year; however, EPS has excellent forecast growth of 12% CAGR thanks to increased profitability.

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