Bendigo and Adelaide Bank Limited

ASX:BEN Stock Report

Market Cap: AU$7.7b

Bendigo and Adelaide Bank Valuation

Is BEN undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of BEN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
AU$14.96
Fair Value
9.1% undervalued intrinsic discount
12
Number of Analysts

Below Fair Value: BEN (A$13.6) is trading below our estimate of fair value (A$14.96)

Significantly Below Fair Value: BEN is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for BEN?

Key metric: As BEN is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for BEN. This is calculated by dividing BEN's market cap by their current earnings.
What is BEN's PE Ratio?
PE Ratio14.1x
EarningsAU$545.00m
Market CapAU$7.70b

Price to Earnings Ratio vs Peers

How does BEN's PE Ratio compare to its peers?

The above table shows the PE ratio for BEN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average15.7x
BOQ Bank of Queensland
16.2x10.8%AU$4.6b
MYS MyState
14.4x16.4%AU$507.0m
ABA Auswide Bank
23.3x26.6%AU$261.6m
BFL BSP Financial Group
8.9xn/aAU$3.5b
BEN Bendigo and Adelaide Bank
14.1x2.5%AU$7.7b

Price-To-Earnings vs Peers: BEN is good value based on its Price-To-Earnings Ratio (14.1x) compared to the peer average (15.7x).

Price to Earnings Ratio vs Industry

How does BEN's PE Ratio compare vs other companies in the Global Banks Industry?

14 CompaniesPrice / EarningsEstimated GrowthMarket Cap
BEN 14.1xIndustry Avg. 10.1xNo. of Companies187PE0612182430+
14 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: BEN is expensive based on its Price-To-Earnings Ratio (14.1x) compared to the Global Banks industry average (10.1x).

Price to Earnings Ratio vs Fair Ratio

What is BEN's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

BEN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio14.1x
Fair PE Ratio14.4x

Price-To-Earnings vs Fair Ratio: BEN is good value based on its Price-To-Earnings Ratio (14.1x) compared to the estimated Fair Price-To-Earnings Ratio (14.4x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst BEN forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentAU$13.60
AU$11.52
-15.3%
11.1%AU$14.50AU$9.75n/a12
Jan ’26AU$13.10
AU$11.29
-13.8%
11.8%AU$14.50AU$9.50n/a12
Dec ’25AU$13.42
AU$11.05
-17.7%
10.1%AU$13.00AU$9.50n/a12
Nov ’25AU$12.26
AU$11.05
-9.9%
10.1%AU$13.00AU$9.50n/a12
Oct ’25AU$11.60
AU$11.07
-4.6%
9.9%AU$13.00AU$9.50n/a13
Sep ’25AU$12.05
AU$11.17
-7.3%
10.0%AU$13.00AU$9.50n/a14
Aug ’25AU$12.54
AU$10.59
-15.6%
10.7%AU$12.55AU$8.75n/a14
Jul ’25AU$11.42
AU$10.47
-8.3%
9.7%AU$12.55AU$8.75n/a14
Jun ’25AU$10.93
AU$10.40
-4.9%
9.7%AU$12.55AU$8.75n/a14
May ’25AU$9.68
AU$9.58
-1.1%
11.3%AU$12.55AU$8.00n/a14
Apr ’25AU$10.25
AU$9.58
-6.6%
11.3%AU$12.55AU$8.00n/a14
Mar ’25AU$9.84
AU$9.56
-2.8%
11.3%AU$12.55AU$8.00n/a14
Feb ’25AU$9.67
AU$9.26
-4.2%
8.0%AU$10.50AU$7.50AU$13.6013
Jan ’25AU$9.67
AU$9.18
-5.0%
8.0%AU$10.50AU$7.50AU$13.1013
Dec ’24AU$9.02
AU$9.40
+4.2%
9.9%AU$11.66AU$7.50AU$13.4214
Nov ’24AU$8.77
AU$9.51
+8.4%
9.8%AU$11.66AU$7.50AU$12.2614
Oct ’24AU$8.93
AU$9.54
+6.8%
9.7%AU$11.66AU$7.50AU$11.6014
Sep ’24AU$9.52
AU$9.57
+0.5%
9.4%AU$11.66AU$7.50AU$12.0514
Aug ’24AU$9.39
AU$9.33
-0.7%
11.2%AU$11.66AU$7.00AU$12.5414
Jul ’24AU$8.59
AU$9.52
+10.8%
11.8%AU$11.66AU$7.00AU$11.4215
Jun ’24AU$8.57
AU$9.75
+13.7%
10.1%AU$11.66AU$7.90AU$10.9315
May ’24AU$8.75
AU$9.82
+12.2%
10.5%AU$12.10AU$7.90AU$9.6815
Apr ’24AU$8.67
AU$9.93
+14.5%
10.6%AU$12.10AU$7.90AU$10.2515
Mar ’24AU$9.72
AU$10.17
+4.6%
8.9%AU$12.10AU$7.90AU$9.8415
Feb ’24AU$10.06
AU$10.18
+1.2%
9.2%AU$12.10AU$7.90AU$9.6715
Analyst Price Target
Consensus Narrative from 12 Analysts
AU$11.52
Fair Value
18.1% overvalued intrinsic discount
12
Number of Analysts

Analyst Forecast: Target price is lower than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/01/31 11:31
End of Day Share Price 2025/01/31 00:00
Earnings2024/06/30
Annual Earnings2024/06/30

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Bendigo and Adelaide Bank Limited is covered by 30 analysts. 11 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Anthony HooANZ Equities Pty Limited
Russell WrightAPP Securities Pty Ltd.
Jonathan MottBarrenjoey Markets Pty Limited