Bendigo and Adelaide Bank Limited (BXRBF)
NEUTRALFundamental
51
Precio
$10.85
Capitalización Bursátil
$5.89B
Parte 1 · Cuánto vale la empresa
Resumen
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.
Cómo genera ingresos
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.
Ventaja competitiva
Marca · EstrechaThe 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.
Qué impulsa la demanda
Moderadamente cíclicoLoan 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.
Los argumentos a favor
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.
Los argumentos en contra
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 18 de agosto de 2026
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Who this company fights with for the same customers
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Balance y Liquidez
Ingresos
$1.66B
Últimos 12 meses hasta el último trimestre publicado — estimación a partir de métricas por acción
Beneficio Neto
$-109M
Últimos 12 meses hasta el último trimestre publicado — estimación a partir de métricas por acción
Flujo de Caja Libre
$1.68B
Patrimonio Neto Total
$6.67B
Pasivo Total
$96.55B
Ratio de Liquidez
-
Cobertura de Intereses
-
Deuda/EBITDA
-
Beneficio Por Acción
Ingresos y Beneficio Neto
Flujo de Caja Libre
Desglose de Ingresos
Estado histórico
Márgenes en el tiempo
La deuda en el tiempo
Cuánto pesa la deuda
Cuadro de crecimiento
Crecimiento — Ingresos
Estimación de Valor Justo
Valor Justo
$62.17
Precio Actual
$10.85
Margen de Seguridad
+82.5%
Rango de Valor Justo
$40.41 - $83.93
Métodos de Estimación
Métricas de Valoración
Ratio P/E
-
ROE
-1.5%
Ratio P/B
0.89
P/FCF
3.51
Margen Bruto
-
ROIC
-
Radar de Rentabilidad
Value Creation (Economic Moat)
ROIC
-
WACC
3.9%
ROIC − WACC
-
Criterios de Análisis Fundamental
Superado (8)
- P/FCF 3.51
- P/B Ratio 0.89
- Operating Margin 37.3%
- Positive Free Cash Flow
- CapEx intensity
- DCF valuation (Undervalued)
- Revenue Growth 5Y 5.1%
- Share Dilution -0.2%
Fallido (8)
- EPS shows upward trend
- Price CAGR -1.81%
- Debt/Equity ratio
- ROE -1.3%
- Analyst Consensus 11% Buy
- Earnings Surprise avg -4.1%
- Net Margin Trend -5.1% vs 27.0%
- Piotroski F-Score 3/9
No disponible (11)
- ROIC NaN%
- Gross Margin NaN%
- Dividend Payout NaN%
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- Price below Graham Number
- PEG Ratio (need PE > 0 and growth > 0)
- Earnings Quality (OCF/Net Income)
Piotroski F-Score
Preocupaciones financieras graves
Calidad de los Beneficios
Baja calidad: investigue la contabilidad
Dilución de Acciones
Recomprando acciones. Favorable para el accionista
Gobernanza
Equipo Directivo
| Nombre | Cargo | Edad |
|---|---|---|
| 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 | - |
| Ms. Kerrie Noonan B.Com. | Chief Risk Officer | - |
| Samantha Miller | Head 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 | - |
Riesgo de Auditoría
2
Riesgo del Consejo
1
Riesgo de Compensación
3
Riesgo de Derechos del Accionista
1
Parte 2 · El precio y el momento de entrar
Esta parte no sirve para saber si la empresa vale: sirve para elegir cuándo comprarla, una vez que los fundamentales te han convencido. Dentro: análisis técnico, potencial, caídas históricas, exposición gamma.
Latest News
Recent headlines for BXRBF, sourced from Markets Gazette.