6704223018 Follow Andrew on TwitterAndrewHeavenFP.. ABN 85 106 823 741 AFSL 241041 Level 16, 190 Queen Street, Melbourne Victoria T: 03 8080 5795 NZ: 0800 456 202 F: 03 8080 5791 E: adminOzFinancial.com.au Online Stock Market Education Site Map Contact Us Copyright 2005 - 2016 by OzFinancial Pty Ltd - Investment & Trading Strategies for the Australian Stock Market. With interest rates falling, the net interest margin contracted to 2.09%, from 2.14%, much of it due to lower income from Treasury and Markets. That will fall by a further $2.22, to $79.46, when the stock loses its entitlement to the final dividend on 18 August.Importantly, shareholders can sell their right to buy new shares (starting with an implied price of $7.96, given that the new shares wont get the final dividend). Q. The $5.61 of cash earnings per share gives a multiple for the stock of about 15, but it rises into the high teens if you plug in a higher impairment charge.Entitlement offerSo what price CBA? Before we get to that, we need to consider the entitlement offer, under which shareholders will get the right to buy onenew share, at$71.50,for every 23 shares they held before the announcement. WARNING: The reports are intended to provide general financial product advice only. Users may, however, visit our Site anonymously. The cash profit of $9.1bn was in line with expectations and 5% higher than last year way down on the 10%-plus rates of growth weve seen in recent years, but still perfectly respectable in a low-growth environment.In some ways were actually quite pleased to see that the bank isnt stretching too hard for growth. In this case, the offer represents a discount of 10% to the closing price of CBA shares on 11 August.
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