AUSTRALIA ANZ AU Price (at 09:15, 18 Jan 2017 GMT) Neutral A$30.11 Valuation A$ 30.69- - Sum of Parts/GG 31.47 12-month target A$ 31.00 12-month TSR % +8.4 Volatility Index Low/Medium GICS sector Banks Market cap A$m 88,403 30-day avg turnover A$m 137.8 Number shares on issue m 2,936 Investment fundamentals Year end 30 Sep 2016A 2017E 2018E 2019E Net interest Inc m 15,095 15,453 15,696 16,218 Non interest Inc m 5,482 5,485 5,081 5,042 Underlying profit m 10,155 11,049 11,757 12,291 Reported profit m 5,709 6,715 7,170 7,490 Adjusted profit m 5,889 6,715 7,170 7,490 EPS adj 192.7 218.2 232.9 243.7 EPS adj growth % -22.7 13.2 6.8 4.6 PER adj x 15.6 13.8 12.9 12.4 PER rel x 0.83 0.87 0.83 0.81 Total DPS 160.0 163.0 167.0 176.0 Total div yield % 5.3 5.4 5.5 5.8 Franking % 100 100 100 100 ROA % 0.7 0.7 0.8 0.8 ROE % 10.2 11.4 11.9 12.1 Equity to assets % 6.3 6.5 6.5 6.4 P/BV x 1.5 1.5 1.4 1.4 ANZ AU vs ASX 100, & rec history Note: Recommendation timeline - if not a continuous line, then there was no Macquarie coverage at the time or there was an embargo period. Source: FactSet, Macquarie Research, January 2017 (all figures in AUD unless noted) 19 January 2017 Macquarie Securities (Australia) Limited What execution risk? Event While we continue to believe that ANZ should deliver better expense management and improved returns relative to peers, we expect this to take time and require sound execution. Given that large-scale restructuring programmes are not without risks, we continue to believe that ANZ s valuation should incorporate a discount for execution risk. However, despite reducing our fundamental valuation discount to just 5%, following the recent shareprice outperformance the upside in ANZ relative to peers appears limited. We downgrade ANZ to Neutral (from Outperform). Impact Earnings dilution from divestments as part of its simplification strategy ANZ is looking to divest non-core businesses. While this ultimately should result in a simplified and higher quality operations, it also creates near-term earnings headwinds. We estimate that recently announced disposal of Shanghai Rural takes off ~3.5% of ANZ s earnings. Cost out may take longer than expected While we continue to believe that ANZ has significant scope to reduce its cost base, we recognise that this process needs to be managed to avoid revenue leakages and is likely take time. Moreover, we note that stranded costs from divestments limit ANZ s ability to reduce its cost base and improve returns immediately after the divestment takes place (not relevant for partnerships). Ability to largely eliminate those costs in the medium term will be integral to ANZ s success in reducing its expenses. Sector leading capital position We believe that ANZ s ongoing optimisation of RWA should provide further scope for capital accumulation in the near term. Furthermore, the recently announced disposals further boost its core tier one to ~10.3%. As a result, we expect ANZ to reach our capital target ahead of peers and start to neutralise its dividends with scope for buybacks once the regulatory landscape is more certain. Earnings and target price revision We downgrade FY17 and FY18 EPS by ~1.5-2.5% for the Shanghai Rural divestment, partially offset by improved BDD outlook. Our price target moves to $31.00 from $30.00. Price catalyst 12-month price target: A$31.00 based on a Sum of Parts/GG methodology. Catalyst: 1Q17 Trading update, February 2017. Action and recommendation Following significant outperformance in recent months, ANZ is currently trading at a ~19% premium to its long-term average and 10-year average. Also relative to peers it is trading at a ~5% premium to long-term average. Please refer to page 7 for important disclosures and analyst certification, or on our website www.macquarie.com/research/disclosures.
Analysis Assets divestments positive for ROE but a drag on earnings ANZ has recently announced three divestments and while we don t expect ANZ to dispose its entire non-core asset portfolio in the near term, we expect to see more divestments in FY17. Based on our estimates, announced divestments to-date will reduce ANZ s earnings by ~5%, albeit providing a healthy 67bps uplift to ANZ s core capital. While we don t expect ANZ to use its capital for buybacks ahead of the regulatory rules being finalised, assuming ANZ was to use capital for buybacks we estimate its earnings would still decline by ~3%. Fig 1 Impact from divestments FY17f earnings Earnings dilution (%) Capital uplift Earnings impact assuming buyback (%) Impact on Group ROE (%) Implied upside to fund. Valuation (%) Already announced Shanghai Rural Commercial Bank 259-3.5 40-2.3-0.16-2.9 Asia retail 50-0.6 17 0.0 0.13 0.4 UDC Finance 55-0.7 10 - -0.06-0.7 Other potential divestments AMMB Holdings Berhad 80-1.0 25-0.1 0.12 0.3 PT Bank Pan Indonesia 32-0.3 20 0.4 0.15 0.9 Bank of Tianjin 160-2.2 25-1.4-0.06-1.6 Life Company 200-2.4 69 0.2 0.25 1.1 Total 840-10.7 206-3.7 0.37-2.5 Asian partnerships are assumed to be sold at 10% discount to their current valuations. Source: Company data, Macquarie Research, January 2017 ANZ is likely to have surplus capital ANZ was able to deliver additional ~$12bn reduction in Institutional Credit RWA in 2H16 (~$9bn reduction in 1H16). This supported its capital positon (now sector leading) and provided scope to improve pre-provision returns on RWA by 8bps. We believe that ongoing optimisation of RWA should provide further scope for capital accumulation in the near term. Furthermore, its recently announced sales further boost its core tier one to ~10.3%. As a result we expect ANZ to reach our capital target ahead of peers and start to neutralise its dividends with scope for buybacks once the regulatory landscape is more certain. Fig 2 FY16 RWA growth vs. prior 5yr average Fig 3 Core tier one positions across the majors % growth 10.0 8.8 8.0 7.0 6.0 5.0 5.2 4.0 3.1 2.4 2.0 - -2.0-4.0-3.7-6.0 ANZ CBA NAB WBC Avg Prior 5 yrs FY16 Source: Company data, Macquarie Research, January 2017 % 1 10.0 9.5 9.0 8.5 8.0 10.3 0.7 9.6 CET1 Uplift from divestments Note: divestments refers to those already announced Source: Company data, Macquarie Research, January 2017 9.5 9.6 9.5 ANZ CBA NAB WBC 19 January 2017 2
May-99 May-00 May-01 May-02 May-03 May-04 May-05 May-06 May-07 May-08 May-09 May-10 May-11 May-12 May-13 May-14 May-15 May-16 Mar-96 Mar-97 Mar-98 Mar-99 Mar-00 Mar-01 Mar-02 Mar-03 Mar-04 Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Valuation discount wanes Following outperformance in recent months, ANZ is currently trading at a ~19% premium to its long-term average and 10-year average. Also relative to peers it is trading at a ~5% premium to its 10-year average. Fig 6 ANZ absolute 1yr forward PE ratio Fig 7 PE rel to majors (ex ANZ) x 16 x 1.1 14 1.0 12 10 8 0.9 0.8 6 0.7 ANZ PE LT average 10yr average ANZ PE Rel LT average 10yr average Source: Factset, Macquarie Research, January 2017 Source: Factset, Macquarie Research, January 2017 On a dividend basis, ANZ offers a yield at a ~5% discount to its long-term average and a ~10% discount to 10-year average. Its dividend is also broadly in line with the majors, albeit its payout ratio is arguably more sustainable following the dividend cut in 2016. Fig 8 Absolute Div yield Fig 9 ANZ dividend yield spread to the majors % 10 % 1.5 9 8 7 6 5 1.0 0.0-4 -1.0 ANZ Yield LT average 10yr average ANZ Spread to majors LT average Source: Company data, Macquarie Research, January 2017 Source: Company data, Macquarie Research, January 2017 19 January 2017 3
Valuation and risks We raise our price target to $31/share from $30/share which is based broadly on the midpoint of our SOTP ($27.47/share) and GG ($29.22/share) based valuations. SOTP (sum of the parts) valuation $31.47/share Our SOTP valuation captures earnings contributions from banking and wealth management and attributes a peer-based multiple. We apply a 12.8x FY18F P/E multiple to our banking earnings, which is representative of the peer average banking P/E multiple after adjusting each bank s multiple to exclude the funds management business. For the wealth business, we apply a 13.2x FY18F P/E multiple, consistent with AMP s multiple. We assume that ANZ should trade at a ~5% discount to peers. Fig 17 Segment valuation Division Cash Earnings (A$m) PE Multiple (x) Valuation Bank less distributions 6,640 12.8 84,820 Wealth management 530 13.2 6,989 Total 7,216 91,809 Number of shares (last reported) 2,918 Valuation ($/share) 31.47 Source: Macquarie Research, November 2016 Note: Wealth Management multiple is based on AMP FY18 multiple. Bank multiple is based on the average of peers adjusted for their respective WM contributions. We assume that ANZ should trade at a ~10% discount to peers (in line with the LT average). Fig 18 Derivation of P/E multiple for banking earnings Bank EPS (A$/share) PE Multiple (x) WM Contribution Bank Adjusted PE (x) ANZ 2.33 12.9 7% 12.9 CBA 5.69 14.5 7% 14.6 NAB 2.36 13.0 6% 12.9 WBC 2.44 13.3 10% 13.3 Average (ex ANZ) 13.4 LT premium to sector -5% Implied multiple 12.8 Source: Macquarie Research, November 2016 Gordon Growth (GG) valuation $30.94/share We have derived a GG valuation of $30.94, based on ANZ s estimated sustainable return on tangible equity of ~14% (we apply 5% execution risk discount to our fundamental valuation). Fig 19 Gordon Growth valuation P/NTA (x) 3.5 3.0 2.5 2.0 1.5 1.0 BEN NAB ANZ BOQ WBC CBA 8 10 12 14 16 18 20 22 24 RoTE (%) Source: Macquarie Research, November 2016 19 January 2017 4
Risks Key downside risks are from revenue attrition as ANZ is looking to restructure its Institutional business. A key upside risk would arise from greater than anticipated expense reductions. Fig 9 ANZ Financial Summary Year Ending 30 September 1H16 2H16 2016 1H17 2H17 2017 2018 2019 Neutral PER SHARE DATA Cash EPS (AUD) - Macquarie Basis 91 102 193 102 116 218 233 244 Current Price Target Price Cash EPS Growth (%) -24% 12% -23% 0% 13% 13% 7% 5% $30.11 $31.50 $31.00 DPS (AUD) 80 80 160 81 82 163 167 176 Total Shareholder Return 10.0% 8.4% BVPS (AUD) 19 20 20 20 20 20 21 21 NTA PS (AUD) 17 17 17 17 18 18 18 19 Bloomberg: ANZ AU Shares on issue (m) 2,918 2,927 2,927 2,936 2,941 2,941 2,914 2,921 Reuters: ANZ.AX VALUATION METRICS Macquarie Equities Australian Banks P/E (Cash) 16.6 14.8 15.6 14.7 13.0 13.8 12.9 12.3 Analyst(s) Contact(s) P/B (Stated) 1.6 1.5 1.5 1.5 1.5 1.5 1.4 1.4 Victor German +61 2 8232 6089 P/NTA 1.8 1.8 1.8 1.7 1.7 1.7 1.7 1.6 Anita Stanley +61 2 8232 9869 RoE (%) 9.7% 10.9% 10.3% 10.7% 12.1% 11.4% 11.9% 12.1% Brendan Carrig +61 2 8237 6043 RoA (%) 0.6% 0.7% 0.6% 0.7% 0.8% 0.7% 0.8% 0.8% Dividend Yield (%) 5.3% 5.3% 5.3% 5.4% 5.4% 5.4% 5.5% 5.8% Dividend Payout (%) 88.2% 78.4% 83.0% 79.2% 70.7% 74.7% 71.7% 72.2% Volumes and margins Cost of Equity (%) 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 2.20% 5% 2.15% 2.10% 2.05% 2.00% 1.95% 1.90% 1.85% 1.80% 52.0% 50.0% 48.0% 46.0% 44.0% 42.0% 40.0% 38.0% 11.0% 1% 10.0% 9.5% 9.0% 8.5% 8.0% 1H17 2H17 2017 2018 2019 Net Interest Margin (%) GLAA growth (%) Efficiency and costs 1H17 2H17 2017 2018 2019 Cost / Income Ratio (%) Cost growth (%) CET1 ratio and BDD/GLA 1H17 2H17 2017 2018 2019 Core Tier 1 Ratio (%) - Basel III Source: Company data, Macquarie Research, January 2017 4% 4% 3% 3% 2% 2% 1% 1% 0% 4.0% 2.0% 0.0% -1% -1% 6.0% -2.0% -4.0% -6.0% -8.0% Impairment Charge / GLAA (bp) -10.0% 32 30 28 26 24 22 20 PROFIT & LOSS (AUDm) Net Interest Income 7,568 7,527 15,095 7,670 7,783 15,453 15,696 16,218 Non-Interest Income 2,748 2,734 5,482 2,680 2,806 5,485 5,081 5,042 Fees & Commissions 1,194 1,193 2,387 1,057 1,071 2,128 2,222 2,344 Financial Markets 574 402 976 553 466 1,018 812 801 Life and Funds 880 747 1,627 764 778 1,543 1,601 1,662 Other Revenue 100 392 492 306 490 796 445 235 Total Operating Income 10,316 10,261 20,577 10,350 10,589 20,939 20,777 21,260 Total Operating Costs 5,479 4,943 10,422 5,145 4,744 9,889 9,020 8,969 Employee Costs 2,709 2,650 5,359 2,570 2,541 5,111 5,090 5,201 Other Costs 2,770 2,293 5,063 2,575 2,203 4,779 3,930 3,768 Pre-Provision Operating Profit 4,837 5,318 10,155 5,205 5,845 11,049 11,757 12,291 Impairment Charge 918 1,038 1,956 892 866 1,758 1,663 1,722 Pre-Tax Profit 3,919 4,280 8,199 4,312 4,979 9,291 10,094 10,569 Tax Expense 1,133 1,166 2,299 1,173 1,389 2,562 2,910 3,065 Minority Shareholders 4 7 11 7 7 14 14 14 Other Post Tax Items 0 0 0 0 0 0 0 1 Macquarie Cash Profit 2,782 3,107 5,889 3,132 3,583 6,715 7,170 7,490 Extraordinary & Other Items 44 136 180 0 0 0 0 0 Reported Net Profit 2,738 2,971 5,709 3,132 3,583 6,715 7,170 7,490 BALANCE SHEET & CAP AD (AUDm) Risk Weighted Assets* 388,335 408,582 408,582 407,815 406,104 406,104 427,524 442,014 Average Interest Earning Assets 754,391 753,928 754,160 758,219 760,115 759,167 763,915 788,962 Gross Loans, Advances & Acceptances 565,868 580,035 580,035 585,835 582,906 582,906 594,608 618,630 Interest Bearing Liabilites 789,522 806,975 806,975 815,045 810,970 810,970 827,250 860,671 Total Assets 895,278 914,869 914,869 923,941 919,360 919,360 937,662 975,233 Shareholders Equity 56,464 57,927 57,927 58,739 59,790 59,790 60,805 62,888 Tier 1 Capital* 45,062 48,285 48,285 49,097 50,148 50,148 51,163 53,246 Tier 1 Ratio (%)* 11.60% 11.82% 11.82% 12.04% 12.35% 12.35% 11.97% 12.05% Core Tier 1 Ratio (%) - Basel III 9.81% 9.61% 9.61% 9.83% 10.13% 10.13% 9.86% 10.01% ASSET QUALITY Impairment Charge / GLAA (bp) 32 36 34 31 30 30 28 28 Impairment Charge / NHL (bp) 70 81 76 70 70 70 70 72 Provisions / NPLs (%) 75% 71% 71% 71% 71% 71% 71% 71% KEY RATIOS & GROWTH Net Interest Income growth (%) 1.2% -% 3.3% 1.9% 1.5% 2.4% 1.6% 3.3% Non-Interest Income growth (%) -3.7% -% -7.1% -2.0% 4.7% 0.1% -7.4% -0.8% Total Revenue growth (%) -0.2% -% 0.3% 0.9% 2.3% 1.8% -0.8% 2.3% Cost growth (%) 15.0% -9.8% 11.4% 4.1% -7.8% -5.1% -8.8% -0.6% Pre-Provision Profit growth (%) -13.1% 9.9% -9.0% -2.1% 12.3% 8.8% 6.4% 4.5% RWA growth (%) -3.4% 5.2% 1.7% -0.2% -0.4% -0.6% 5.3% 3.4% GLAA growth (%) -0.1% 2.5% 2.4% 1.0% -% % 2.0% 4.0% Deposit growth (%) % 0.7% 1.2% 1.0% -% % 2.0% 4.0% Net Interest Margin (%) 2.01% 2.00% 2.00% 2.03% 2.04% 2.04% 2.05% 2.06% Cost / Income Ratio (%) 53.1% 48.2% 50.6% 49.7% 44.8% 47.2% 43.4% 42.2% 19 January 2017 5
Macquarie Quant View The quant model currently holds a strong positive view on. The strongest style exposure is Valuations, indicating this stock is under-priced in the market relative to its peers. The weakest style exposure is Growth, indicating this stock has weak historic and/or forecast growth. Growth metrics focus on both top and bottom line items. 4/750 Global rank in Banks % of BUY recommendations 44% (7/16) Number of Price Target downgrades 0 Number of Price Target upgrades 8 Fundamentals Attractive Quant Local market rank Global sector rank Displays where the company s ranked based on the fundamental consensus Price Target and Macquarie s Quantitative Alpha model. Two rankings: Local market (Australia & NZ) and Global sector (Banks) Macquarie Alpha Model ranking A list of comparable companies and their Macquarie Alpha model score (higher is better). Factors driving the Alpha Model For the comparable firms this chart shows the key underlying styles and their contribution to the current overall Alpha score. 2.3 Westpac Banking Corporati 1.4 Westpac Banking Corporati DBS 1.3 DBS Commonwealth Bank 1.3 Commonwealth Bank HSBC 0.7 HSBC National Australia Bank National Australia Bank Standard Chartered -1.1 Standard Chartered -3.0-2.0-1.0 0.0 1.0 2.0 3.0-100% -80% -60% -40% -20% 0% 20% 40% 60% 80% 100% Valuations Growth Profitability Earnings Momentum Price Momentum Quality Macquarie Earnings Sentiment Indicator The Macquarie Sentiment Indicator is an enhanced earnings revisions signal that favours analysts who have more timely and higher conviction revisions. Current score shown below. Drivers of Stock Return Breakdown of 1 year total return (local currency) into returns from dividends, changes in forward earnings estimates and the resulting change in earnings multiple. Westpac Banking Corporati DBS Commonwealth Bank HSBC National Australia Bank Standard Chartered 0.0-0.4-0.6 - -0.4 Westpac Banking Corporati DBS Commonwealth Bank HSBC National Australia Bank Standard Chartered -3.0-2.0-1.0 0.0 1.0 2.0 3.0-50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% Dividend Return Multiple Return Earnings Outlook 1Yr Total Return What drove this Company in the last 5 years Which factor score has had the greatest correlation with the company s returns over the last 5 years. Price to Cash FY0 FCF Yield FY0 Price to Sales FY1 Price to Sales NTM Sales Revisions 3 Month Net Income Margin NTM EBITDA Revisions 3 Month CPS Growth FY1-31% -33% Negatives Positives -28% -28% 35% 35% 34% 39% -40% -20% 0% 20% 40% How it looks on the Alpha model A more granular view of the underlying style scores that drive the alpha (higher is better) and the percentile rank relative to the sector and market. Alpha Model Score Valuation Growth Profitability Earnings Momentum Price Momentum Quality Capital & Funding Liquidity Risk Technicals & Trading Normalized Score 2.33 1.69-0.15 0.22-0.01 0.14-0.06-0.08 1.16 0.24 0.70 Percentile relative to sector(/750) Percentile relative to market(/423) 0 50 100 0 50 100 0 0 1 1 Source (all charts): FactSet, Thomson Reuters, and Macquarie Research. For more details on the Macquarie Alpha model or for more customised analysis and screens, please contact the Macquarie Global Quantitative/Custom Products Group (cpg@macquarie.com) 19 January 2017 6
Important disclosures: Recommendation definitions Macquarie - Australia/New Zealand Outperform return >3% in excess of benchmark return Neutral return within 3% of benchmark return Underperform return >3% below benchmark return Benchmark return is determined by long term nominal GDP growth plus 12 month forward market dividend yield Macquarie Asia/Europe Outperform expected return >+10% Neutral expected return from -10% to +10% Underperform expected return <-10% Macquarie South Africa Outperform expected return >+10% Neutral expected return from -10% to +10% Underperform expected return <-10% Macquarie - Canada Outperform return >5% in excess of benchmark return Neutral return within 5% of benchmark return Underperform return >5% below benchmark return Macquarie - USA Outperform (Buy) return >5% in excess of Russell 3000 index return Neutral (Hold) return within 5% of Russell 3000 index return Underperform (Sell) return >5% below Russell 3000 index return Volatility index definition* This is calculated from the volatility of historical price movements. Very high highest risk Stock should be expected to move up or down 60 100% in a year investors should be aware this stock is highly speculative. High stock should be expected to move up or down at least 40 60% in a year investors should be aware this stock could be speculative. Medium stock should be expected to move up or down at least 30 40% in a year. Low medium stock should be expected to move up or down at least 25 30% in a year. Low stock should be expected to move up or down at least 15 25% in a year. * Applicable to Asia/Australian/NZ/Canada stocks only Recommendations 12 months Note: Quant recommendations may differ from Fundamental Analyst recommendations Financial definitions All "Adjusted" data items have had the following adjustments made: Added back: goodwill amortisation, provision for catastrophe reserves, IFRS derivatives & hedging, IFRS impairments & IFRS interest expense Excluded: non recurring items, asset revals, property revals, appraisal value uplift, preference dividends & minority interests EPS = adjusted net profit / efpowa* ROA = adjusted ebit / average total assets ROA Banks/Insurance = adjusted net profit /average total assets ROE = adjusted net profit / average shareholders funds Gross cashflow = adjusted net profit + depreciation *equivalent fully paid ordinary weighted average number of shares All Reported numbers for Australian/NZ listed stocks are modelled under IFRS (International Financial Reporting Standards). Recommendation proportions For quarter ending 31 December 2016 AU/NZ Asia RSA USA CA EUR Outperform 57.53% 50.72% 45.57% 42.28% 68% 52.79% (for global coverage by Macquarie, 8.71% of stocks followed are investment banking clients) Neutral 33.90% 33.97% 43.04% 50.11% 37.23% 35.62% (for global coverage by Macquarie, 8.05% of stocks followed are investment banking clients) Underperform 8.56% 15.30% 11.39% 7.61% 2.19% 11.59% (for global coverage by Macquarie, 4.63% of stocks followed are investment banking clients) ANZ AU vs ASX 100, & rec history (all figures in AUD currency unless noted) Note: Recommendation timeline if not a continuous line, then there was no Macquarie coverage at the time or there was an embargo period. Source: FactSet, Macquarie Research, January 2017 12-month target price methodology ANZ AU: A$31.00 based on a Sum of Parts/GG methodology Company-specific disclosures: ANZ AU: MACQUARIE CAPITAL (NEW ZEALAND) LIMITED or one of its affiliates managed or co-managed a public offering of securities of Australia and New Zealand Banking Group Ltd in the past 24 months, for which it received compensation. Macquarie and its affiliates collectively and beneficially own or control 1% or more of any class of Australia and New Zealand Banking Group Limited's equity securities. Important disclosure information regarding the subject companies covered in this report is available at www.macquarie.com/research/disclosures. Date Stock Code (BBG code) Recommendation Target Price 16-Dec-2016 ANZ AU Outperform A$30.00 14-Sep-2016 ANZ AU Outperform A$28.50 08-Jul-2016 ANZ AU Outperform A$28.00 24-May-2016 ANZ AU Outperform A$29.00 04-May-2016 ANZ AU Outperform A$28.00 24-Mar-2016 ANZ AU Outperform A$27.00 15-Mar-2016 ANZ AU Outperform A$28.00 17-Feb-2016 ANZ AU Outperform A$27.00 21-Jan-2016 ANZ AU Outperform A$28.00 29-Oct-2015 ANZ AU Neutral A$31.43 26-Oct-2015 ANZ AU Neutral A$33.19 10-Oct-2015 ANZ AU Neutral A$32.60 31-Aug-2015 ANZ AU Neutral A$34.15 06-Aug-2015 ANZ AU Neutral A$33.56 23-Jul-2015 ANZ AU Neutral A$34.83 20-Jul-2015 ANZ AU Underperform A$34.13 25-Jun-2015 ANZ AU Underperform A$33.91 20-May-2015 ANZ AU Underperform A$33.66 05-May-2015 ANZ AU Underperform A$35.21 19 January 2017 7
This publication was disseminated on 18 January 2017 at 14:20 UTC. 17-Feb-2015 ANZ AU Underperform A$34.24 31-Oct-2014 ANZ AU Underperform A$31.26 22-Oct-2014 ANZ AU Underperform A$31.32 25-Sep-2014 ANZ AU Underperform A$31.41 16-Sep-2014 ANZ AU Underperform A$32.95 15-Aug-2014 ANZ AU Underperform A$32.59 02-Jul-2014 ANZ AU Underperform A$33.81 01-May-2014 ANZ AU Underperform A$34.70 20-Mar-2014 ANZ AU Neutral A$34.36 11-Feb-2014 ANZ AU Neutral A$34.06 22-Jan-2014 ANZ AU Neutral A$34.14 Target price risk disclosures: ANZ AU: Any inability to compete successfully in their markets may harm the business. This could be a result of many factors which may include geographic mix and introduction of improved products or service offerings by competitors. The results of operations may be materially affected by global economic conditions generally, including conditions in financial markets. The company is exposed to market risks, such as changes in interest rates, foreign exchange rates and input prices. From time to time, the company will enter into transactions, including transactions in derivative instruments, to manage certain of these exposures. Analyst certification: We hereby certify that all of the views expressed in this report accurately reflect our personal views about the subject company or companies and its or their securities. We also certify that no part of our compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. The Analysts responsible for preparing this report receive compensation from Macquarie that is based upon various factors including Macquarie Group Limited (MGL) total revenues, a portion of which are generated by Macquarie Group s Investment Banking activities. General disclosure: This research has been issued by Macquarie Securities (Australia) Limited ABN 58 002 832 126, AFSL 238947, a Participant of the ASX and Chi-X Australia Pty Limited. This research is distributed in Australia by, a division of Macquarie Equities Limited ABN 41 002 574 923 AFSL 237504 ("MEL"), a Participant of the ASX, and in New Zealand by Macquarie Equities New Zealand Limited ( MENZ ) an NZX Firm. Macquarie Private Wealth s services in New Zealand are provided by MENZ. Macquarie Bank Limited (ABN 46 008 583 542, AFSL No. 237502) ( MBL ) is a company incorporated in Australia and authorised under the Banking Act 1959 (Australia) to conduct banking business in Australia. None of MBL, MGL or MENZ is registered as a bank in New Zealand by the Reserve Bank of New Zealand under the Reserve Bank of New Zealand Act 1989. Apart from Macquarie Bank Limited ABN 46 008 583 542 (MBL), any MGL subsidiary noted in this research,, is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Australia) and that subsidiary s obligations do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of that subsidiary, unless noted otherwise. This research contains general advice and does not take account of your objectives, financial situation or needs. Before acting on this general advice, you should consider the appropriateness of the advice having regard to your situation. We recommend you obtain financial, legal and taxation advice before making any financial investment decision. This research has been prepared for the use of the clients of the Macquarie Group and must not be copied, either in whole or in part, or distributed to any other person. 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