n Personal Finance Newsletter - Banks - are they really cheap? : financial services




Extracted from text ... Moneyweb's PERSONAL FINANCE August 2006 9 IN comparison with their international counterparts, South African banks have been attractively priced. But it seems that things have changed recently, with rising share prices bringing local banks more in line. Sam Houlie, who runs the Investec Cautious Managed Fund, told Moneyweb that a few years ago, global banks were very highly priced when compared with their South African counterparts in dollar terms, particularly as foreign investors had the benefit of a weak rand. There were some metrics - such as price-to-book - where international banks were already equivalent, but in terms of things ..


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