Business
Liberty asks for $360m at 11-times profit for float – The Australian Financial Review
Non-bank lender Liberty Financial Group will ask new investors to pay 11-times forecast profit for shares in the company’s initial public offering.
At 11-times NPATA, Liberty’s priced about 10 per cent below three of the big four banks ANZ Banking Group, National Australia Bank and Westpac, while sector heavyweight Commonwealth Bank of Australia is at a significant premium at 17-times.
It would also be cheaper than the trading multiples of smaller banks and non-banks including Resimac, Bendigo and Adelaide Bank, Bank of Queensland, MyState and Auswide, which are at an average of 12.3-times according to research from sponsor broker Credit Suisse.
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