Australia can make a claim on having the world’s most expensive bank, the Commonwealth Bank. The stock price keeps hitting new records and is now $190.71 per share. CBA is trading at 30 times its earnings, while no other bank in the world is valued at more than 20 times its earnings.
Veteran banking analyst Brian Johnson says CBA account for 12 per cent of the ASX 200. He says money is flowing into the equity market from superannuation funds, and that’s driving Commbank’s share price. He thinks it’s worth $80 to $100 per share but he admits it has comprehensively outperformed the other banks over both short and long-term timeframes.
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