Core Viewpoint - The article discusses the valuation of Bendigo & Adelaide Bank Ltd (BEN) shares, emphasizing the importance of using multiple valuation methods to assess whether the current share price of approximately $12.60 represents good value for investors [1][11]. Valuation Methods - The article outlines two basic valuation tools: the Price-to-Earnings (PE) ratio and the Dividend Discount Model (DDM) [2][7]. - The PE ratio compares a company's share price to its earnings per share, with a current PE ratio for BEN calculated at 14.5x, compared to the banking sector average of 19x [4][6]. - The DDM uses expected dividends to arrive at a valuation, with the last full-year dividend for BEN being $0.63, leading to a valuation of $13.32 under certain assumptions [9][11]. Sector Context - ASX bank shares constitute about one-third of the Australian stock market by market capitalization, indicating their significance in the financial sector [2]. - The article suggests that ASX bank shares, including BEN, are popular among yield-seeking investors due to their stable dividend history [3][7]. Dividend Valuation Insights - The DDM valuation can be adjusted based on different growth and risk rates, with a gross dividend payment forecast of $0.93 leading to a valuation of $19.64 for BEN shares [12]. - The article emphasizes the importance of considering fully franked dividends, which can enhance the valuation for eligible shareholders [12]. Analytical Practices - It is recommended to analyze at least three years of annual reports and management communications to form a comprehensive understanding of the company [14]. - Engaging with diverse analytical perspectives is encouraged to gain deeper insights into the company's performance and valuation [14][15].

While reaching retirement age can be both a blessing and a curse, relying on the U.S. ...

Key Takeaways Franklin reported an August AUM of $1.64T, up 1.7% from July on positive market performance.The rise was offset by $3B long-term outflows, including a $6B fixed income mandate.Western Asset posted $7B outflows, while equity, multi-asset, and cash balances increased.Franklin Resources, Inc. (BEN) reported its preliminary assets under management (AUM) of $1.64 trillion as of Aug. 31, 2025, which increased 1.7% from the prior month.The increase in the AUM balance was due to the positive impact of ...

SAN MATEO, Calif.--(BUSINESS WIRE)--Franklin Resources, Inc. (Franklin Templeton; NYSE:BEN) today announced the appointment of Daniel Gamba as Chief Commercial Officer, overseeing global sales, marketing and product strategy, effective October 15, 2025. Gamba will report to Jenny Johnson, Chief Executive Officer of Franklin Templeton, and join the company's Executive Committee. He will be based in New York City. In addition, the company announced that Gamba, Terrence Murphy, Head of Public Mark. ...

Core Viewpoint - Franklin Resources, Inc. (NYSE: BEN) is currently facing significant net outflows from its Western Asset Management division, leading to a recommendation of "Hold" for income-focused investors seeking long-term buy and hold investments [1]. Group 1: Company Overview - Franklin Resources, Inc. is identified as a company that is experiencing large net outflows, particularly from its Western Asset Management segment [1]. Group 2: Investment Perspective - The recommendation for investors is to hold the stock, particularly for those focused on income and long-term investment strategies [1].

Dividend Announcements - NVIDIA will pay a quarterly cash dividend of $0.01 per share on October 2, 2025, to shareholders of record on September 11, 2025 [1] - Deere's Board of Directors declared a quarterly dividend of $1.62 per share payable on November 10, 2025, to stockholders of record on September 30, 2025 [2] - Franklin Resources announced a quarterly cash dividend of $0.32 per share payable on October 10, 2025, which is a 3.2% increase over the same quarter last year [3] - Nordson approved a five percent increase in its quarterly cash dividend to $0.82 per share, marking its 62nd consecutive year of annual dividend increases [4] - Guess approved a quarterly cash dividend of $0.225 per share, payable on September 26, 2025, to shareholders of record on September 10, 2025 [5]

Financial Data and Key Metrics Changes - Cash earnings for the full year were $514.6 million, down 8.4% year on year, primarily due to a decrease in non-interest income and higher funding costs impacting margins in the first half [5][17] - Operating expenses increased by 7.7% year on year, reflecting planned investment spending and inflationary pressures, but only rose 2.1% in the second half [6][30] - The common equity tier one (CET1) capital ratio was 11%, down 17 basis points over the half but still above the board-approved target [36][37] Business Line Data and Key Metrics Changes - The consumer division saw strong mortgage growth of 8% for the full year, but cash earnings remained flat [7] - The business and agri divisions experienced a 10% decrease in cash earnings, primarily due to reduced net interest income from competitive pressures [8] - The digital EasySaver product launched in February drove a 23% growth in EasySaver balances, contributing to low-cost deposit growth [8] Market Data and Key Metrics Changes - Customer numbers increased by 11%, with the digital bank reaching 1.2 million customers, marking the strongest growth since its inception [4] - Digital deposits through Bendigo Bank branded products grew by 58% over the year, while UP deposits increased by 34% [10][29] - The household deposit to loan ratio remained strong at 73%, significantly above the industry average [29][35] Company Strategy and Development Direction - The company is focusing on a refreshed strategy that emphasizes trust, agility, regional presence, and a strong deposit-gathering franchise [38][39] - The strategy includes five pillars aimed at enhancing digital experiences, streamlining operations, deepening customer relationships, and reinforcing community support [41][42] - The company plans to optimize its deposit franchise and enhance productivity to achieve a return on equity (ROE) target of above 10% by 2030 [43][51] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by a competitive environment and the need for disciplined pricing strategies to maintain margins [56][96] - The company anticipates a gradual improvement in ROE, with significant investments and productivity improvements required over the next two years [71][72] - Management expressed optimism about the potential for improved deposit growth through enhanced digital capabilities and customer engagement [65][99] Other Important Information - The company has invested over $416 million into local communities through sponsorships and grants over the last twenty years, with over $50 million invested this year alone [12] - The company has implemented a productivity program, with restructuring costs expected to continue as part of a comprehensive strategy [6][19] Q&A Session Summary Question: Margin stability and expectations for the next half - Management expressed a desire for more stability in margins, noting that they have managed pricing effectively despite cash rate impacts [56][57] Question: Building blocks for the 10% ROE target - Management highlighted the importance of optimizing the deposit franchise and maintaining costs in line with inflation to support ROE growth [58][60] Question: Funding strategy for growth in business and agri - Management indicated that improving online deposit account opening capabilities would support growth ambitions in business and agri lending [64][65] Question: Regulatory changes and their impact - Management expressed hope that regulatory changes would reduce burdens for mid-sized banks, allowing for more investment in customer-facing capabilities [67][68] Question: Trajectory of ROE towards FY 2030 - Management indicated that the path to improved ROE would not be linear, with significant efforts required in the next two years [71][72] Question: Capital generation and dividend policy - Management reassured that organic capital generation would improve as the company grows, despite a high payout ratio [76][78] Question: Monetizing the UP client base - Management noted that UP's strong customer satisfaction scores would facilitate growth in home lending as the product offerings expand [85][87] Question: Margin compression in business and agri - Management acknowledged competitive pressures impacting margins but emphasized the importance of strategic pricing and deposit management [89][90]

Financial Data and Key Metrics Changes - Cash earnings for the full year were $514.6 million, down 8.4% year on year, primarily due to a decrease in noninterest income and higher funding costs impacting margins in the first half [4] - Operating expenses increased by 7.7% year on year, reflecting planned investment spending and inflationary pressures, but only rose 2.1% in the second half [5][30] - The common equity tier one (CET1) capital ratio remained strong at 11%, down 17 basis points from the previous half [36][35] Business Line Data and Key Metrics Changes - The consumer division saw strong mortgage growth of 8% for the full year, but cash earnings remained flat [6] - The business and agri divisions experienced a 10% decrease in cash earnings, primarily due to reduced net interest income amid competitive pressures [7] - The digital EasySaver product launched in February drove a 23% growth in EasySaver balances, contributing to low-cost deposit growth [7] Market Data and Key Metrics Changes - Customer numbers increased by 11%, with the digital bank reaching 1.2 million customers [3] - Digital deposits grew significantly, with Bendigo Bank branded deposits up 58% over the year and UP deposits increasing by 34% [10] - The household deposit to loan ratio stood at 73%, significantly above the industry average [35] Company Strategy and Development Direction - The company is focusing on a refreshed strategy that emphasizes trust, agility, regional presence, and a strong deposit-gathering franchise [38][40] - The strategy includes five pillars aimed at enhancing digital experiences, streamlining operations, deepening customer relationships, and reinforcing community support [41][42] - The company plans to optimize its deposit franchise and enhance productivity to achieve a return on equity (ROE) target of above 10% by 2030 [51][43] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by a competitive environment and the need for disciplined pricing strategies to maintain margins [55][56] - The company expects cash rates to continue their downward trend, impacting net interest margins but aims to stabilize margins through strategic repricing [23][24] - Management expressed confidence in the ability to grow deposits and maintain a strong funding mix to support lending growth [59][60] Other Important Information - The company has invested over $416 million into local communities through sponsorships and grants over the last twenty years, with over $50 million invested this year alone [12] - The company is committed to sustainability and has implemented a climate approach to support decarbonization in various sectors [13] Q&A Session Summary Question: Expectations for margin stability - Management indicated a desire for more stability in margins and discussed the impact of cash rate changes on net interest margins [55][56] Question: Building blocks for the 10% ROE target - Management highlighted the importance of optimizing the deposit franchise and maintaining costs in line with inflation to support ROE growth [58][60] Question: Funding strategy for growth in business and agri - Management discussed plans to enhance digital capabilities for deposit gathering and cross-selling deposit products to existing customers [66][67] Question: Regulatory environment and its impact - Management expressed hope for a more balanced regulatory burden for mid-sized banks, which could support growth [68][69] Question: Trajectory of ROE towards FY '30 - Management acknowledged that achieving the ROE target will require significant effort over the next few years, with expectations of gradual improvement rather than linear growth [72][74] Question: Capital generation and dividend policy - Management reassured that the business can continue to generate organic capital despite a high payout ratio, with expectations of improved profitability [78][79] Question: Monetizing the UP client base - Management noted that UP is expected to contribute positively to the bottom line by FY '27, with plans to expand product offerings to include investment properties [86][88] Question: Margin compression in business and agri - Management acknowledged ongoing price pressure in a competitive market, impacting net interest margins [90][91]

Financial Performance - The company's customer base increased by 11% year-on-year, reaching 2.9 million customers[8] - Customer deposits grew by 6.6%, with lower-cost deposits increasing by 8.5%[8] - The company declared a dividend of 33 cents, consistent with the previous year[8] - Total lending increased by 2.8% to $85.9 billion in 2H25[30] - Customer deposits increased by 1.2% to $72.9 billion in 2H25[30] - Net interest income increased by 1.1% to $844.1 million in 2H25[32] - Digital deposits experienced growth of 44% year-on-year and 14% compared to the prior half, driven by Bendigo Bank's eBanking functionality[67] Up Performance - Up's customer base reached 1.2 million, representing a 29% year-on-year growth[17] - Up's deposits totaled $2.8 billion, a 34% year-on-year increase[18] - Up's home loans amounted to $1.7 billion, a 194% year-on-year increase[18] Community Bank Impact - Community Banks contributed a net benefit of approximately $14 billion in additional deposits[94] - Community Banks have invested $416 million back into communities since the inception of the model[27, 200] - Community Bank branches increased deposits for the broader Group by $2.9 billion in FY25[194]

Core Viewpoint - Franklin Resources, Inc. (BEN) has reached a 52-week high of $25.79, with an 18.3% increase over the past three months, outperforming both the industry and the S&P 500 [1][6] Group 1: Stock Performance - BEN stock has gained 18.3% over the last three months, while peers T. Rowe Price Group, Inc. (TROW) and Invesco Ltd (IVZ) have gained 12.1% and 35.9%, respectively [1] - The stock's recent performance raises questions about its potential for further upside despite hitting a 52-week high [1] Group 2: AUM Growth Factors - Franklin has consistently increased its Assets Under Management (AUM), achieving a compound annual growth rate (CAGR) of 3.1% over the last five fiscal years, with growth continuing into fiscal 2025 [2] - Strategic acquisitions, including the purchase of Putnam Investments and a partnership with SBI Holdings, have significantly contributed to AUM growth and diversification into emerging asset classes [3][4][6] Group 3: Business Diversification - The company is diversifying into asset classes with growing client demand, which is expected to further enhance AUM growth [4][14] - A regionally-focused distribution model has improved Franklin's non-U.S. business, resulting in favorable net flows [4] Group 4: Financial Position - As of March 31, 2025, Franklin had no short-term debt and a liquidity position of $5.7 billion, indicating a strong balance sheet [9] - The company has demonstrated impressive capital distribution activities, including a share repurchase authorization of 27.2 million shares and a 3.2% increase in its common stock dividend [10][11] Group 5: Earnings and Sales Estimates - Earnings estimates for 2025 indicate year-over-year declines, with a projected decrease of 12.97% [16] - Sales estimates also reflect a potential decline, with a year-over-year growth estimate of -0.12% for the current year [19]