Table of Contents
Summary...................................................................................4
Stock preference ......................................................................6
Trough earnings in FY09 .........................................................7
Earnings revisions .................................................................10
Valuation considerations.......................................................12
Company Profiles...................................................................16
Absa ....................................................................................17
African Bank.......................................................................19
FirstRand ............................................................................21
Investec...............................................................................23
Nedbank..............................................................................25
RMB Holdings.....................................................................27
Standard Bank....................................................................29
Appendices
Appendix I: Valuation and risks ............................................31
Appendix II: SOTP valuation .................................................35
Appendix III: Key assumptions (big 4 banks) ......................39
Appendix IV: Impairment comparison ..................................40