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Don’t bank on it

IT is probably just a furphy, but the speculation about a merger between Wesfarmers and the Bank of Western Australia is intriguing. The most ardent BankWest supporters could not claim that institution has set the world on fire since it was listed in 1996. The share price performance is pedestrian in the extreme. And the belief that the 55 per cent Bank of Scotland holding is for sale is unsettling.

Wesfarmers is getting deeper into financial services with the acquisition of IAMA. Futuris got a full banking licence for its Elders - Bendigo Bank joint venture. Perhaps Mike Chaney of Wesfarmers would like one. Whether he needs a whole bank, and whether the acquisition would meet his famous internal requirements of return on capital, are two other questions.

Just for the record: BankWest is valued on the market at a touch over $2 billion. Muscular Wesfarmers is capitalised at $5.2 billion.

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Wesfarmers (WES)

Share Price

Closing price for the last 90 trading days
Source: Morningstar

BN30 Index

Index = 100 as of 4 Jan 2016
Source: Morningstar

Total Shareholder Return as at 29/06/18

1 year TSR5 year TSR
162ndSeven Group Holdings79%29%
288thWesfarmers30%10%
345thSeven West Media21%-9%
420thAustal4%22%
538thAutomotive Holdings Group-10%3%
722 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Share Transactions

14/06/18
$47k Bought
05/04/18
$5k Issued
05/04/18
$11k Issued
Total value as at the date of the transaction
Source: Morningstar

Revenue

1st-Wesfarmers$68,648.0m
2nd-Automotive Holdings Group$6,079.6m
3rd-Seven Group Holdings$2,340.3m
4th-Seven West Media$1,679.0m
5th↑Austal$1,325.3m
239 listed industrial companies ranked by revenue.
Source: Morningstar

Remuneration from Wesfarmers

3rdJohn Durkan$5.288m
5thGuy Russo$4.038m
17thRob Scott$1.908m
Ranked by total remuneration from all listed WA companies

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