Pioneer schreef op 8 november 2023 14:16:
I have been an ABN investor since Corona. To start with , being a banker I can affirm you that this is a terrible balance sheet. Very bad liability management and should have been communicated prior in event with NII downgrade. So , it is not only the shorters who create this mass , it is also ABN management. Very poor investor conference , insufficient deep dive to the reasons of NII disappointment.
The shorters do pour gas to the fire but ABN does nothing to stop this. Without any share buy back you give the room to speculators . So freedom of trade coinciding with extra prudence on every matter makes the bank great hedge tool and heaven for shorters.
The question is whilst there are reasons of this , is ABN worth 45% price to book ration ? If you can forget what you have bought and wait for very long time ; it is a very good quality asset that could be at par one day. However, the day that it is at par current management will be laid down because either the bank will change its business model or sold or down-sized in nominal terms with sharebuy backs and low asset rollovers .
ABN Management has a lot of stakeholders and shareholders are definetely not the priority one currently.
Ok,en nu in gewoon normaal Nederlands...we hebben het tenslotte over een Nederlandse bank.