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Current Price Data+
Current Price
Open
High
Low
Last Close
Volume
Price Movement
$ 8.540
$ 8.500
$ 8.570
$ 8.480
$ 8.520
4,045,127
$ 0.020 0.235 %
Current Broker Consensus Recommendation
Recommendation :
Hold
Recommendation Date :
11th Mar 2010
12 Month Target Price (average) :
$10.008
Brokers Surveyed :
10
Market Statistics
% of Market:
0.9500
% of Sector:
2.0143
Sector:
Financials
Industry Group:
Insurance
Industry:
Insurance
Company Overview
Company Overview
Suncorp is a diversified financial services group, providing a range of banking, investment and insurance products. It has a strong geographic presence along the eastern seaboard of Australia and is the nation’s second largest general insurer. Although SUN’s banking presence is still predominantly in Queensland, it has embarked on a strategy to materially expand its interstate branch network. In a "normal" year, SUN’s insurance business is expected to contribute about 60% of group earnings.
Company History
The Suncorp-Metway Group was formed on 1 December 1996 from the merger of three Queensland financial institutions: Suncorp; Metway Bank; and QIDC (Queensland Industry Development Corporation). The merger created a diversified financial services group, incorporating banking, insurance and wealth management. In June 2001, SUN acquired GIO, AMP's Australian general insurance business. On 2 July 2001, the ASX code changed from SME to SUN. In March 2007, SUN merged with general insurer Promina.
Differentiating Factor
SUN's "Financial Conglomerate" business model differentiates it from other financial services groups in that it provides a good diversity of earnings from traditional banking businesses, wealth management products and general insurance. The SUN brand has a strong presence in the Queensland market, while the GIO and individual Promina brands are well recognised in NSW. The diversity of businesses provides SUN with a unique opportunity to cross-sell products across its various customer bases.
Major Customers & Competitors
SUN's customers range from small retail clients to small to medium businesses. Banking products include savings, lending and transaction products. In general insurance, SUN offers personal product lines in Home, Motor and CTP plus Workers Compensation and various commercial lines. In banking, its customers are mainly in Queensland, while it has strong general insurance market shares in Queensland, NSW and Victoria. Competitors include IAG, QBE and Allianz plus banks such as BOQ and the majors.
Financial Summary
Year to Jun
NPAT Rep $M
NPAT1 Adj $M
EPS c
EPS chg %
PER x
PER rel All Ords x
PER rel Sector x
DPS c
Yield %
Franking %
ROE %
2007A
1,064
1,140
169.9
5.4
5.0
0.3
0.2
107.0
12.5
100
13.5
2008A
556
793
85.5
-49.7
10.0
0.5
0.5
107.0
12.5
100
6.8
2009A
348
520
41.9
-50.9
20.4
1.0
1.1
40.0
4.7
100
4.1
1NPAT is normalised by removing non-recurring items and goodwill. All the above statistics are derived from normalised earnings.
Sydney Morning Herald 13/03/2010 | THE Australian Competition and Consumer Commission has delayed until late next month the release of the findings of its inquiry into National Australia Bank's friendly $13.3 billion all-cash acquisition of AXA Asia Pacific. The ACCC is seeking further information.
The Age 13/03/2010 | THE Australian Competition and Consumer Commission has delayed releasing the findings of its probe into National Australia Bank's friendly $13.3 billion all-cash acquisition of AXA Asia Pacific until late next month as it seeks further information on the planned deal.
The Age 13/03/2010 | FORMER Australian Idol finalist Lisa Mitchell made the ultimate credibility leap yesterday when she became the youngest musician to win the Australian Music Prize with her dazzling debut album Wonder.
The Age 13/03/2010 | AUSTRALIA'S economic recovery has been so strong that analysts believe Treasurer Wayne Swan may be on track to bring down a budget surplus next year instead of the official forecast of 2015.
Sydney Morning Herald 13/03/2010 | We Australians appear to be turning into a nation of contrarians when it comes to economics and business. Our economy is booming while the rest of the world is in the doldrums. Our interest rates are rising where others are hovering just above zero and our currency is strengthening as other developed nations race to the bottom.
$ 8.540
