AUD 12 per BOQ share fair value estimate, page-28

That is the expectation however Simon Herrmann of Wise Owl and Daniel Han of Alpha Securities both expect regionals to outperform, namely BEN and BOQ making statements like the mid tier banks offer diversified exposure to the financial services industry in regional Australia and have consistently distributed attractive dividends to their shareholders. While financial results have been marginally below expectations in the past few quarters, the valuation is undemanding and the balance of risk remains even.