Not sure about best - but surely among the cheapest. Its now at...

Not sure about best - but surely among the cheapest. Its now at almost half the market cap of Comm Bank. I have trouble accepting that 1 Commbank is worth 2 whole NABs. 

Other than that, I must admit I'm a bit perplexed as to why it's at such a low PE ratio - around 10 or 11. Thought it could have been Royal Commission, but that's kept the status quo largely intact. Housing crash? Last year's investor presentation showed that total losses over 3 years is expected to be around $3B in a severe housing crash, with 30%+ price falls and 10% unemployment. Easily absorbed by annual pretax profits of $9B+. Fintech and digital bank competition? Most people don't change their habits - that includes banking interactions. Can't see most people leaving their existing banks to go for an untested, small 'digital bank' that has no physical presence. 

So, I'd agree that NAB's cheap. I just don't quite understand why it's so cheap.