Downgrades have been in the order of 10% following the result....

Downgrades have been in the order of 10% following the result. The major thing holding the share price up is the dividend. Ex div will see this stock head into the low $9 range. The outlook for the stock is grim for quite some time given its problems with IT spend requirements, loss of broker business and increasing balance sheet risk as commercial loans grow faster than home loans. remember in all previous economic downturns the BOQ commercial book has proven to be a disaster. That could be some time off, but this stock is becoming risker by the day. So single digit PE definitely warranted, especially as the level of dividends is approaching the "at risk" stage.