The Big Boys, page-898

Interesting stats Eklava, thanks for sharing. Just a couple of risks worth touching on:

Macroprudential. If local or global market risks increase, lending criteria can be tightened (eg max LVR's might be reduced), which would create a huge hit to LMI revenue.

Would be worth digging up stats on lending growth profiles of the big 4 in AU. If that growth is slowing, or plateauing (let alone going backward) then you need to map impact to forward looking valuations.

Of course if you have any concerns over a property bubble then this would absolutely not be the stock to buy.

Chances are the last point is exactly why it's trading at such attractive backward looking valuations