Etrade going well ..so lets look at ANZ.

Etrade is a company I have been following for a while as I believe it with Comsec are the two main brokers for use in Australia.

It was announced today that Online stockbroker E*trade Australia Ltd (ASX:ETR) expects to record profit growth of between 15% and 20% for the first half of 2006-07. The improved result would be associated with its $A51.3m acquisition of HSBC Stockbroking in July 2006.

Unaudited accounts show a rise in EBITDA of at least 75% compared with the previous corresponding period, which should equate to an unaudited increase in net profit before tax of between 15& and 20%. HSBC is expected to contribute around $A3m of the $A13.9m in EBITDA. E*trade is 35% owned by ANZ Bank.

Here is something worth looking at. ANZ is currently at a low PE ratio for banks and this will impact their profit although by only a minor amount. This could be another reason to rereview ANZ as a possible undervalued stock.

Good Luck Investing.