I would argue yes. However, I also argued this point at the start of the year and Royal has done nothing but put up exceptional results.
The company is trading at double digit premiums to what it historically trades at, however at this point in time the bank banks it up with outstanding results.
I do believe a lot of the Big 6 banks are priced to perfection and any sort of volatility moving forward in terms of provisions, the economy, or earnings will cause some volatility in terms of share price, but I still hold the company with zero intentions to ever sell. I believe it is one of the better operated companies in the country.
Yes, expensive, but I'm in no rush to sell it because it is.