Atlantic Equities - Citigroup Inc. (C....) Model update: Remain Overweight

Report

Atlantic Equities

John Heagerty

Model update: Remain Overweight

We are updating our C model to reflect recent industry trends. As a result, our FY17 and FY18 EPS forecasts decline by 2.7% and 0.1% respectively. Our 4Q17 EPS forecast declines by 11.4%. Our price target stays at $85 and we retain our Overweight recommendation.

21/12/2017 5 EN

Underlying

Citigroup Inc.

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ARDEUT110426 Buenos Aires Stock Exchange United States

Provider

Atlantic Equities

Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.

Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.

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Analysts

John Heagerty

Other Reports on these Companies

Moody's Investors Service

Citigroup Inc.: Q4 2017 commentary: Solid underlying execution - despite $22 billion non-cash charge

For Q4 2017, Citigroup reported $18.3 billion in net loss. On an adjusted basis, Citi would have reported $3.5 billion in net income, down 2% from a year ago.

EUR 174.04

January 16, 2018 January 16, 2018 6 EN

Atlantic Equities

Q4 snap: solid numbers despite tax reform hit

On an adjusted basis, C delivered results in line with consensus. Despite the low volatility environment, FICC revenues held up better than expected. Tax reform led to a higher than expected non-cash charge of $22bn due to a DTA write-down and deemed repatriation but C remains committed to returning $60bn of capital over the three year CCAR cycle. We reiterate our Overweight recommendation.

January 16, 2018 January 16, 2018 3 EN

Moody's Investors Service

Citigroup Inc.:Update following change to Positive outlook from Stable

FINANCIAL INSTITUTIONS CREDIT OPINION 4 January 2018 ã‚¢ãƒƒãƒ—ãƒ‡ãƒ¼ãƒˆ ç¾è¡Œæ ¼ä»˜ Citigroup Inc. å›½ç± New York, New York, United States é•·æœŸå‚µå‹™ Baa1 ç¨®é¡ž Senior Unsecured - Fgn Curr è¦‹é€šã— Positive é•·æœŸé é‡‘æ ¼ä»˜ Not Assigned è©³ç´°ã«ã¤ã„ã¦ã¯å¾ŒæŽ²ã® ç¾è¡Œæ ¼ä»˜ ã®ã‚»ã‚¯ã‚·ãƒ§ãƒ³ã‚’å‚ç…§ ã•ã‚ŒãŸã„ã€‚ æ ¼ä»˜ãŠã‚ˆã³è¦‹é€šã—ã¯ç™ºè¡Œæ—¥æ™‚ç‚¹ã®æƒ…å ±ã« åŸºã¥ãã€‚

EUR 217.56

January 4, 2018 January 4, 2018 11 EN

Model update

This report contains forecasts updated for reported Q218 results. Neither our financial nor PSU estimates are materially changed and we remain Overweight with a 12m PT of $365.

October 1, 2018 October 1, 2018 5 EN

Kunaal Malde ... (+2)

Kunaal Malde
CFA

V/MA: strong core, adjacencies more competitive

V/MA remain core long term holdings with secular cash to card tailwinds driving strong growth long term, supported by developments such as contactless. Valuation remains reasonable, although newer growth areas such as B2B face greater competition. We remain Overweight V/MA, raise our price targets to $173 and $250 respectively and currently favour V which trades on a PE of 28x, three turns lower than MA.

October 1, 2018 October 1, 2018 17 EN

John Heagerty ... (+3)

John Heagerty
Nadja Heini
CFA

Banks: Trading update and 3Q18 preview

Market volatility has moderated significantly since the beginning of the year, ceasing to be a tailwind for the banks' trading revenues in 3Q18. Despite the strong IB pipelines (announced M&A is up 40% YTD), fee pools have been affected by timing issues and are down 15-20% across the industry for the current quarter. Medium term, the outlook remains positive thanks to improving GDP growth, benign credit conditions, rising interest rates and a deregulatory focus. We have lowered our 3Q18 EPS estimates by 3% on average. Our longer term forecasts decline only modestly by 1%. C remains our t...

September 27, 2018 September 27, 2018 14 EN

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Model update: Remain Overweight

Citigroup Inc.: Q4 2017 commentary: Solid underlying execution - despite $22 billion non-cash charge

Q4 snap: solid numbers despite tax reform hit

Citigroup Inc.:Update following change to Positive outlook from Stable

Model update

V/MA: strong core, adjacencies more competitive

Banks: Trading update and 3Q18 preview

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