Improvements in Capital, Risk, and Expense Management Will Drive Higher Returns at Citigroup
Our $74 fair value estimate represents a 10% premium to narrow-moat Citigroup’s tangible book value per share, and we believe the second quarter’s results indicate that the company's financial performance is well on its way to justifying our valuation. Citigroup generated an annualized return on tangible common equity of just under 8%, and we think higher interest rates, lower capital levels, and marginal improvements in core performance will boost returns over a reasonable time frame.Our Citig...
Citigroup is a financial services holding company whose businesses provide consumers, corporations, governments and institutions with a range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, trade and securities services and wealth management. The company operates via two primary business segments: Global Consumer Banking, which provides banking services to retail customers through retail banking, Citi-branded cards and Citi retail services; and Institutional Clients Group, which includes banking and markets and securities services.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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