CYBG 1Q18 Trading Update in Line with Expectations. GBP 3.10 FVE Unchanged
We see a wide range of positives in no-moat CYBG Plc, or Clydesdale’s, first-quarter fiscal 2018 trading update, which was broadly in line with expectations. Business outcomes are tracking to plan with our positive view firmly in place, despite unspecified first-quarter earnings. No change to our GBP 3.10 per share fair value estimate and at current prices, the stock is fairly valued. Good progress continues to be made in transforming the U.K. regional bank into a digitally-enabled challenger ba...
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