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...CYBG is a holding company. Co. operates through the retail and commercial banks Clydesdale Bank, Yorkshire Bank and through the digital banking service B. Co.'s business is organized into two principal operating segments: small or medium sized enterprises (SME) Banking and Retail Banking. Through its SME franchise, Co. provides a range of lending products and services across a portfolio consisting of term lending, overdrafts and working capital solutions. Through its Retail Banking segment, Co. has a retail banking product proposition with a personal deposit portfolio. As of Sept 30 2017, Co. had a total assets of £43.23 billion and total customer deposits of £27.68 billion.
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