CYBG’s FY18 Result Disappoints and Earnings Pressure Builds. FVE Cut 10% to GBP 2.80/AUD 4.90
We were disappointed with no-moat-rated U.K. regional bank, CYBG Plc’s, messy fiscal 2018 result, despite underlying profit before tax increasing 13% to GBP 331 million. We did not like the massive increase in "below the line" exceptional costs to a whopping GBP 495 million pretax and the soft and uncertain outlook as Brexit remains a key risk. Our fiscal 2019 NPAT forecast for standalone CYBG of GBP 254 million is broadly in line with our previous forecast but we reduce outer year forecasts res...
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