CYBG Disappoints with Another Increase in PPI Provisions. FVE GBP 3.10 Unchanged
We were surprised and disappointed with no-moat-rated CYBG Plc, or Clydesdale’s, GBP 350 million increase in provisions for legacy payment protection insurance, or PPI, costs. The AUD equivalent is a very significant AUD 643 million, about 150% of our forecast fiscal 2018 profit for the U.K. regional bank. We do not expect the provision increase to repeat and our GBP 3.10 fair value estimate is unchanged and at current prices, the stock is fairly valued. Despite the significant provision increas...
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