Lloyds Banking Group Company Report
Narrow-moat Lloyds Banking Group reported full-year 2018 profits after tax of GBP 4.4 billion, in line with our expectations. We plan to roll our model forward and update our analysis with 2018 figures as well as 2019 guidance, but we don’t expect to materially change our fair value estimate of GBX 76/$3.90 per share. Our narrow moat and stable trend ratings are unchanged.On an underlying basis--excluding restructuring expenses, volatility items, and payment protection insurance provisions--Llo...
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