Declining Costs Should Help Lloyds Generate Higher ROE; Increasing FVE to GBX 84
After transferring coverage of Lloyds, we are increasing our fair value estimate to GBX 84 per share from GBX 77 and maintaining our $4.10 per ADR fair value estimate. Our current fair value estimate is 1.3 times 2017’s estimated book value.Narrow-moat Lloyds is almost completely exposed to the United Kingdom market, with 95% of its assets based domestically. After its massive restructuring, which started in 2011, the bank emerged as a low-risk domestic retail and commercial bank. While the cur...
Lloyds Banking Group is a financial services provider. Co.'s main business activities are retail and commercial banking, general insurance and long-term savings. Co.'s Lending products are mortgages, credit cards, personal and business loans; Deposit products include taking Current accounts and savings accounts; Insurance products are home insurance, motor insurance and protection; Commercial financing products includes term lending, debt capital markets and private equity; and Risk management products includes interest rate hedging, currency and liquidity. As of Dec 31 2017, Co. had total assets of £812.1 million and total deposits of £448.0 million.
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