Lloyds: Reiterate Buy After 18% Correction And Before 2020 Stabilization [Seeking Alpha]
Lloyds Banking Group Plc American Depositary Shares (LYG)
US:NYSE Investor Relations:
lloydsbankinggroup.com/investors
Company Research
Source: Seeking Alpha
Summary Lloyds' share price has continued to be volatile, having risen approx. 40% from August to December in 2019, then falling by 18% since. 2019 results released on Thursday were disappointing, with declines in revenues, profits as well as the underlying Return on Tangible Equity. However, 2020 guidance implies a stabilisation of the Net Interest Margin from the 19Q4 exit rate, and the U.K. mortgage market has improved. We expect future earnings to be flat or slightly-falling, with small Net Interest Margin declines offset by cost savings, implying a April 2019 BCS RBS HSBC Buy Case Recap Our Buy case has been based on what we see as a good risk/reward balance, with a double-digit average annual return in the upside case, and a secure mid-single-digit Dividend Yield in the downside case. In the original Reality has so far proved somewhere in between, with NIM declining faster than expected and ROTE deteriorating slightly, but earnings still implying a less than 10x P/E in 2020 and
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LYG
Sec Filings
- 11/14/24 - Form 6-K
- 11/13/24 - Form 6-K
- 11/13/24 - Form 6-K
- LYG's page on the SEC website