Morgan Stanley says ‘crown jewel' of Citi is worth half the bank's value [Yahoo! Finance]
Morgan Stanley (MS)
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Source: Yahoo! Finance
Apparently, it worked, as Morgan Stanley analysts today pinned the value of Citi's services segment, which includes many of the payment rails that connect global finance, to about $56 billion ($30 per share)—nearly half the bank's entire value. Citi's market cap is currently $115.8 billion. The segment, which includes what Citi calls Treasury and Trade Solutions such as liquidity management, and Securities Services, like custody and fund services, transacts about $5 trillion a day for clients including Microsoft Walmart , and Stripe according to the Morgan Stanley report. “The bank views Services as its crown jewel located at the heart of Citi's global network,” wrote report authors, and equity analysts Betsy L. Graseck and Ryan Kenny. The authors found that Citi's Services segment's Return on Average Tangible Common Shareholders' Equity (ROTCE)—a metric that divides annualized net earnings by average monthly tangible common shareholders' equity—has between between 21 percent an
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