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Lloyds Banking Group PLC LLOY

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Morningstar’s Analysis

Currency in GBX
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Economic Moat




Lloyds' Fair Value Estimate Maintained After Good Third Quarter

Niklas Kammer Equity Analyst

Analyst Note

| Niklas Kammer |

We maintain our fair value estimate of GBX 62 per share for Lloyds after the group reported an underlying profit of GBP 1.2 billion in the third quarter. In light of current margin pressure and low customer activity levels, we think an underlying return on tangible equity of 9% in the quarter is good. Our narrow moat and stable trend ratings are unchanged.

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Company Profile

Business Description

Lloyds is a retail and commercial bank headquartered in the United Kingdom. The bank operates via three business segments: retail, commercial banking, and insurance and wealth. In retail, Lloyds offers primarily mortgages (66% of loan portfolio), credit cards, and current accounts to its customers. Its commercial banking operation provides lending, transaction banking, working capital management, and debt capital market services to large corporates and financial institutions in the U.K. Insurance and wealth rounds out the product lineup with life and property insurance as well as pension solutions and high-net-worth asset-management services.

25 Gresham Street
London, EC2V 7HN, United Kingdom
T +44 2076261500
Sector Financial Services
Industry Banks - Regional
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2019
Stock Type
Employees 63,069