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Key Info

Lloyds Banking Group PLC Web - www.lloydsbankinggroup.com

Tel - 44-20-7626-1500

Next Reporting Date - 20.02.2020

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    Lloyds Banking Group PLC

    Banks

    BRITAIN


    DCF Model Assumptions

    Risk Free Rate

    2.00%

    Country Equity Risk Premium

    6.00%

    Cost of Debt

    4.00%

    Cost of Debt

    4.00%

    Long Term Growth

    2.00%

    Beta Assumption

    0.71

    Current Market Cap mln$

    52,016.56

    Net Debt mln$

    -52,016.56

    WACC Estimate

    0.00%

    Ordinary Current Price $

    0.74

    DCF Model

    DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
    Revenue38457.6535199.2932381.0530648.1127237.5924430.6921699.4719047.7916287.6514230.5112433.1910862.889490.898292.197244.88
    EBITDA Costs38457.6535199.2932381.0530648.1127237.5924430.6921699.4719047.7916287.6514230.5112433.1910862.889490.898292.197244.88
    EBITDA0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00
    EBITDA Margin0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00
    Operating Costs35940.4729453.8225591.4622703.0516847.5412162.047602.883176.49-1430.95-282.59-55.81-11.02-2.18-0.43-0.08
    Operating Profit2517.185745.476789.607945.0710390.0512268.6514096.5915871.3017718.6014513.1012489.0010873.909493.078292.627244.97
    Operating Margin6.5516.3220.9725.9238.1550.2264.9683.32108.79101.99100.45100.10100.02100.01100.00
    Pretax Costs35945.0629455.1825583.7222691.0316828.8112137.137571.943139.71-1473.81-279.59-53.04-10.06-1.91-0.36-0.07
    PTP2512.595744.116797.337957.0810408.7812293.5614127.5215908.0817761.4514510.1012486.2310872.949492.808292.557244.95
    Pretax Margin6.5316.3220.9925.9638.2150.3265.1183.52109.05101.96100.43100.09100.02100.00100.00
    Net Income Costs29235.0327993.8124572.1823554.9920980.1518810.8616700.0514650.7212517.5610929.809543.448332.937275.966353.065547.22
    Net Income9222.627205.497808.877093.126257.445619.834999.424397.073770.093300.712889.752529.952214.931939.131697.66
    Net Margin23.9820.4724.1223.1422.9723.0023.0423.0823.1523.1923.2423.2923.3423.3923.43
    Revenue Less Capex43679.9940295.5337090.8635339.5931641.5828621.7625683.3622830.5319861.0217584.9015569.6213785.3012205.4710806.709568.22
    Capex-5222.34-5096.24-4709.81-4691.47-4403.99-4191.07-3983.89-3782.74-3573.37-3354.38-3136.43-2922.43-2714.58-2514.51-2323.34
    Capex to Revenues-13.58-14.48-14.54-15.31-16.17-17.15-18.36-19.86-21.94-23.57-25.23-26.90-28.60-30.32-32.07
    Revenue less FCF30099.1524564.968433.8438444.9824654.2024358.0724069.9223790.1723498.9723219.4022943.1522670.1822400.4622133.9621870.62
    FCF8358.5010634.3323947.21-7796.872583.3972.62-2370.46-4742.38-7211.33-8988.88-10509.95-11807.30-12909.57-13841.77-14625.74
    FCF to Revenue21.7330.2173.95-25.449.480.30-10.92-24.90-44.27-63.17-84.53-108.69-136.02-166.93-201.88

    BRITAIN Comparables

    tickercompanycountryMarket Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    HSBA LNHSBC Holdings PLCBRITAIN 156364.7310.8411.47--2.856.63#????!0.948.09-3.93
    LLOY LNLloyds Banking Group PLCBRITAIN 52016.568.118.11--2.195.99#????!0.9210.73-21.26
    BARC LNBarclays PLCBRITAIN 40343.7612.567.6--0.95.01-0.584.62-14.99
    RBS LNRoyal Bank of Scotland Group PLCBRITAIN 33291.449.249.03--1.572.08-0.747.82-22.91
    STAN LNStandard Chartered PLCBRITAIN 26740.9911.289.74--1.733.13#????!0.65.584.84

    International Comparables

    tickercompanycountry Market Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    JPM USJPMorgan Chase & CoUNITED STATES 431141.2213.3612.69--2.522.44-1.8314.9112.29
    BAC USBank of America CorpUNITED STATES 307939.7912.7211.5--2.251.87-1.2910.732.46
    1398 HKIndustrial & Commercial Bank of China LtdCHINA 274283.385.85.51--2.45.19#????!0.7112.91-5.02
    939 HKChina Construction Bank CorpCHINA 211707.835.555.26--2.175.44#????!0.713.14-6.78
    WFC USWells Fargo & CoUNITED STATES 199360.7713.0511.84--2.193.57-1.3410.6-1.98
    1288 HKAgricultural Bank of China LtdCHINA 171237.714.754.52--1.916.32#????!0.5612.43-10.15
    C USCitigroup IncUNITED STATES 166569.949.939.18-151.342.4-0.9610.297.79
    3988 HKBank of China LtdCHINA 143470.134.714.49--1.846.54#????!0.5111.27-8.44
    3968 HKChina Merchants Bank Co LtdCHINA 130235.969.888.74--3.353.04#????!1.5316.588.21
    RY CNRoyal Bank of CanadaCANADA 116771.0511.911.66--2.43.83-1.9516.993.56
    CBA AUCommonwealth Bank of AustraliaAUSTRALIA 106548.417.4818.32--3.135.21-2.112.5213.84
    TD CNToronto-Dominion Bank/TheCANADA 103176.5611.3510.91--2.533.84-1.6614.641.87
    HDFCB INHDFC Bank LtdINDIA 93379.427.8324.93--4.80.65-4.1116.97-1.25
    SBER LISberbank of Russia PJSCRUSSIA 85808.126.455.8--2.737.53#????!1.2620.724.51
    SBER RMSberbank of Russia PJSCRUSSIA 85542.266.435.78--2.727.55#????!1.2620.723.45
    USB USUS BancorpUNITED STATES 84538.7413.6912.64--2.92.66-1.9814.518.62
    ITUB4 BZItau Unibanco Holding SABRAZIL 73318.4713.3311.26--1.995.21-2.6319.81-7.24
    BNP FPBNP Paribas SAFRANCE 73090.268.518.41--0.815.87-0.678.074.8
    SAN SMBanco Santander SASPAIN 70953.9710.38.33--0.88--0.626.63-15.61
    8306 JPMitsubishi UFJ Financial Group IncJAPAN 70388.538.229.01--1.624-0.445.424.57
    BNS CNBank of Nova Scotia/TheCANADA 68517.9710.8510.25--2.114.62-1.4413.175.12
    PNC USPNC Financial Services Group Inc/TheUNITED STATES 66738.2913.9413.02--2.732.63-1.5311.527.28
    WBC AUWestpac Banking CorpAUSTRALIA 62255.1115.0814.83--2.486.34-1.5810.4314.3
    BBCA IJBank Central Asia Tbk PTINDONESIA 60547.3128.8525.58--11.781.04#????!4.7817.6812.93
    BBDC3 BZBanco Bradesco SABRAZIL 59288.7212.879.04--1.85.06-2.1717.51-10.37
    BBDC4 BZBanco Bradesco SABRAZIL 59288.7212.879.58--1.85.06-2.1717.51-15.58
    HDFC INHousing Development Finance Corp LtdINDIA 57009.3620.6320.4214.29-3.681.0745.353.0315.943.25
    NAB AUNational Australia Bank LtdAUSTRALIA 54095.7816.613.29--2.215.59-1.599.1216.93
    3328 HKBank of Communications Co LtdCHINA 53557.094.654.45--1.676.63#????!0.4911.12-14.52
    ANZ AUAustralia & New Zealand Banking Group LtdAUSTRALIA 50719.4312.8412.66--2.225.61-1.329.925.97

    EV, Debt, Cash

    Fields2018
    EV
    Cash130106.07
    Debt179670.17
    Debt/Equity260.31
    Pref Equity8273.43
    Shares Out71149
    minorities349.24

    Last Price

    Fields2018
    Last Price0.74
    Next DVD Ex Date02.04.2020
    DVD Announcement Date31.10.2019
    Last Ex Date08.08.2019

    CashflowSummary

    Fields201520162017201820192020
    Revenue38457.6517235199.2927332381.0525330648.1127523681.01223099.77
    Operating Profit2517.1780945745.467926789.5963147945.06529812077.08812023.739
    PTP2512.593075744.1125376797.3278727957.08102510448.2029771.361
    Net Income9222.6226417205.4863317808.8733477093.1235966967.6376537.952
    EPS0.1299090090.093940230.1078681170.0921018780.0950.091
    DPS0.0420293850.0413391770.0393020850.0428560910.0440.046
    EBITDA
    BPS0.8502479570.7432432350.8183404010.778099150.8030.816
    Capex-5222.342166-5096.239533-4709.807274-4691.473611
    FCF8358.4984810634.3338823947.2116-7796.871339
    EV TO T12M EBIT------
    EV/EBITDA------
    CUR RATIO------

    Ratios

    Fields201520162017201820192020
    Market Cap52016.5652016.5652016.5652016.5652016.5652016.56
    PE RATIO91.3421.5615.479.438.118.11
    EV/EBITDA------
    P/S2.071.711.621.942.192.25
    DIVIDEND YIELD3.764.884.486.195.996.17
    EBITDA Margin----#????!0.52
    P/B1.271.041.120.850.920.91
    ROE1.14.757.038.910.7311.34
    6 month return-21.26-21.26-21.26-21.26-21.26-21.26