C - Citigroup: Another Turnaround Catalyst
2024-02-23 03:15:24 ET
Summary
- Citigroup soared to a recent multi-year high of nearly $60, yet the stock still trades far below TBV.
- The bank aims to improve efficiency by cutting expenses and investing in technology in order to boost the medium-term RoTCE up to 12%.
- The stock continues to trade at a significant discount compared to its peers in the banking sector at 0.6x TBV.
In a surprise move, financials ended the year at the highs with Citigroup (C) trading up to nearly $60 to start 2024. The large bank hasn't traded this high in a couple of years despite the cheap valuation. My investment thesis remains ultra Bullish on the stock still trading below tangible book value, but the large bank has constantly failed to execute turnaround plans....
Citigroup: Another Turnaround Catalyst