JPM - JPMorgan Earnings Preview: 2024 Will Be A Tough Compare Against 2023

2024-04-10 20:50:00 ET

Summary

• Sell-side consensus as of today’s expects flat EPS growth in 2024 and 2025, while the stock sports a 13x and 12x multiple coming into Friday’s April 12th, 2024 earnings release.
• The book value (BV) and tangible book value (TBV) valuations on JPM are 1.9x and 2.32x (stock trading around $200) which are the highest BV and TBV valuations of the big banks.
• JPM recently boosted their dividend and looks like it is buying back stock again, so that could help Q1 ’24.

Last night, the Citigroup ( C ) earnings preview was written and comparing Citi to JPMorgan ( JPM ), it’s interesting to see the difference between the two banking giants within the same sector: Citi has had little to no earnings growth, the valuation is all about the discount to book value and tangible book value, the historical ROE on Citi is mid-single digits, well below its peers, the stock has been stuck in the doldrums for years, and has greatly underperformed the S&P 500 for long time periods, particularly after 2008....

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