Lloyds Banking Group Crecimiento futuro
Future controles de criterios 1/6
Se prevé un crecimiento anual de los beneficios y los ingresos de Lloyds Banking Group de 9.9% y 6.1% por año respectivamente. Se prevé que el BPA crezca en un 14.2% al año. Se espera que la rentabilidad financiera sea de 15.2% en 3 años.
Información clave
9.9%
Tasa de crecimiento de los beneficios
14.22%
Tasa de crecimiento del BPA
| Crecimiento de los beneficios de Banks | 8.2% |
| Tasa de crecimiento de los ingresos | 6.1% |
| Rentabilidad financiera futura | 15.18% |
| Cobertura de analistas | Good |
| Última actualización | 12 May 2026 |
Actualizaciones recientes sobre el crecimiento futuro
Recent updates
Seeking Alpha • Apr 07
Lloyds Banking: I Like It, But I'd Want It Cheaper
Summary Lloyds Banking Group is the UK's largest retail bank, showing signs of operational recovery but remaining heavily tied to UK macro conditions. Recent EBIT growth, digital transformation, and diversification into wealth management and insurance have improved fundamentals, yet cost/income ratios still lag peers. Management's buybacks and ambitious growth forecasts are viewed skeptically, with risks from UK housing, interest rates, and motor finance expansion. I assign LLOY a 'Hold' rating with a £0.8/share price target, reflecting a conservative outlook and insufficient risk-adjusted upside at current valuation. Read the full article on Seeking AlphaSeeking Alpha • Mar 04
Lloyds Banking Group: How The Supreme Court Ruling May Affect The Stock
Summary Lloyds stock has surged 32% YTD as investors reassess potential remediation charges for the motor finance commission case. Despite management having set aside £1.15 billion in provisions, our analysis suggests a conservative estimate of £2.50 billion may be more appropriate, given past Supreme Court decisions. The Supreme Court is renowned for historically siding with the claimant with matters regarding commission transparency, but has also been known to be reasonable with its damage assessment. The bank's underlying business shows promising growth, with expected increases in revenue across its various divisions. Structural hedge benefits, deposit inflows, and expanding loan portfolios position Lloyds for strong revenue and EPS CAGR through to FY27. Read the full article on Seeking AlphaSeeking Alpha • Oct 23
Lloyds Banking Group: NIM Expansion Powers A Solid Q3
Summary Lloyds Banking Group plc recently released Q3 2024 earnings, beating consensus on both the top and bottom lines. Return on tangible equity was a healthy ~15%. The bank's net interest margin expanded on a sequential basis, a better performance than expected, thanks to structural hedge income. With Lloyds generating healthy levels of capital, dividends and buybacks offer investors an attractive total payout yield, while the implied price-earnings multiple remains comfortably below 10x. Read the full article on Seeking AlphaSeeking Alpha • Sep 30
Buy Lloyds Banking Group For Its Dividend Yield Of 5.2%
Summary Lloyds Banking Group plc offers a sustainable high-dividend yield and attractive valuation, making it a compelling income pick in the European banking sector. Lloyds maintains a strong position in the U.K. retail banking market, with significant growth potential in asset management and insurance. Despite recent challenges from lower rates and higher costs, Lloyds' profitability remains robust, supported by good credit quality and efficient cost management. Lloyds' valuation is appealing at 0.95x book value, with a forward dividend yield of 5.2%, making it attractive for income-oriented investors. Read the full article on Seeking AlphaSeeking Alpha • Jul 26
Lloyds Banking Group: NIM Dynamics Still Playing Out As Expected
Summary Shares of British bank Lloyds have continued to do well since my last update in May, outperforming broader European financials by around ten points in that time. Q2 was good enough for Lloyds, with net interest margin meeting consensus estimates and low levels of provisioning fueling a significant bottom-line beat. Structural hedge income should pick up in the second half of the year, leading to NIM expansion and contributing to net interest income growth. At 1.2x tangible book value, these shares still don't reflect the 13-15% return on tangible equity profile that sell-side analysts have penciled in. Read the full article on Seeking AlphaSeeking Alpha • Mar 20
British Banking's Hidden Gem: Lloyds Stands Out As A Sterling Example Available At A Heavy Discount
Summary Lloyds Banking Group is sterling example of a robust and profitable British retail and commercial bank. The bank has a narrow economic moat thanks to some cost advantages, and a solid reputation in the UK banking industry that drives switching costs for clients. Lloyds remained profitable in 2023 with a solid balance sheet amplified by a high return on equity and expanding net interest margin. Shares appear undervalued by 43% in a base-case valuation scenario implying 3% annual income growth. Buy rating issued. Read the full article on Seeking AlphaSeeking Alpha • Feb 24
Lloyds Maintains Profitability Targets, Shares Remain Attractive
Summary Lloyds' Q4 results delivered a few surprises, but net interest income was largely in line with expectations. Management affirmed 2024-2026 profitability targets even as certain peers walked down theirs. While interest rates look set to fall, the bank does have some tailwinds to look forward to. Capital returns' potential remains compelling, while the stock's discount to tangible book value looks much too cheap relative to earnings power. Read the full article on Seeking AlphaSeeking Alpha • Dec 16
Should Dividend Investors Buy Lloyds Banking Group?
Summary Lloyds has more UK current account customers than any other bank and it provides more UK mortgages than any other lender, so when it comes to UK-focused banks, it is the 800lb gorilla. It’s also one of the most popular shares with dividend investors, with more than two million shareholders. Many dividend investors are looking to invest in large, long-established market leaders, and Lloyds certainly fits that bill. Read the full article on Seeking AlphaSeeking Alpha • Dec 04
Lloyds Banking Group: Hold Rating As Undervaluation And Net Interest Income Grab Attention
Summary Lloyds Banking Group gets a hold rating today, which is aligned with the consensus from the SA quant system. This is rating the stock's ADR which trades on the NYSE. Neutral sentiment is driven by tailwinds to revenue and interest income, as well as undervaluation opportunity. Offsetting factors include risks of exposure to UK office market, a share price now up from its autumn price dip, and a weak dividend opportunity compared to peers. Read the full article on Seeking AlphaSeeking Alpha • Oct 03
Lloyds Banking: Capital Returns Potential Remains Compelling
Summary Lloyds shares have been disappointingly flat since I first covered the bank last year, with general UK apathy, FX and recession worries weighing on the shares. Net interest margins will contract heading into H2, but between growing structural hedge income, work on asset mix and growing fee income I am optimistic about the medium-term profitability outlook. A major recession in the UK is the big risk right now, but it would likely only be a temporary setback to the bank's attractive capital returns potential. Read the full article on Seeking AlphaSeeking Alpha • Jul 28
Lloyds Banking Group: Pick Up This Dividend Opportunity At A Discount
Summary Lloyds Banking Group's share price seems slightly undervalued, with a P/E of 6 and a dividend yield nearing 7%. The company has shown resilience in the UK banking sector and has a strong liquidity base. The high-interest rate environment in the UK could lead to steady earnings growth and increased dividends for Lloyds. Read the full article on Seeking AlphaSeeking Alpha • Jul 17
Lloyds Banking: Sticky Interest Rates Support Recovery, Though Risks Remain
Summary Despite economic challenges in the UK, Lloyds' operational diversification strategy, undervaluation, and expansion to mass affluent consumers support long-term growth. LYG's long-term strategy includes scale growth, diversification, and digital access to reach a larger number of consumers. The bank has reported Q1 revenues of $11.31bn, a 105.12% YoY increase, and a net income of $1.83bn, up 13.63% YoY. Read the full article on Seeking AlphaSeeking Alpha • Feb 21
Lloyds Banking FY 2022 Earnings Preview
Lloyds Banking (NYSE:LYG) is scheduled to announce FY earnings results on Wednesday, February 22nd, before market open. The consensus EPS Estimate is $0.36 (-95.2% Y/Y) and the consensus Revenue Estimate is $21.86B Over the last 3 months, EPS estimates have seen 1 upward revision and 0 downward. Revenue estimates have seen 7 upward revisions and 1 downward.Seeking Alpha • Feb 06
Lloyds Banking Group: Unlocking The Secrets Of A 4% Dividend Stock
Summary Lloyds Banking Group is a top financial services firm in the UK. Lloyds is trading with an attractive low valuation. The company's high ROE growth is likely to help drive earnings and the stock price higher in 2023.Seeking Alpha • Jan 21
Lloyds: Still 10x P/E And 4%+ Dividend Yield After Recent Rally
Summary Lloyds shares have risen 17% since we reinitiated coverage in July, but still have a P/E of about 10x and a Dividend Yield of 4.3%. Net Interest Income has already benefited much from higher rates, and we expect further benefits as well as more rate hikes. Credit losses remains the biggest risk, but Lloyds’ loan book is relatively high-quality and losses should be manageable in size. We expect further dividend increases and more buybacks in 2023, as Lloyds' capital ratio is 1.5 ppt higher than its target. With stock at 49.24p, we expect an exit price of 58p and a total return of 32% (10.5% annualized) by 2025 year-end. Buy. Introduction We review our Lloyds Banking Group plc (LYG) case after shares have gained 18% (in U.K. pounds, including dividends) since we reinitiated our coverage in July: Lloyds Share Price (Last 1 Year) Source: Google Finance (20-Jan-23). Lloyds still looks attractive on relatively low expectations. Return on Tangible Equity (“ROTE”) is expected to be around 13% in 2022, and we now believe it can be at 10% for the next few years. Net Interest Income has benefited significantly from higher interest rates, and more should follow when the “structural hedge” continues to be redeployed over time. Other Income is stable and Operating costs are growing as planned. Macro-driven credit losses in the U.K. remains the biggest risk, but Lloyds’ loan book is relatively high-quality and losses should be manageable in size. The U.K tax rate now appears stable with an increase of just 1 ppt from April 2023. CET1 ratio is 1.5 ppt higher than targeted, so further dividend increases and buybacks are likely. The current Dividend Yield is 4.3% and, assuming a long-term 10% ROTE, the P/E multiple is 10x. We expect an exit price of 58p and a total return of 32% (10.5% annualized) by 2025 year-end. Buy. Lloyds is scheduled to release its full-year 2022 results on February 22. Lloyds Banking Group Buy Case Lloyds is the #1 retail bank in the U.K., largely focused on the domestic market, and offer a wide range of products and services to consumers, SMEs as well as corporates and institutions. Retail Banking contributes nearly two-thirds of Lloyds’ income and profits, while Commercial Banking and Insurance & Wealth were the other segments. Net Interest Income (“NII”) represented more than two thirds of income in 2021, and 63% of the’ loan book consists of personal mortgages: Lloyds Key Financials by Segment (2021) Source: Lloyds results release (2021). NB. Retail Banking and Commercial Banking will each be split into two units in 2022. NII is the most important part of our investment case. The core of Lloyds’ business is its large low-cost deposit base, where customers often accept lower rates because of Lloyds’ brand name and their own inertia, and where and unit costs are kept low by economies of scale. Lloyds generates NII from its deposit base through both lending and a “structural hedge” that functions similarly to a portfolio of fixed-rate bonds. In years past Lloyds’ NII was under pressure because a low-rate environment led to more competition and reduced its Net Interest Margin (“NIM”). However, the Bank of England has started raising U.K. interest rates in December 2021 and Lloyds’ NIM has benefited significantly. Credit losses are the main risk in our investment case, but we expect Lloyds’ credit losses should be limited even in the event of a U.K. recession, because its lending products have traditionally been targeted at the prime+ part of the market and its mortgage portfolio has conservative Loan-To-Value ratios (averaging 42.1% for the entire portfolio and 63.3% for new business as of 2021 year-end). Lloyds’ Impairment in the pandemic year of 2020 was £4.25bn, or just 0.6x of its Profit Before Impairment that year. In the event of a prolonged economic downturn, we still expect Lloyds to have one bad year but then return to a solid ROTE in subsequent years. Since February 2022, Lloyds has been implementing a new strategy under new CEO Charlie Nunn (who took up the role in August 2021). Key pillars of this strategy include deepening existing consumer relationships, diversify the SME business and selectively expanding Corporate & Institutional offerings. Operating costs were expected to increase from £8.3bn in 2021 to £8.8bn from £2022 onwards, but with the Cost/Income Ratio returning to less than 50% by 2026. The result of the plan was expected to be a ROTE of more than 10% from 2024 and more than 12% from 2026: Lloyds Medium-Term Targets (2022-26) Source: Lloyds results presentation (Q4 2021); annotations by Librarian Capital. (2022 ROTE was initially expected to be “around 10%”, but was already revised to more than 11% at Q1 results in April). We are cautious about the new strategy, as they mostly seem to involve merely doing the same things as before but better (with the exception of the new investment offering), and also sceptical about the new management team’s apparent lack of a track record in operational excellence. In our base we assumed a ROTCE of only 8.5%. Lloyds has had strong quarterly results since our last update, helped by rate hikes, and we now believe medium-term ROTE is likely to be 10%, though it can be temporarily lower if credit losses become elevated in a U.K. recession. Lloyds 2022 ROTE Now Expected to Be 13% Management raised its guidance for 2022 ROTE to “around 13%” at H1 results in July. The latest 2022 guidance, released with Q3 results in October, are as follows: Lloyds 2022 Outlook Source: Lloyds results presentation (Q3 2022). The main driver of the higher guidance is a higher NIM, which was expected to be “above 260 bps” as of July but is expected to be “more than 290 bps” as of October. The Bank of England has continued to raise its base rate, from 1% at the end of June 2022 to 2.25% by October and 3.50% now: Bank of England Base Rate (Since 2022) Source: Bank of England website (20-Jan-23). The higher NIM has more than offset slightly higher credit costs (represented by the Asset Quality Ratio, or “AQR”), and will likely make it easier for Lloyds to achieve its target ROTE in 2023 and 2024 (all else being equal). Sell-side analysts have asked about raising 2023 and 2024 targets and management, while stating that it is too early to update these targets, seem to agree that this is a possibility: “We put forward a 2024 ROTE of greater than 10%. There have been, as you know, significant developments across the market since then ... Many of those trends that we've seen in terms of market rates and Bank (of England) base rate changes lead to sustained improvements in the context of Net Interest Income in the context of Net Interest Margin, both this year and beyond.” William Chalmers, Lloyds CFO (H1 2022 earnings call) Movements in the cashflow hedge reserve following rate increases have also resulted in a smaller Net Asset Value (without affecting actual earnings), reducing the denominator in ROTE calculations and raising the ROTE. We now believe ROTE can be at 10% for the next few years, unless credit losses become elevated in a U.K. recession. We believe recent operating results support this view. Lloyds’ Quarterly Results Trending Up Lloyds’ operational performance has been trending up in recent quarters, as shown in the table below: Lloyds P&L & Key Ratios By Quarter (Since 2021) Source: Lloyds results presentation (Q3 2022). Underlying Profit Before Impairment has increased sequentially each quarter in 2022. This stood at £2.40bn at Q3 2022, compared to £2.16bn in Q2 and £1.96bn in the prior-year quarter. This is a key measure because it reflects a bank’s earnings power before credit volatile provisions. The trend is even clearer if we exclude Remediation Costs associated with regulatory penalties or settlements, which can also be volatile. Net Interest Income has been the main driver of this sequential growth in profits, rising consistently from £2.68bn at Q1 2021 to £3.39bn by Q3 2022. As shown in the table, this is mainly driven by a similarly consistent increase in the NIM from 2.49% in Q1 2021 to 2.98% by Q3 2022, though Average Interest-Earning Assets also rose slightly (3.6%) in this period, on a consistent trajectory except for the seasonal post-holiday dip in Q1 2022. Lloyds’ loan growth during 2022 was partly offset by the repayment of government-guaranteed COVID support loans among Small and Medium Businesses. Except this and the Closed Mortgage Book, loan growth has been positive in most categories, with larger percentage increases in targeted areas like Corporate and Institutional Banking: Lloyds Loans & Advances to Customers (Q3 2022 vs. Prior Periods) Source: Lloyds results release (Q3 2022). Other Income has been broadly stable at around £1.3bn each quarter. Operating Costs has been rising due to planned investments, while “Business As Usual” costs remain “essentially stable”. The Cost/Income Ratio has been volatile due to Remediation Costs, but has been improving excluding Remediation Costs largely due to rising revenues: Lloyds Cost/Income Ratio By Quarter (Since 2021) Source: Lloyds results presentation (Q3 2022). Asset Quality Ratio follows the same trajectory at other banks, with negative AQRs representing the release of COVID-19 reserves in 2021, but positive AQRs representing credit costs returning to normal in 2022. AQR spiked to 0.57% in Q3 2022, primarily due to a downward revision in macroeconomic outlook, with the latter responsible for £618m in impairments (offset by a £200m release of COVID-related reserves) compared to a total net impairment of £668m. Return to Tangible Equity was consistently above 10% each quarter in 2022, and was 12.9% for Q1-3 overall (but with a benefit of about 1 ppt from movements in the cashflow hedge reserve as described above). Higher Rates Driving Net Interest Income Lloyds has benefited significantly from the rise in the Bank of England base rate, by far the biggest component in the increase of its NIM since 2021, as shown in the charts below: Lloyds Net Interest Margin Bridge (H2 2021 to Q3 2022) Source: Lloyds results presentation (Q3 2022). Lloyds expects to pass on only 50% of the benefit of rate hikes to deposit customers, and so far in 2022 they have actually passed “a little below” this as of Q3 2022 results. We believe they will have to pass on more over time. Each 10 ppt in the deposit pass-through rate is worth £50m to the NII and 1 bps in the NIM in year 1. The rise in the base rate has more than offset margin headwinds from competition. The competition on mortgages continues to be a significant negative for Lloyds’ NIM as shown above, with the margin on new mortgages still lower than that on existing mortgages that gradually mature or are refinanced. Completion margin on new mortgages was as low as 60 bps in both Q2 and Q3 of 2022, compared to 190 bps in Q4 2020 and 115 bps in Q4 2021. (Back book margin was stated as 150 bps in Q4 2021.) We do not expect this to improve much (though at worst it will probably stabilize), especially as Lloyds is now growing its mortgage book again. The “structural hedge” has been a tailwind to NIM and NII as each maturing portion is replaced with one of higher rates. It has risen to £250bn in size as of Q3 2022 and has a rate of “a shade over 1%”. The average maturity is 3.5 years and management expects to redeploy much of it “into more like a 4-4.5% environment” “in the next year or so”. The “structural hedge” already generated £2.2bn (14% of group income) in 2021 and will likely generate much more in the future. Lloyds Structural Hedge (Since 2017) Source: Lloyds results releases.Seeking Alpha • Dec 23
Lloyds Banking Group: Attractive Valuation, High Yield, Improving Technicals
Summary European Financials have seen a massive relative reversal when compared to large-cap U.S. stocks. One big name U.K. bank has not fared as well on the year, but shares have staged a potential bearish to bullish reversal. With a low valuation and high yield, Lloyds looks good from the long side. After a years-long downtrend versus the S&P 500, European financials are finally making a sustained relative comeback. While the rally against U.S. equities is only a handful of months old, the year-to-date return of the iShares MSCI Europe Financials ETF (EUFN) is negative by less than 10 percentage points - outpacing the S&P 500 Trust ETF (SPY) by more than 12%. The relative chart, shown below, is at fresh highs since early 2022 - around the time when Russia invaded Ukraine. While the value vs growth and small vs large factor themes ebb and flow, the ex-U.S. vs U.S. stock story just continues to gain steam. Can you bank on one major U.K. financial institution for some gains? Let's check out the story. Fun Price Action in European Financials StockCharts.com According to Bank of America Global Research, Lloyds Banking Group plc (LYG), together with its subsidiaries, provides a wide range of banking activities including personal and corporate lending, life assurance, general insurance, private banking, and investment management. The majority of the group's assets and profits are located in and earned in the UK. It operates through three segments: Retail; Commercial Banking; and Insurance and Wealth. The UK-based $37.7 billion market cap banks industry company within the financials sector trades at a low forward operating price-to-earnings ratio of 6.1 and pays a high 4.7% trailing 12-month dividend yield, according to The Wall Street Journal. Back in July, Lloyds reported non-GAAP earnings per share of £0.037 with net interest income of £6.14 billion - up 13.3% from the same period a year earlier. Along with solid financial results, the management team raised its 2022 guidance. In the semiannual report, asset quality was said to have increased while capital generation was expected to be greater than 200 basis points. BofA sees a slew of upgrades happening as it suggests investors buy such positive headlines as they come about. Key risks, however, are a likely recession next year in Europe along with weaker interest rates. On valuation, analysts at BofA see earnings having fallen by more than 12% this year but then rising by nearly the same rate in 2023 before EPS growth normalizes in 2024. Dividends per share are seen as rising along with per share profits over the coming quarters. What's attractive is the company's price-to-book ratio, which is well under 1 - a sign of value for bank stocks. On a net asset value basis, shares also look cheap. Lloyds: Earnings, Valuation, Dividend Forecasts BofA Global Research Looking ahead, corporate event data provided by Wall Street Horizon shows a confirmed Q4 2022 earnings date of Wednesday, February 22. The event calendar is light on volatility events aside from the earnings date, though. Corporate Event Calendar Wall Street Horizon The Technical Take LYG appears to be putting in a bottom formation, but there's still work to be done by the bulls. Notice in the chart below that shares are up big from a low of $1.70 notched in mid-October. While the stock has underperformed the broader European financials space, LYG is probing above the key $2.20 to $2.30 range. To go along with that, the stock's 200-day moving average has turned flat and might begin to rise in due time as the stock currently trades above that long-term trend indicator.Seeking Alpha • Oct 10
Lloyds Banking Group: NII Sensitivity Is A Tailwind Amid Rising Rates
Summary Lloyds Banking Group is an interesting play on rocketing interest rates as the Bank of England tries to tame a 40-year high inflation rate. Imperfect pass-through on customer deposits allows LYG to benefit from higher net interest income. LYG has more NII sensitivity that Barclays due to its funding composition. Overview Lloyds Banking Group (LYG) is a British financial institution formed through the acquisition of HBOS by Lloyds TSB in 2009. It is one of the UK’s largest financial services organizations, with more than 30 million customers (about the population of Texas). Alongside Barclays, NatWest and HSBC, it is one of the Big Four banks in the UK. LYG as an interest rate play LYG is an interesting play on rocketing interest rates as the Bank of England tries to tame a 40-year high inflation rate. Following the “mini-budget” announcement, markets are betting on interest rates to peak at 6% in the UK which will create a massive bonanza for high street lenders such as LYG. As of 30 June 2022, LYG had £145.9 billion of LCR eligible assets with £78.3 billion held as central bank reserves. Each additional 25 basis point rise is expected to add close to £200 million in treasury income for LYG solely from holding cash with the Bank of England. Imperfect pass-through on customer deposits The Big Four banks have failed to pass on their gains from a rising Bank Rate to savers. The Bank of England increased the Bank Rate to 2.25% last month. However, LYG pays a meagre 0.40% on its main instant access savings account, while Barclays (BCS) pays 0.15% on its everyday easy access savings account. This imperfect pass-through allows the Big Four banks to improve their Net Interest Income ((NII)) in a rising rate environment. In simple terms, NII is the difference between what a bank pays for deposits and what it earns from loans. The Big Four have benefited from low-cost sticky retail deposits historically. By contrast, Yorkshire Building Society and Chase UK, JP Morgan’s digital bank, have been paying interest rates above 1.5% p.a. However, regional banks and FinTech's have struggled to take deposit market share from the Big Four due to the perception of being less safe than the traditional banks. LYG vs BCS: NII sensitivity LYG is one of the most interest rate sensitive banks in the UK Big Four. For the sake of analysis, I will compare the interest rate sensitivity of LYG and Barclays. In their latest trading update, LYG and BCS provided their NII sensitivity to the market. The numbers are as follows: Interest rate sensitivity (£m) (+25bps) Year 1 Year 2 Year 3 Lloyds Bank 175 250 375 Barclays 225 375 525 To allow comparison, we can calculate the NII gains for each bank as a proportion of their balance sheet size. As of 30 June 2022, Barclays reported total assets of nearly £1.6 trillion against £890 billion for LYG. Despite a balance sheet nearly twice the size of LYG, Barclays NII gains are relatively modest and represent a smaller portion of its balance sheet size. LYG benefits from higher NII sensitivity due to its funding composition and business model. LYG’s business activities is funded primarily by customer deposits compared to BCS where customer deposits represent only 34% of total funding. As at 30/06/22 Customer deposits (£m) Total funding (£m) Customer deposits as a % of total funding Lloyds Bank 478,200 674,200 70.93% Barclays 538,779 1,589,000 33.91%Seeking Alpha • Sep 28
Lloyds Banking Group: Hold For Now
Summary Lloyds Banking Group has a low market valuation, good dividend yield, and has upgraded its outlook for margins recently. Is its price drop a reason to buy? Its stronger price correlation with the UK economy than its own earnings suggests further potential weakening is possible, as growth is expected to slow significantly. Despite a largely dependable dividend history, save the pandemic period, Lloyds Banking Group's weak price indicates it's best to hold the stock for now. On paper, Lloyds Banking Group plc (LYG) looks good. Its price-to-earnings (P/E) ratio at 6.4x is much less than that for the sector, even though recently upgraded its outlook. Its dividend yield at 5.3% isn't bad at all. So far, its key market, the UK, hasn't succumbed to a recession which could potentially hold it in better stead than U.S.-focused banking entities. Yet, its price refuses to rise. On the contrary, it has fallen by 24% in the past year at the time of writing. Admittedly, this hasn't been a good year for stocks, but it's still hard to overlook that LYG's price performance has been worse than most of its peers. This article analyses it in the context of the macroeconomy and its own historical price and dividend performance as well as its market valuations. It concludes that it's best to hold off from any actions on the stock for now. Correlation between Lloyds' Price and UK GDP growth To start with, LYG's price correlation is analyzed with the UK's GDP growth, since the geography accounts for much of its business. This is distinct from other publicly listed banks like HSBC and Barclays, which have a presence in the UK but also have significant interests in Asia and the U.S., respectively. To analyze the correlation between LYG and the economy, both half-year and full-year net income growth rates were considered in relation to GDP growth rates for the UK. For numbers starting in 2017, the correlation coefficient is at 0.75, indicating a positive correlation. While as of the last quarter, UK's economy is indeed weak, so far it has warded off a recession, which is something of a positive. However, it's expected to slow down next year. In 2023, its forecast to grow at just 0.5%, down from an expected 3.2% in 2022. So far, as LYG's price correlates with GDP growth, it then suggests a likely come-off. LYG trends downwards This is disappointing, considering the already sluggish LYG price trend. Over the past decade, Lloyds Banking Group has broadly been trending downwards. To be fair, this period includes both the Brexit and pandemic periods, both of which took a toll on it. That said, it was declining even during the earlier part of the decade. The key takeaway here is that LYG hasn't been a good investment for capital gains over time, even though it has seen some increases. In fact, it has fallen by 8% on average each year over the last 10 years and has seen around a total 60% decline. Sources: Yahoo Finance, Author's Estimates Promising dividends Lloyds' dividends, though, are still attractive, particularly since it has paid them consistently since 2014, even though there have been pandemic-related fluctuations that saw a cancellation of its final dividend for 2019 and interim dividend for 2020. However, for the three years before the pandemic, dividends were relatively elevated per ADR. Further, they have been inching up since 2021 and are expected to continue doing so in 2022 as well as per analysts' estimates. Sources: Lloyds Banking Group, Seeking Alpha, Author's Estimates Even more encouraging is the rise in the bank's dividend cover. For 2022, earnings and dividend forecasts project it to be at 4.6x, after already coming in strong at 4.3x for the year before. In fact, even though the actual dividend levels have been low in the past three years, the cover is far healthier than it was during the 2015-18 period. Both LYG's recently rising dividends and its improving dividend cover bode well for passive income from it in the future. Do attractive market valuations matter? Further, its market valuations also look attractive. Right now, its current price-to-earnings is at 6.8x compared to the sector median of 10.2x and its price-to-book ratio is at 0.57x compared to 1.17x for the sector. Technically, this could reflect some upside to it, especially going by its improved outlook for net interest margins. However, this matters to the LYG price only if its performance and its outlook get reflected in it. This doesn't seem to be the case so far this year. Considering, however, that this has been a bad time for equities, a longer-term correlation between annual net interest income, a crucial part of its total income, and the LYG price, both in YoY terms, was done. It reveals that a change in price can react with a one-period lag, with a correlation coefficient of 0.6.Seeking Alpha • Aug 04
Lloyds Banking goes ex dividend tomorrow
Lloyds Banking (NYSE:LYG) has declared $0.038/share quarterly dividend, -41.5% decrease from prior dividend of $0.065. Payable Sept. 22; for shareholders of record Aug. 8; ex-div Aug. 5. See LYG Dividend Scorecard, Yield Chart, & Dividend Growth.Seeking Alpha • Jul 27
Lloyds Banking Non-GAAP EPS of £0.037, Net interest income of £6.14B
Lloyds Banking press release (NYSE:LYG): 1H Non-GAAP EPS of £0.037. Net interest income of £6.14B (+13.3% Y/Y). Outlook Given the strong financial performance in the first half of 2022 and based on current macroeconomic assumptions, the Group is enhancing its 2022 guidance: Banking net interest margin now expected to be greater than 280 basis points • Continue to expect operating costs of c.£8.8 billion on the new reporting basis1 Asset quality ratio now expected to be below 20 basis points Return on tangible equity now expected to be c.13 per cent Continue to expect risk-weighted assets at the end of 2022 to be c.£210 billion Capital generation now expected to be greater than 200 basis pointsSeeking Alpha • Jul 14
Lloyds: 5% Dividend Yield And Less Than 10x P/E On Undemanding Assumptions
Lloyds shares have fallen 27% from January, and now trade at 0.7x Tangible Book, 6.6x 2022 guided EPS and a 4.9% Dividend Yield. We believe a mid-teens annualized return is achievable on undemanding assumptions, even if Return on Tangible Equity is at just 8.5%. Lloyds' Return on Tangible Equity had historically comfortably exceeded 10% in most years, and is guided to exceed 11% in 2022. Strong businesses in Retail should offset weakness elsewhere. Interest rate increases will be a key tailwind. Credit losses will be limited. With the stock at 41.92p, we expect a total return of 52% (13.7% annualized) by 2025 year-end. Buy. Introduction We review Lloyds Banking Group PLC (LYG) after shares again approached their 52-week low this month (July). We last published research on Lloyds in February 2020, having originally initiated a Buy rating on the stock in April 2019. Compared to the level at our initiation, Lloyds shares have lost 32% (in GBP, after dividends), and are down 27% from their recent peak in January 2022: Lloyds Share Price (Last 5 Years) Source: Google Finance (14-Jul-22). Lloyds’ earnings and valuation have turned out worse than we anticipate, partly due to COVID-19. At our initiation, Lloyds had a mid-teens Return on Tangible Equity (“ROTE”) and was valued at a Price/Tangible Book Value (“P/TBV”) of 1.2x; it is now expected to have a >11% ROTE in 2022 and is valued at a P/TBV of 0.7x: Lloyds Comparison – Current vs. Initiation Source: Lloyds company filings. NB. 2021 ROTE benefited from a tax credit; excluding this, ROTE was 11.4%. 2022 ROTE based on guidance and includes moving Restructuring costs “above the line”. We believe Lloyds shares now offer a mid-teens annualized return on undemanding assumptions. A ROTE of 8.5% should be sustainable, with tailwinds from rising interest rates and limited credit losses. This should support the current 4.9% Dividend Yield and an upward re-rating from 0.7x to 0.85x P/TBV. Buybacks should help TBV/Share and EPS growth by reducing the share count by an average 4% annually in 2022-25. The upside would be significantly larger if management’s new target of a >12% ROTE after 2025 were to be met, but this is not in our base case Lloyds Business Overview Lloyds is the #1 retail bank in the U.K., largely focused on the domestic market, and offering a wide range of products and services to consumers, SMEs as well as corporates and institutions. Retail Banking has historically contributed nearly two-thirds of Lloyds’ income and profits, and Net Interest Income (“NII”) represented more than two thirds of income in 2021: Lloyds Key Financials by Segment (2021) Source: Lloyds results release (2021). NB. Retail Banking and Commercial Banking will each be split into two units in 2022. The Insurance & Wealth segment includes Schroders Personal Wealth, a financial planning joint venture with Schroders (SHNWF) formed in 2019, in which Lloyds owns 50.1%. The current CEO Charlie Nunn took over in August 2021, joining from HSBC (HSBC). Lloyds Strengths & Weaknesses Lloyds has the typical strengths of a market-leading retail bank, especially economies of scale and customer loyalty, These give it a large low-cost deposit base and low incremental unit costs, allowing it to provide financial products at competitive prices and superior profit margins relative to peers. Its weaknesses stem from its narrow franchise, especially when compared to U.S. universal banks like Bank of America (BAC) and JPMorgan (JPM). It lacks wholesale capabilities such as wealth management and capital markets, which means it is much more reliant on lending and has few offsets in a low-rate environment. U.K. Mortgages represented 61% of Lloyds’ total gross lending at 2021 year-end. This was 3% higher than pre-COVID 2019, after significant declines in balances in Corporate & Other Commercial and Credit Cards: Lloyds Gross Lending By Category (2019-2021) Source: Lloyds annual reports. Lloyds has also generated significant income from a “structural hedge” that profits from the rate differential between short-term customer deposits on its balance sheet and longer-term rates offered by markets. In 2021, this generated £2.2bn of gross income and had a nominal balance of £240bn at year-end. The income has been in decline since 2019 even as the nominal balance kept expanding, as maturing balances were replaced with new balances at lower rates. Lloyds Structural Hedge (2017-2021) Source: Lloyds results releases. For context, the Bank of England’s base rate is the most relevant to Lloyds. After being cut to 25 bps in August 2016 (after the Brexit referendum), it had been raised to 75 bps by early 2020, cut to 25 bps again during the COVID-19 pandemic, and has been raised several times during 2022 to a current 1.25%: Bank of England Base Rate (Last 10 Years) Source: Bank of England website (14-Jul-22). Higher interest rates generally help Lloyds’ Net Interest Margin (“NIM”), as rates on its assets typically rise in line with rate hikes, while rates on liabilities typically rise at only 0.5x of rate hikes. However, the multi-year duration of much of its asset base means that the impact of any rate changes takes time to fully materialize. Lloyds’ ROTE Historically Exceeded 10% The central assumption in our investment case is Lloyds will be able to sustain a ROTE of 8.5% on average over time. Lloyds had achieved a much higher ROTE for most of the past decade. ROTE averaged 14% during 2014-19, and averaged 8.0% across 2020-21 as credit reserves were first increased due to COVID-19 and then released: Lloyds Underlying ROTE (2014-26E) Source: Lloyds annual reports. NB. 2022-26E figures show are minimums (e.g., actual 2022 guidance is >11%). All figures include Other Conduct and Remediation costs. Restructuring costs will be included in ROTE from 2022. Looking ahead, ROTE is guided to exceed 11% in 2022, and targeted to exceed 10% from 2024 and to exceed 12% from 2026 (we discuss these in more detail later in the article). Restructuring costs were not deducted for ROTE calculations before 2022, but ROTE would still have comfortably exceeded 10% for much of the past decade even if these were included. (Restructuring costs averaged £651m in 2014-21, which represents a 1.7 ppt difference over average year-end Tangible Equity of £38.3bn over the same period.) Because credit reserve provisions are volatile and can distort ROTE in individual years, we show the Pre-Provision Profit Before Tax (“Pre-Provision PBT”) for the same period below. Group Pre-Provision PBT had been stable to growing in most years before COVID-19, fell to £6.44bn in 2020 and has already rebounded to £6.83bn in 2021: Lloyds Pre-Provision PBT (2014-21) Source: Lloyds annual reports. ROTE of 13.8% in 2021 was elevated due to one-off tax credit (worth 2.4 ppt) and reserve releases, but it would still be at 10.6% if we assume a typical Impairment figure (£1.3bn or 29 bps, in line with 2019) and a higher corporate tax rate (25%, due to be implemented in FY24, compared to 19% at present) (on a £38.9bn average Tangible Equity base). Lloyd’s current valuation implies the market expects a significant permanent deterioration in Pre-provision PBT or credit losses, which we do not believe is likely. Lloyds Pre-Provision PBT by Segment Lloyds’ overall Pre-Provision PBT has been relatively stable, with structural challenges in some businesses offset by strong businesses in Retail Banking, and the latter are now also benefiting from rising interest rates. Pre-Provision PBT for each segment since 2017 is shown below: Lloyds Pre-Provision PBT By Segment (2014-21) Source: Lloyds annual reports. (We have shown restated figures separately in 2019, as there was a restatement related to the change of internal funding charges from LIBOR to SONIA that moved a significant amount of profit from Central Items to Retail Banking. Other restatements tend to be insignificant.) Retail Banking’s Pre-Provision PBT had been in decline in 2018-20, but at least some of the drivers behind these were one-off or now reversing. Falling margin in U.K. Mortgages, when maturing mortgages are replaced by lower-margin new business, has been the main factor; more recently, the mix has also shifted away from higher-margin Credit Cards (down 20% in 2019-2021) and Motor Finance (down 10% in 2019-21). Rising interest rates should help stabilize margin in mortgages eventually, though this depends on supply/demand and has not yet happened. Completion margin actually rose to 190 bps in Q4 2020, exceeding back book margins (150 bps at the time), thanks to higher homebuying demand from work-from-home movers and temporary stamp duty relief. However, it fell back to 115 bps by Q4 2021 and stood at just 85 bps in Q1 2022. The declines in Credit Cards and Motor Finance balances have been largely a result of the pandemic – Credit Cards balance rose 4% year-on-year in Q1 2022, and Motor Finance balance should grow again once supply chain issues among automakers have been solved. Commercial Banking Pre-Provision PBT has been in consistent decline through 2017-21. The decline in 2017-19 was largely due to a fall in non-interest income, attributed to lower client activity and Lloyds reducing low-returning client relationships; the decline in 2019-21 also included a decline in Net Interest Income after Average Interest-Earning Assets fell 10.7% over two years. We believe much of this segment is likely uncompetitive among corporate and institutional clients who have access to the same products from larger international banks. Insurance & Wealth Pre-Provision PBT has also been in consistent decline since 2018, once we adjust out the one-off impact of changes in insurance assumptions and methodology (which benefited 2019 significantly). Lines such as Longstanding LP&I and Wealth have been in decline through 2017-21, while others like General Insurance peaked in 2019 and have been falling since 2019. We suspect many of these businesses are not competitive against smaller and/or more specialized players, and some like bulk annuities may have been in structural decline. Lloyds Insurance & Wealth Net Income (2017-21) Source: Lloyds results releases. NB. 2019 Wealth Income includes £70m from business transferred to Schroders Personal Wealth in Oct-19. While Commercial Banking and Insurance & Wealth have structural challenges, they have become much less important to group earnings over time, falling from 38% of group Pre-Provision PBT in 2017 to 20% in 2021. Their ongoing weakness should be more than offset by strength in Retail Banking, especially with interest rate increases. Lloyds’ Tailwind From Interest Rates Lloyds’ income should benefit significantly from rising interest rates. As of 2021 year-end, each 25 bps parallel upward shift in yield curve would be worth approximately £200m of NII in year 1 and £400m by year 3: Lloyds NII Sensitivity to Rates (at 2021 Year-End) Source: Lloyds results presentation (Q4 2021). The £400m benefit would be worth 75 bps in ROTE, based on a £40bn Tangible Equity and a 25% corporate tax rate). Lloyds’ NIM contracted significantly with the pandemic, due to both lower interest rates and a mix shift away from high-margin areas such as Credit Cards and Motor Finance, Pre-COVID, it continued rising until 2018 and only declined slightly in 2019, as Lloyds kept its loan book flattish in size and optimized the NIM within this size: Lloyds Loan Book & NIM (2014-2022E) Source: Lloyds company reports. NB. Pre-IFRS9, customer loans were £456bn at 2017 year-end.Seeking Alpha • Jun 29
Lloyds Banking Group: There's A Storm Coming
U.K. bank Lloyds looks cheap on many valuations. A worsening U.K. economy bodes badly for its biggest mortgage lender. I am negative on the Lloyds outlook and considering selling my position. On paper, Lloyds Banking Group (LYG) looks almost too good to be true. A P/E ratio of under 6, a dividend yield of 4.6%, and massive free cash flow generation sounds like a compelling combination. In practice, though, I am concerned that the business is about to enter a downturn, which explains its struggling share price. Attractive Business with a Cloudy Horizon There is a lot to like about the Lloyds business. It is the U.K.’s largest mortgage lender. It is strongly focused on one market, which, while it increases the risk associated with that exposure, also has the benefit of making the business easier to understand and manage. Compared to some peers listed on the London exchange, such as Barclays (BCS) or HSBC (HSBC), it should be less likely to trip up on some esoteric overseas development. I think the basic attractiveness – but also some of the pending risks – were on display in the bank’s first quarter trading update. Profits were strong, although 14% down on the equivalent period last year. company announcement The chief executive, in three brief paragraphs of introduction, spent almost a whole one saying: the outlook for the UK economy remains uncertain, particularly with regards to the persistency and impact of higher inflation. We are proactively contacting customers where we feel they may need assistance and will continue to help with financial health checks and other means of support. We encourage customers, where affected, to get advice early and talk to us. That is not reassuring to me, especially an appeal to customers at risk of default upfront in a set of quarterly results. Concretely, although the company said that, “[A]sset quality remains strong with new to arrears remaining very benign and below pre-pandemic levels,” it also took a £27m charge which partly reflected “additional provisions taken to capture the elevated inflation risk assumed in the updated base case and its potential impact on asset quality.” In other words, the bank is now providing in its models (even if it has not yet shown up in practice) for the impact of an inflationary environment on asset quality and default rates. With the U.K. expected to head into recession in the second half (the Bank of England is warning both of recession and double digit inflation) I think there is a lot more of this to come. That bodes poorly for Lloyds. There is a storm coming, in my opinion, and the first quarter results provide the first glimpse of it on the horizon. Dividend Hesitancy I think there is good and bad news when it comes to the Lloyds dividend. On the good side, the dividend currently yields 4.6%. Not only that, but the dividend is amply covered, as Lloyds is currently throwing off more free cash flow than it knows what to do with, which is why it has launched a share buyback of up to £2bn in value. Last year, dividends cost Lloyds £877m while free cash flows were £1.7bn. That is a sizeable coverage, although I find it interesting that free cash flow only came in at £1.7bn while pre-tax profit was a much meatier £5.9bn: a reminder of the importance of looking beyond earnings to free cash flow. The company has committed itself to a progressive dividend policy, something it reiterated in its most recent annual report. Nonetheless, I feel the board has been reluctant to pay dividends. It is not alone in restarting dividends after a break enforced by the regulator at a lower level than they had been before the pandemic. But as this chart shows, that has been more pronounced at Lloyds than at its immediate U.K. competitors (I exclude HSBC due to the outsized role overseas markets play for it). Chart: annual dividends of leading U.K. banks ((P)) author Chart compiled by author using data from Hargreaves Lansdown. It is not as if the company lacks the resources. Recall the large share buyback program that is ongoing. Rather, I think the current board is downplaying the importance of dividends, which as a Lloyds shareholder infuriates me and is leading me to consider selling the shares.Seeking Alpha • Apr 06
Lloyds Banking Group: Buy The 5% Forward Dividend Yield
As the largest bank in the United Kingdom, Lloyds has an enviable core deposit franchise and is a fairly efficient operator too. Various headwinds have buffeted its turnaround story over the past decade, most recently COVID, but the bank is now largely free of these. Despite reasonable profitability, Lloyds trades at just 0.8x TBV, and a 5% forward dividend yield and the prospect of buyback-fueled growth looks attractive to income seekers.Seeking Alpha • Mar 11
Lloyds Banking Group: Headwinds Cloud Its Medium-Term Earnings Outlook
Lloyds' earnings momentum could stall in the face of new macroeconomic headwinds. The rising interest rate environment will still be a very meaningful tailwind, even as expectations have recently been pared back. The earnings outlook for Lloyds Banking Group looks a lot less attractive now, with the risks skewed towards the downside.Seeking Alpha • Dec 31
Lloyds: More Upside Potential In 2022
The Lloyds share price has performed well in 2021. I continue to see it as undervalued, given the bank's high profitability, leading mortgage market position, resumed dividend and cash surplus. I expect the shares to keep moving upwards in 2022.Seeking Alpha • Oct 06
Lloyds Banking Stock: Continued Upside At Current Price
U.K. bank Lloyds continues to look cheap even after a 67% increase in share price over the past year. With its focus on profitable U.K. personal and business banking, strong mortgage book and ample balance sheet, I see the shares as cheap. I see continued possible upside from the current share price and remain bullish.Seeking Alpha • Jul 01
Lloyds Banking Group Should Benefit From Lower Credit Costs And Loan Growth
An improving credit outlook and strong mortgage volumes should drive continued earnings growth. But there are some headwinds ahead, including the low interest rate environment and competitive pressures. The stock is valued at a 10% discount to its tangible book value, and 8.0 times its expected earnings in 2021.Previsiones de crecimiento de beneficios e ingresos
| Fecha | Ingresos | Beneficios | Flujo de caja libre | Flujo de caja operativo | Núm. de analistas medio |
|---|---|---|---|---|---|
| 12/31/2028 | 24,612 | 7,158 | N/A | N/A | 6 |
| 12/31/2027 | 23,434 | 6,624 | N/A | N/A | 6 |
| 12/31/2026 | 21,828 | 5,910 | N/A | N/A | 6 |
| 3/31/2026 | 19,132 | 4,603 | N/A | N/A | N/A |
| 12/31/2025 | 18,627 | 4,196 | -14,104 | -7,781 | N/A |
| 9/30/2025 | 17,933 | 3,460 | N/A | N/A | N/A |
| 6/30/2025 | 17,673 | 4,052 | -10,806 | -5,346 | N/A |
| 3/31/2025 | 17,626 | 3,860 | N/A | N/A | N/A |
| 12/31/2024 | 17,572 | 3,923 | -21,344 | -15,721 | N/A |
| 9/30/2024 | 18,559 | 4,448 | N/A | N/A | N/A |
| 6/30/2024 | 18,545 | 4,506 | -10,875 | -5,914 | N/A |
| 3/31/2024 | 18,178 | 4,492 | N/A | N/A | N/A |
| 12/31/2023 | 18,326 | 4,933 | 6,315 | 11,770 | N/A |
| 9/30/2023 | 17,224 | 4,364 | N/A | N/A | N/A |
| 6/30/2023 | 15,607 | 3,771 | 20,773 | 26,360 | N/A |
| 3/31/2023 | 15,352 | 3,780 | N/A | N/A | N/A |
| 12/31/2022 | 14,530 | 3,389 | 19,751 | 23,606 | N/A |
| 9/30/2022 | 14,364 | 2,835 | N/A | N/A | N/A |
| 6/30/2022 | 15,892 | 3,934 | -14,933 | -11,612 | N/A |
| 3/31/2022 | 16,646 | 5,092 | N/A | N/A | N/A |
| 1/1/2022 | 17,127 | 5,355 | -17,090 | -13,862 | N/A |
| 9/30/2021 | 16,448 | 5,543 | N/A | N/A | N/A |
| 6/30/2021 | 15,429 | 4,457 | -39,378 | -36,238 | N/A |
| 3/31/2021 | 12,659 | 1,767 | N/A | N/A | N/A |
| 12/31/2020 | 11,180 | 865 | -16,840 | -13,939 | N/A |
| 9/30/2020 | 12,241 | 1,179 | N/A | N/A | N/A |
| 6/30/2020 | 13,008 | 253 | 23,747 | 26,637 | N/A |
| 3/31/2020 | 15,689 | 1,739 | N/A | N/A | N/A |
| 12/31/2019 | 17,171 | 2,459 | N/A | 10,173 | N/A |
| 9/30/2019 | 16,926 | 2,222 | N/A | N/A | N/A |
| 6/30/2019 | 17,254 | 3,883 | N/A | -3,787 | N/A |
| 3/31/2019 | 17,454 | 4,004 | N/A | N/A | N/A |
| 12/31/2018 | 17,550 | 3,975 | N/A | -11,300 | N/A |
| 9/30/2018 | 17,800 | 4,125 | N/A | N/A | N/A |
| 6/30/2018 | 17,748 | 4,172 | N/A | -10,641 | N/A |
| 3/31/2018 | 17,782 | 3,775 | N/A | N/A | N/A |
| 12/31/2017 | 17,741 | 3,144 | N/A | -19,523 | N/A |
| 9/30/2017 | 17,647 | 3,158 | N/A | N/A | N/A |
| 6/30/2017 | 16,855 | 1,750 | N/A | -20,869 | N/A |
| 3/31/2017 | 17,641 | 2,126 | N/A | N/A | N/A |
| 12/31/2016 | 16,598 | 1,742 | N/A | 6,418 | N/A |
| 9/30/2016 | 16,460 | 993 | N/A | N/A | N/A |
| 6/30/2016 | 16,717 | 1,460 | N/A | 15,801 | N/A |
| 3/31/2016 | 15,456 | 139 | N/A | N/A | N/A |
| 12/31/2015 | 16,615 | 546 | N/A | 14,517 | N/A |
| 9/30/2015 | 16,304 | 1,289 | N/A | N/A | N/A |
| 6/30/2015 | 15,363 | 1,310 | N/A | 19,337 | N/A |
Previsiones de crecimiento futuro de los analistas
Ingresos vs. Tasa de ahorro: El pronóstico de crecimiento de los beneficios (9.9% al año) de LYG es superior a la tasa de ahorro (3.5%).
Beneficios vs. Mercado: Se prevé que los beneficios (9.9% al año) de LYG crezcan menos que el mercado US (16.8% al año).
Beneficios de alto crecimiento: Se prevé que los beneficios de LYG crezcan, pero no significativamente.
Ingresos vs. Mercado: Se prevé que los ingresos (6.1% al año) de LYG crezcan más despacio que el mercado de US (11.7% al año).
Ingresos de alto crecimiento: Se prevé que los ingresos 6.1% al año) de LYG crezcan más despacio que 20% al año.
Previsiones de crecimiento de los beneficios por acción
Rentabilidad financiera futura
ROE futura: Se prevé que la rentabilidad financiera de LYG sea baja dentro de 3 años (15.2%).
Descubre empresas en crecimiento
Análisis de la empresa y estado de los datos financieros
| Datos | Última actualización (huso horario UTC) |
|---|---|
| Análisis de la empresa | 2026/05/22 11:26 |
| Precio de las acciones al final del día | 2026/05/22 00:00 |
| Beneficios | 2026/03/31 |
| Ingresos anuales | 2025/12/31 |
Fuentes de datos
Los datos utilizados en nuestro análisis de empresas proceden de S&P Global Market Intelligence LLC. Los siguientes datos se utilizan en nuestro modelo de análisis para generar este informe. Los datos están normalizados, lo que puede introducir un retraso desde que la fuente está disponible.
| Paquete | Datos | Marco temporal | Ejemplo Fuente EE.UU. * |
|---|---|---|---|
| Finanzas de la empresa | 10 años |
| |
| Estimaciones del consenso de analistas | +3 años |
|
|
| Precios de mercado | 30 años |
| |
| Propiedad | 10 años |
| |
| Gestión | 10 años |
| |
| Principales avances | 10 años |
|
* Ejemplo para valores de EE.UU., para no EE.UU. se utilizan formularios y fuentes normativas equivalentes.
A menos que se especifique lo contrario, todos los datos financieros se basan en un periodo anual, pero se actualizan trimestralmente. Esto se conoce como datos de los últimos doce meses (TTM) o de los últimos doce meses (LTM). Más información.
Modelo de análisis y copo de nieve
Los detalles del modelo de análisis utilizado para generar este informe están disponibles en nuestra página de Github, también tenemos guías sobre cómo utilizar nuestros informes y tutoriales en Youtube.
Conozca al equipo de talla mundial que diseñó y construyó el modelo de análisis Simply Wall St.
Métricas industriales y sectoriales
Simply Wall St calcula cada 6 horas nuestras métricas sectoriales y de sección. Los detalles de nuestro proceso están disponibles en Github.
Fuentes analistas
Lloyds Banking Group plc está cubierta por 34 analistas. 15 de esos analistas presentaron las estimaciones de ingresos o ganancias utilizadas como datos para nuestro informe. Las estimaciones de los analistas se actualizan a lo largo del día.
| Analista | Institución |
|---|---|
| Jesús Gómez Dominguez | Banco Santander |
| Thomas Andrew Rayner | Barclays |
| Amandeep Rakkar | Barclays |