I new Parkhurst was there , lol , just didn't go looking for it . Past the signs for it a few times , stayed away just incase they remembered me , name change from Ives to Jings might not have fooled them. ATB
make it back from the IoW that is why the put Parkhurst there ! You can't have been looking very hard it's is massive ! Intrigued about the restaurants though anyway welcome back to the bb and congrats on the great escape!
Cheers ,....didn't get to Carisbrooke but did Alum Bay , sand, needles etc . Nice little glass blowing exhibition at Alum , certainly got plenty of raw materials.... You'll still be out then if that's as far as it dropped. Still testing resistance .
IOW Cracking little island , thouroughly enjoyed our short break . Didn't find the prisons but certainly found more than two good restaurants although my standards are probably a bit lower than calisto's , lol. Didn't see the traders programme , yes they do have tele on the island , but going by the posts not sure I missed much . So no tips then ? Don't seem to have missed much here either . Lol.
CITIZENS FINANCIAL GROUP is the thirteenth largest retail bank holding company in the United States according to SNL Financial with $126.9 billion of total assets as of March 31, 2014'.
As with many aspects of corporate matters associated with the Royal Bank of Scotland there have been some controversies and issues around the spin-off. As Fast FT noted the company
'...was forced to lower the price of shares sold in the Citizens Financial Group initial public offering to $21.50...RBS had earlier sought a price range of $23 to $25. The bank will retain a 75 per cent stake in Citizens following the completion of the offering'.
Ironically after the reduction in the valuation level the shares have performed well since listing and currently stand just above US$23...
Putting that aside of course there are issues to be worried about:
A US$4.4bn goodwill writedown and subsequent US$3.4bn net loss last year;
'Significant deficiencies' in their central capital planning processes as per the Federal Reserve's latest stress test appraisal;
The continuing 75% overhang from RBS
Balancing that, what is the potential value opportunity here? Well the aim is to 'target a 10 per cent return on equity over the next two years from 7.5 per cent in the first half of the year'.
And the current book value of the shares? Around x0.65 price:book and x0.9 price: tangible book. Well for a normal bank I would value a 'target 10% return on equity' bank at around x1 book and an actual 7.5% return on equity bank at around x0.75 book. I would also (as I have done for both Voya and NN Group above) apply a 20% haircut to these values to reflect the influence of the overhang.
So what does that bring me to?
Well applying the above-mentioned haircut gives me a range of x0.6-0.8 price:book i.e. (round numbers) c. 10% downside or 25% upside from here i.e. a range of around US$21-28+.
I am not surprised by the good first couple of days that the stock has had and below US$24 is a good portfolio initiation level.
Politicians warned to stay on sidelines as RBS starts search for new Chairman: Andrew Tyrie, Chairman of the Treasury Select Committee and the Parliamentary Banking Standards Commission, has urged politicians to stay out of the decision on the next Chairman of Royal Bank of Scotland.
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