Citigroup Inc.

Analyst Listings

The following analysts provide coverage for the subject firm as of May 2016:

Broker Analyst Analyst Email
Keefe Bruyette & Woods Brian Kleinhanzl
Oppenheimer Chris Kotowski
Atlantic Equities Christopher Wheeler
Drexel Hamilton David Hilder
Guggenheim Securities Eric Wasserstrom
RBC Capital Markets Gerard Cassidy
Evercore ISI Glenn Schorr
BMO Capital Markets James Fotheringham
Buckingham Research James Mitchell
Sandler O’Neill & Partners Jeffery J. Harte
Bernstein Research John E. McDonald
Jefferies Kenneth Usdin
Wells Fargo Securities Matthew H. Burnell
Deutsche Bank Research Matthew O’Connor
Societe Generale Murali Gopal
Nomura Research Steven Chubak
Credit Suisse Susan Roth Katzke

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Primary Input Data

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Derived Input Data

Derived Input Label



Equational Form
Net Income NI  17,072  14,775 NI\, =\, EBIT\,\,-\,Interest\,\, Expense\,\, -\,\, Taxes\,\, Paid
Cash Flow From Equity CFE 6,025 11,724 CFE\,=\,\,NI\,\,-\,\,\Delta\,\,TE\,\,+\,\,OCI
Total Equity TE 223,092 226,143 TE\,=\,Total\,\,Assets\,\,-\,\,Total\,\,Long-Term\,\,Debt
Return on Equity ROE 7.65% 6.53% ROE\,=\,\frac { NI}{TE}
Net Investment NetInv  11,047 3,051 NetInv\,=\,{ {TE}_{1}}-{{TE}_{0}}
Investment Rate IR 64.71%  20.65% IR\,=\,\frac {NetInv}{NI}
Cost of Equity
COE  -1.30% -1.81% COE \,=\,R_{F}\,\,+\,\,(R_{M}\,-\,R_{F})\beta
Enterprise value
EVMarket  1,407,579 98,921 EV\,=\,Market\,\,Cap\,\,Equity\,-\,Cash
Long-Run Growth
g = IR x ROIC
  4.95%   1.35% Long-run growth rates of the income variable are used in the Continuing Value portion of the valuation models.
g = % \Delta GDP    2.50%    2.50%

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Valuation Multiple Outcomes

The outcomes presented in this study are the result of original input data, derived data, and synthesized inputs.

Equational Form

Observed Value


multiple g solution

Two-stage valuation

model g solution

12/31/2015 12/31/2016 12/31/2015 12/31/2016 12/31/2015 12/31/2016


\frac {Price}{Book\,\,Value} \,= \,\frac{ROE\, -\, g}{ROE\,(COE\,-\,g)}


\frac {Price}{Cash\,\,Earnings} \,= \,\frac{ROE\, -\, g}{ROE\,(COE\,-\,g)}\,(\frac{NI}{CE})


\frac {Price}{Book\,\, Value} \,= \,\frac{ROE\, -\, g}{ROIC\,(COE\,-\,g)}\,\,x\,\,ROE\,\,=\,\,\frac{ROE\,\,-\,\,g}{COE\,\,-\,\,g}

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