Summary Barclays shares fell sharply following the release of a 4Q22 result that included softer numbers for the Barclays International division, driven by lower Markets income. Competitive forces are dampening UK net interest margin expansion, but interest rate leverage remains a positive factor for earnings. Management is targeting an FY23E RoTE of at least 10%. Trading at ~60% of NTA, Barclays offers strong upside potential. Dan Kitwood/Getty Images News Introduction Back in December 2022, I published a strong buy call on Barclays PLC (NYSE: BCS ), with the stock at that time trading around 160p on the London Stock Exchange. The share price performed well post-publication, closing at 187.32p on 14 February 2023 (the day prior to the BCS 4Q22 result release) delivering a return of ~17%, which was around 10% above the return on the FTSE100 index over the same period. Disappointingly, the 4Q22 result erased all of the excess gains relative to the FTSE100, although it is worth pointing out that the closing price on 15 February 2023 remained 7.8% above my strong buy base price of ~160p. In this note, I will comment on aspects of the 4Q22 result materials that caught my eye, including items […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
