Citigroup Capital XIII TR PFD SECS logo C-PN - Citigroup Capital XIII TR PFD SECS

Price: -- -- | CONSENSUS: Buy DETAILS
STRONG
BUY 0
BUY 27
HOLD 18
SELL 1
STRONG
SELL 0
AlphaVal

AlphaVal

Deterministic, archetype-aware fair value

Banks, Insurers & Asset Managers 90% confidence

Primary model: P/Tangible Book × ROE Quality

Valuation Signal Undervalued Strong
Trading 84.0% below fair value
Current Price $29.04
Bear Case $127.22 338.1% upside ($127.22 - $29.04) / $29.04 = 338.1% ROTCE 5.7% → 0.83x TBV
Fair Value $181.74 525.8% upside ($181.74 - $29.04) / $29.04 = 525.8% ROTCE 7.6% → 1.78x TBV
Bull Case $236.26 713.6% upside ($236.26 - $29.04) / $29.04 = 713.6% ROTCE 8.7% → 2.34x TBV

Adjust Assumptions

7.6%
6.0%

Key Value Driver

ROTCE (7.6%) vs. cost of equity (6.0%)

Implied Market Multiple 0.9x

Plain-Language Summary

With ROTCE of 7.6% vs. 6.0% cost of equity, fair P/TBV is 1.78x on $32.32 tangible book, implying $181.74 per share.

Warnings

⚠ Traditional cash flow models don't work well for banks — lending activity distorts how much cash the business actually generates.
⚠ Common valuation shortcuts don't apply here — for banks, interest payments are a core business cost, not overhead.

Key Risks

  • Book value quality matters as much as level — check loan loss reserves
  • Interest rate sensitivity creates non-linear earnings surprises
  • Insurance reserving is actuarial, not financial — errors emerge slowly