Citigroup Inc (NYSE: C)

Sector: Financial Services Industry: Banks - Diversified CIK: 0000831001
Market Cap 376.35 Bn
P/B 1.79
P/E 51.48
P/S 4.87
ROIC (Qtr) 1.50
Div Yield % 0.56
Rev 1y % (Qtr) 9.31
Total Debt (Qtr) 720.33 Bn
Debt/Equity (Qtr) 3.38
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About

Investment thesis

Bull case

  • Strong tangible asset base of 2619.02B provides 3.64x coverage of total debt 720.33B, indicating robust asset backing and low credit risk.
  • Cash position of 348.06B provides exceptional 2698.14x coverage of minority interest expenses 129M, indicating strong liquidity.
  • Free cash flow of (75.92B) provides excellent 14.23x coverage of dividends (5.33B), indicating sustainable shareholder returns.
  • Retained earnings of 214.03B provide strong 9.12x coverage of intangibles 23.46B, indicating quality earnings retention.
  • Strong tangible asset base of 2619.02B provides 111.66x coverage of intangibles 23.46B, indicating robust asset quality.

Bear case

  • Free cash flow of (75.92B) provides weak coverage of capital expenditures of 6.53B, with a -11.62 ratio suggesting additional external financing needs for growth initiatives.
  • Operating cash flow of (69.39B) provides minimal -13.89x coverage of tax expenses of 5B, suggesting potential tax planning inefficiencies or unsustainable tax positions.
  • Free cash flow of (75.92B) represents just -0.77x of debt issuance 98.57B, suggesting concerning reliance on leverage rather than internal cash generation for growth.
  • Operating cash flow of (69.39B) barely covers operating expenses of 1.09B with a -63.72 ratio, suggesting thin operational efficiency margins and limited flexibility.
  • Retained earnings of 214.03B provide limited buffer against comprehensive income items of (44.17B), which is -4.85x, indicating elevated exposure to market risks.

Segments Breakdown of Revenue (2024)

Geographical Breakdown of Revenue (2024)

Peer comparison

Companies in the Banks - Diversified
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 JPM Jpmorgan Chase & Co 1,043.32 Bn 33.97 9.59 942.38 Bn
2 BAC Bank Of America Corp /De/ 532.79 Bn 28.35 6.13 708.27 Bn
3 WFC Wells Fargo & Company/Mn 446.49 Bn 124.86 10.43 408.42 Bn
4 C Citigroup Inc 376.35 Bn 51.48 4.87 720.33 Bn
5 RY Royal Bank Of Canada 244.65 Bn 16.82 5.14 9.97 Bn
6 TD Toronto Dominion Bank 165.03 Bn 11.57 3.41 7.67 Bn
7 BK Bank of New York Mellon Corp 143.13 Bn 63.87 9.95 51.52 Bn
8 BMO Bank Of Montreal /Can/ 107.49 Bn 17.28 4.15 179.01 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.25 0.22
EV to Cash from Ops. EV/CFO 14.28 241.80
EV to Debt EV to Debt 0.92 2.53
EV to EBIT EV/EBIT 45.61 33.73
EV to EBITDA EV/EBITDA 36.18 25.98
EV to Free Cash Flow [EV/FCF] EV/FCF 15.18 245.05
EV to Market Cap EV to Market Cap 1.76 1.98
EV to Revenue EV/Rev 8.57 9.02
Price to Book Value [P/B] P/B 1.79 3.87
Price to Earnings [P/E] P/E 51.48 33.57
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 2.75 2.37
Dividend Payout Ratio % Div Payout % (Qtr) 31.50 29.28
Dividend per Basic Share Div per Share (Qtr) 1.72 2.04
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) -4.12 15.72
Interest Coverage Interest Coverage 0.00 0.00
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) -3.09 -5.81
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 14.84 -8.06
Dividend Growth (1y) % Div 1y % (Qtr) -21.10 -10.21
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 83.94 32.26
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 54.49 22.90
EBIT Growth (1y) % EBIT 1y % (Qtr) 79.14 30.58
EBT Growth (1y) % EBT 1y % (Qtr) 79.14 30.58
EPS Growth (1y) % EPS 1y % (Qtr) 104.24 38.83
FCF Growth (1y) % FCF 1y % (Qtr) -36.88 235.05
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 9.85 9.67
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.03 0.03
Cash Payout Ratio Cash Payout (Qtr) -0.08 0.17
Cash Ratio Cash Ratio 0.00 0.00
Current Ratio Current Ratio 0.00 0.00
Debt to Equity Ratio Debt/Equity (Qtr) 3.38 3.24
Interest Cover Ratio Interest Cover Ratio 0.00 0.00
Times Interest Earned Times Interest Earned 0.00 0.00
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 28.20 38.15
EBIT Margin % EBIT Margin % (Qtr) 23.18 38.03
EBT Margin % EBT Margin % (Qtr) 23.18 33.01
Gross Margin % Gross Margin % (Qtr) 87.50 98.96
Net Profit Margin % Net Margin % (Qtr) 17.30 26.44