§ How we look at financial services
Financials are valued on residual income and through-cycle ROE — book value compounding plus dividends, normalized for credit costs. Watch reserves, NIM, and Tier-1 ratios more than headline EPS.
Top by upside
Financials are valued on residual income and through-cycle ROE — book value compounding plus dividends, normalized for credit costs. Watch reserves, NIM, and Tier-1 ratios more than headline EPS.
Financials are valued on residual income and through-cycle ROE — book value compounding plus dividends, normalized for credit costs. Watch reserves, NIM, and Tier-1 ratios more than headline EPS.