C · NYQ · Financial Services
Citigroup Inc.
Also onShortfallConsensus DriftCrosscheck
Implied value per share
USD 50.85
Market price
USD 123.10
Implied upside
-58.7%
10-year forecast · Excess returns over book equity · Base case · Price 2026-11-02 · Accounts to 2025-12-31
NoteA financial, valued on excess returns over book equity.
Excess Returns
- Return on equity
- 6.1%
- Payout
- 45%
- Cost of equity
- 9.56%
| Line | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 | FY32 | FY33 | FY34 | FY35 |
|---|---|---|---|---|---|---|---|---|---|---|
| Opening book equity | USD 192.2bn | USD 198.5bn | USD 204.8bn | USD 211.1bn | USD 217.4bn | USD 223.8bn | USD 230.1bn | USD 236.4bn | USD 242.7bn | USD 249.0bn |
| Return on equity | 6.1% | 6.1% | 6.1% | 6.1% | 6.1% | 6.1% | 6.1% | 6.1% | 6.1% | 6.1% |
| Excess return | USD -6.7bn | USD -6.9bn | USD -7.1bn | USD -7.3bn | USD -7.5bn | USD -7.7bn | USD -8.0bn | USD -8.2bn | USD -8.4bn | USD -8.6bn |
| Present value | USD -6.1bn | USD -5.7bn | USD -5.4bn | USD -5.1bn | USD -4.8bn | USD -4.5bn | USD -4.2bn | USD -3.9bn | USD -3.7bn | USD -3.5bn |
| Book equity | USD 192.2bn |
| Present value of excess returns | USD -46.8bn |
| Terminal, growing at 2.50% | USD -50.2bn |
| Equity value | USD 95.2bn |
| Per share | USD 50.85 |
Discount Rate
| Risk-free rate | 4.89% | US 10-year Treasury (^TNX), 2026-11-02 |
| Equity risk premium | 4.23% | Damodaran, January 2026 |
| Beta | 1.103 | Reported 1.154, pulled toward 1.0 (Blume) |
| Cost of equity | 9.56% | Risk-free + beta x equity risk premium |
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Yahoo Finance and RBA data. General information, not advice. Methodology.