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Strategies & Market Trends : Value Investing
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To: Spekulatius who wrote (32113)9/21/2008 6:53:59 PM
From: Spekulatius  Read Replies (2) of 78470
 
Some scattered thoughts on financials:

Barron's has an article about financial stocks. Stated that WFC and USB are overvalued. Possible picks: STT and BK (both mentioned here) which are strong in asset management.

LYG - checked out LYG some more. Core equity ratio is 5.9% which is not that great. They purchased HBOS at a 57% premium to their depressed market price on 9/18. LYG seems like a decent bet even though the situation with respect to RE is just as bad (or worse) than in the US.

AIB - core Equity ratio 6.5%. Decent results but (weaker, IMO) archrival IRE just cut their dividend in half. Irish RE is in freefall and since it's just a big part of the overall economy (much more so than in the US) it's taking the whole economy with it. Still AIB might be a decent bet, they are decently capitalized, own a good franchise in Poland and some not so good assets in the US that they may dispose of

For comparison WFC's Core equity stands at 7.4%.
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