On 12 Nov 2026 our base value for Citigroup is $85.47 a share, 31.1% below its $124.06 close; 0 of 2 valuation methods put it above the price.
| Method | Value | vs price | Basis |
|---|---|---|---|
| Discounted cash flow | — | — | not used for banks and lenders: deposits and loans are the business, so free cash flow does not describe it; see tangible book |
| Exit multiple (P/E) | $95.11 | -23.3% | earnings per share $11.40 valued at 10× (the 10× floor; the stock's own median P/E is 9.7×) in 5 years, discounted back |
| Sum of the parts | — | — | no sum of the parts: this run holds no segment disclosure for the name |
| Price to sales | — | — | not reached: the cash-flow or earnings methods produced an anchor, so this fallback was not run |
| Tangible book | $75.83 | -38.9% | tangible book $110.69 a share at 0.685× |
| Price to FFO (REITs) | — | — | used only for REITs |
Each working is rebuilt by code from the valuation's own figures and checked against the published value.
Earnings per share grow on the same fading path as the DCF:
| Year | Growth | Earnings per share |
|---|---|---|
| Now | — | $11.40 |
| Year 1 | 8.00% | $12.32 |
| Year 2 | 6.50% | $13.12 |
| Year 3 | 5.45% | $13.83 |
| Year 4 | 4.71% | $14.48 |
| Year 5 | 4.20% | $15.09 |
| Earnings per share in year 5 | $15.09 |
| Exit P/E (the 10× floor; the stock's own median P/E is 9.7×) | 10× |
| Value in 5 years = earnings × P/E | $150.93 |
| Discounted at 9.68% over 5 years: ÷ 1.5869 | $95.11 |
| Shareholders' equity | $212.29bn |
| Less goodwill | $19.10bn |
| Less other intangibles | $4.28bn |
| Tangible equity | $188.91bn |
| Shares | 1.71bn |
| Tangible book per share | $110.69 |
| Profit attributable to shareholders | $14.31bn |
| Return on tangible equity = profit ÷ tangible equity | 7.57% |
| Cost of equity (the discount rate) | 9.68% |
| Growth (the terminal rate) | 3% |
| Justified price to tangible book = (7.57% − 3%) ÷ (9.68% − 3%) | 0.69× |
| Value per share = multiple × tangible book per share | $75.83 |
The base value is the average of the methods kept in it:
| Method | Value |
|---|---|
| Exit multiple (P/E) | $95.11 |
| Tangible book | $75.83 |
($95.11 + $75.83) ÷ 2 = $85.47
Base value $85.47 a share
One-year price simulation: a 10% chance the price is below $94.04 and a 10% chance it is above $184.64 in a year; a 59% chance it is higher than today's $124.06, from 26.19% volatility. The simulation assumes the price drifts up at our discount rate of 9.68% a year.
| Week | Price | Base value |
|---|---|---|
| 2 Oct 2026 | $128.50 | $67.30 |
| 9 Oct 2026 | $129.64 | $67.44 |
| 16 Oct 2026 | $124.26 | $65.67 |
| 23 Oct 2026 | $120.62 | $83.63 |
| 30 Oct 2026 | $122.64 | $86.95 |
| 6 Nov 2026 | $119.05 | $87.61 |
| 12 Nov 2026 | $124.06 | $85.47 |
Data as of 12 Nov 2026; financials to 30 Sep 2026. Sources: company filings via EODHD, SEC EDGAR, US Treasury. How these values are computed. Not investment advice.
Run a full Desk Run on C · Citigroup company page · Call and put prices