Citigroup 花旗——美国合众银行(US Bancorp (USB))研究

1.18　　 8页 　英文

We rate the shares of US Bancorp Hold/ Medium Risk (2M).With one of the highest ROEs
in our universe, as well as one of the highest payouts (which should remain high over the
next few quarters as the company works toward its new 8.5% target Tier 1 ratio versus the
roughly 8.8% current ratio), we believe US Bancorp should deliver 5%–10% total return
over the next year. However, while the company has a 10% EPS growth target, we believe
7%–8% growth, with a 200 basis points (bps) boost from share buybacks, over the next three
years is more likely, given fairly weak core trends (i.e., deposit growth, loan growth, net
interest margin, core fees, etc.). If the company can hit its 10% EPS growth target, it can
deliver outsized returns; however, we see relatively low chance of this occurring due to
limited growth drivers (including likely low balance