Section 1: Company Overview and Fundamentals

1.1 Company Overview:

Citigroup, Inc. (NYSE: C) is the leading global bank, and a leader in wealth management globally. It provides a wide range of financial products and services to corporations, governments, investors, institutions and individuals in over 160 countries and jurisdictions.

1.2 The Key Positives, Negatives, Investment Highlights and Risks

1.3 Top 10 Shareholders: The top 10 shareholders have been highlighted in the chart below, which together form ~27.86% of the total shareholding.

1.4 Key Metrics:

Citigroup continues to witness healthy client engagement across institutional clients group (ICG). Citigroup has delivered 6% growth in revenues in 3QFY22 to USD18.5 billion on the pcp driven by the gain on sale of the Philippines consumer business compared to a loss on sale of the Australia consumer business in the prior-year period. The net interest margin continues to improve to 2.31% in 3QFY22 from 1.99% in 3QFY21.

Section 2: Business Updates and Financial Highlights

2.1 Recent Updates:

2.2 Insights of 3QFY22:

Section 3: Key Risks and Outlook:

Section 4: Stock Recommendation Summary:

4.1 Price Performance and Technical Summary:

4.2 Fundamental Valuation

Valuation Methodology: Price/Book Value Multiple Based Relative Valuation (Illustrative)

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is neither an indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is December 6, 2022. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock. 

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock. 

Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.