Just getting around to finishing the review of the financial sector names that are followed, going through Goldman Sachs numbers today finds the stock reasonably valued as it’s preparing to trade above its August ’21 all-time-high of $420.
For 2024, Goldman is expecting to earn $37.57 in EPS , which is an expected yoy growth rate of 65%, after 2 years of EPS declining 49% and 24% respectively. Trading at an 11x PE, at $415 per share, for a stock expected to grow EPS in ’24 by 65%, on 12% revenue growth, is a reasonable valuation. Price-to-book value on GS is 1.3x and price to tangible-book is 1.4x as of tonight’s close.Since the big bank stocks reported on April 12th, 2024, the financial sector has been trading with a nice bid as theand the general equity market have been selling off.
I’ll leave readers with a monthly chart of GS, which shows the stock not even close to being overbought.
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