Royal Bank of Scotland
Bailed-out bank RBS is four years into its recovery plan, and has targeted 2013 as its last big year of restructuring.
In its annual results released last week, the group reported TNAV per share of 446 pence at the balance sheet date of Dec. 31. At the time of writing, the shares are trading at 306 pence — or a discount of 31%.
The end of year TNAV was down 11% on the 501 pence of a year earlier. The current discount still looks attractive, even allowing for a further decline in the value of net assets in 2013 as RBS completes the bulk of its dirty washing and moves toward being “a cleaner and better-performing bank in future years.”
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The article 3 FTSE 100 Shares Trading on Big Discounts originally appeared on Fool.com and is written by G. A. Chester.
G. A. Chester does not own shares of any of the companies mentioned in this article, but does own shares of “The Motley Fool’s Top Growth Stock for 2013.” The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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