Barclays

Bullish on Barclays as the market still applies a conglomerate discount to a bank whose investment arm now earns a 15% RoTE. At 1.2x tangible book, the cheapest UK clearer, the shares price none of the guided move to 14% group RoTE by 2028, with a structural hedge cushioning rate cuts and £15bn of buybacks and dividends paying funamental holders to wait.