Barclays PLC

AI-generated fair value estimate for this company.

Method: Excess-return (Gordon growth) bank valuation: $25.84 tangible book value per ADS (4 ordinary shares per ADS; $6.46 TBV per ordinary share); 12% assumed sustainable return on tangible equity versus a 10.5% cost of equity and 2.5% long-run growth, implying a justified 1.19x P/TBV multiple; approximately 3.39B ADS-equivalent shares.

Reasoning: A standard FCF DCF is not meaningful for a bank because capex and working capital are not comparable concepts; an excess-return/Gordon-growth model on tangible book value and sustainable ROTE is the rigorous, standard approach for financials. The 12% sustainable ROTE assumption sits below Barclays' current 16.1% H1 2026 print to reflect mean reversion, but above the cost of equity to reflect an improving underlying franchise.