Company Analysis
Barclays (BARC) — Buy: The Market Is Still Underpricing This Bank
Barclays' H1 2026: income up 11% to £16.5bn, pre-tax profit up 16.6% to £6.1bn — 2.1% ahead of consensus — and a return on tangible equity of 14.8%. Strip out the American Airlines gain and the one-off impairment and the half is still good. On 58.95p of override earnings at an 8x multiple I get 750.41p against 530.40p — a value opportunity of +41.5%. Buy, grade A+. The card-arrears drift is the thing to watch.
