CitiGroup Research Report

Company Report

Citigroup Inc. is a diversified global financial services

holding company whose businesses provide a broad

range of financial services to consumer and corporate

customers with some 200 million customer accounts in

over 100 countries and territories. The Company's

activities are conducted through the Global Consumer,

Global Corporate and Investment Bank (GCIB), Private

Client Services, Global Investment Management (GIM)

and Proprietary Investment Activities business

segments. In August 2002, Citigroup completed the

spin-off of Travelers Property. In November 2002, the

Company acquired Golden State Bancorp, the parent

of California Federal Bank, which had 352 branches in

California and Nevada.

Detailed Quote

Stock Activity

Last Price 49.00

52 Week High 49.15

52 Week Low 30.25

Volume 13.96 Mil

Average Daily Volume (13wk) 10.94 Mil

fyi 50 Day Moving Average 47.38

200 Day Moving Average 43.91

Volatility (beta) 1.4

Quick Facts

Location 399 Park Avenue

New York NY 10043

Phone: (212) 559-1000

Fax: (212) 714-5794

Web Site http://www.citigroup.com

Citigroup Center building at 500 W. Madison St Chi...

Citigroup Centre, Sydney

BIL Venue

Industry Money Center Banks

Employees 250,000

Exchange NYSE

More Financials - as of 9/03

Financials

Last 12 Months 5 Year Growth

Sales 93.2 Bil 6.8%

Income 15.5 Bil 18.4%

fyi Dividend Rate 1.40 24.59%

Dividend Yield 2.90% 1.30%

Fundamental Data

Debt/Equity Ratio 1.55

Gross Margin NA

Financial data in U.S. dollars

Financial data in U.S. dollars

Financial data in U.S. dollars

Financial data in U.S. dollars

Historical Charts

Stock Price History

Change Relative Strength

Last 3 Months 3.0% 35

Last 6 Months 10.6% 37

Last 12 Months 34.4% 48

More Analyst Ratings

Institutional Statistics

Analyst Consensus Moderate Buy

Institutional Ownership 64.30%

More Financial Ratios

Net Profit Margin 16.70%

Shares Outstanding 5.2 Bil

Market Capitalization 252.78 Bil

Earnings/Share 2.99

StockScouter Rating 9

More Analyst Estimates

fyi Earnings Estimates

Qtr(12/03) EPS Estimate 0.89

FY(12/03) EPS Estimate 3.40

Current P/E 16.20

FY(12/04) EPS Estimate 3.82

Forward P/E 14.40

Next Earnings Release: January 19

Earnings Estimates

Earnings Estimates Qtr(12/03) Qtr(3/04) FY(12/03) FY(12/04)

Average Estimate 0.89 0.92 3.40 3.82

Number of Analysts 13 6 15 15

High Estimate 0.93 0.95 3.44 4.00

Low Estimate 0.86 0.88 3.35 3.67

Year Ago EPS 0.47 0.79 2.63 3.40

Growth Rate 90.02% 16.24% 29.38% 12.32%

Earnings Surprise (9/02) (12/02) (3/03) (6/03) (9/03)

Estimate 0.73 0.50 0.77 0.79 0.85

Actual 0.74 0.47 0.79 0.83 0.90

Difference 0.01 -0.03 0.02 0.04 0.05

% Change 1.37% -6.00% 2.60% 5.06% 5.88%

Earnings Growth Rates Last 5 Years FY 2003 FY 2004 Next 5 Years 03 P/E

Company 13.70% 24.60% 12.30% 12.60% 14.40

Industry 3.40% 17.70% 15.10% 17.70% 16.20

S&P 500 1.40% 17.90% 10.70% 7.90% 20.30

Consensus EPS Trend Qtr(12/03) Qtr(3/04) FY(12/03) FY(12/04)

Current Estimate 0.89 0.92 3.40 3.82

7 Days Ago 0.89 0.92 3.40 3.82

30 Days Ago 0.89 0.92 3.40 3.82

60 Days Ago 0.89 0.93 3.40 3.81

90 Days Ago 0.87 0.89 3.33 3.76

Ratings

Mean Recommendation Conversion Table

Financial data in U.S. dollars

Citigroup Inc.: Analyst Ratings

Zacks average

brokerage

recommendation

is Moderate Buy.

Recommendations Current 1 Month Ago 2 Months Ago 3 Months Ago

Strong Buy 11 11 9 10

Moderate Buy 3 3 3 3

Hold 1 1 2 2

Moderate Sell 0 0 0 0

Strong Sell 0 0 0 0

Mean Rec. 1.30 1.30 1.46 1.43

1.0 = Strong Buy

1.1 thru 2.0 = Moderate Buy

2.1 thru 3.0 = Hold

3.1 thru 4.0 = Moderate Sell

4.1 thru 5.0 = Strong Sell

Highlights

Financial Highlights (All data for latest 12 months)

Sales 93.17 Bil

Income 15.52 Bil

Net Profit Margin 16.70%

Return on Equity 16.50%

Debt/Equity Ratio 1.55

Revenue/Share 18.06

Earnings/Share 2.99

Book Value/Share 18.25

Dividend Rate 1.40

Payout Ratio 31.00%

Revenue - Quarterly Results (in Millions)

FY (12/03) FY (12/02) FY (12/01)

1st Qtr 23,199.0 25,894.0 29,804.0

2nd Qtr 23,840.0 26,928.0 27,854.0

3rd Qtr 23,334.0 23,505.0 27,714.0

4th Qtr NA 22,796.0 26,650.0

Total 70,373.0 99,123.0 112,022.0

Earnings Per Share - Quarterly Results

FY (12/03) FY (12/02) FY (12/01)

1st Qtr $0.79 $0.94 $0.70

Financial data in U.S. dollars

Income Statement - 10 Year Summary (in Millions)

Balance Sheet - 10 Year Summary (in Millions)

2nd Qtr $0.83 $0.78 $0.71

3rd Qtr $0.90 $0.76 $0.61

4th Qtr NA $0.47 $0.74

Total $2.52 $2.95 $2.76

Qtr. over Qtr. EPS Growth Rate

FY (12/03) FY (12/02) FY (12/01)

1st Qtr 68% 27% ---

2nd Qtr 5% -17% 1%

3rd Qtr 8% -3% -14%

4th Qtr NA -38% 21%

Yr. over Yr. EPS Growth Rate

FY (12/03) FY (12/02)

1st Qtr -16% 34%

2nd Qtr 6% 10%

3rd Qtr 18% 25%

4th Qtr NA -36%

Statements

Sales EBIT Depreciation Total Net Income EPS Tax Rate (%)

12/02 92556.0 41785.0 NA 13448.0 2.59 34.10

12/01 112022.0 53862.0 NA 14284.0 2.75 34.40

12/00 111826.0 57781.0 NA 13519.0 2.62 35.60

12/99 82093.0 40716.0 NA 9994.0 2.15 35.80

12/98 76431.0 36764.0 NA 5807.0 1.22 34.90

12/97 37609.0 16455.0 NA 3104.0 1.27 33.80

12/96 21742.0 5657.0 NA 2300.0 1.36 30.90

12/95 16563.0 4477.0 NA 1628.0 0.87 35.40

12/94 18719.0 3433.0 NA 1326.0 0.26 38.30

Current Assets Current Liabilities Long Term Debt Shares Outstanding

12/02 NA NA 126927.0 5.1 Bil

12/01 NA NA 121631.0 5.1 Bil

12/00 NA NA 111778.0 5.0 Bil

12/99 NA NA 47092.0 4.5 Bil

12/98 NA NA 48671.0 4.5 Bil

12/97 NA NA 32706.0 2.3 Bil

12/96 NA NA 11327.0 1.9 Bil

12/95 NA NA 9190.0 1.9 Bil

12/94 NA NA 7075.0 1.9 Bil