A Closer Look at Synchrony Financial's Potential
SYF: $5.70-6.00 '24 guide (ex-fees), late fee ($0.15-0.25) EPS hit. Quick math: guide has 6% provisions, norm <5.5% ($1.60 EPS/100bps). Norm EPS $6.50+ (6x), at ROE target $7.70 (5x). Cheap. Fees -$800m, litigation may delay rule. Offsets ramping, ROA neutral in time.
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