GS: Co-Head of Global Banking & Markets (70% of GS) at Our Chicago Conference

Research evidence excerpt

GS: Co-Head of Global Banking & Markets (70% of GS) at Our Chicago Conference

ldman

core ROE (=2027E) would result in P/B of will trade toward the high end of the will trade toward the low end of the

1.9x, but also incorporate a bank industry historical P/E range at 12x historical P/E range at 8x

regression that would imply ~3x price-to- • Upside EPS assumes higher capital • Downside EPS assumes weaker

book to reflect GS' more stable business markets revenue from a better capital markets revenue, a subdued

model. We incorporate LT avg one-year underwriting cycle and improved underwriting cycle, lower trading, flattish

forward P/E of 11x, two-year forward P/E of trading, higher asset values and asset asset values/asset management and

10x, and a normalized dividend yield of 2.2% management and wealth revenue, and wealth revenue and less aggressive

in our price target calculation. Our $1,000 more aggressive buybacks as GS is buybacks as GS takes longer to reduce

target would equal roughly 2.6x 2027E BV, able to reduce on balance sheet PE on balance sheet PE investments and

~13.7x 2027E EPS and ~12.2x 2028E EPS. investments new regulations cause higher capital

• Upside case EPS of ~$120 and upside requirements

case P/E of 12x 2026E EPS yields our • Downside case EPS of ~$45 and

upside target downside case P/E of 8.9x 2026E EPS

yields our downside target

Upcoming Catalysts Company Description

• Fed annual stress test release (June 2026) Goldman is a leading global investment bank w/ 3 segments that

• 2Q26 earnings (July 2026) should consolidate to 2 w/Apple card sale. The asset and wealth

• FOMC meetings (6/16-17/26; 7/28-29/26) management segment contributes ~1/3 of revenue and is targeted

• CPI release dates (6/10/26; 7/14/26; 8/12/26; 9/11/26) for higher growth.