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Goldman Sachs Group Inc - Stock Quote GS

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Morningstar's Goldman Sachs Group Inc Stock Analysis

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Goldman Sachs' Volatile Q1 Could Be a Preview of Coming Quarters; Shares Undervalued

Michael Wong, CFA, CPA Sector Director

Analyst Note

| Michael Wong, CFA, CPA |

Narrow-moat-rated Goldman Sachs' relatively healthy net revenue figure for the first quarter masks substantial volatility in several of the company’s revenue lines, and we believe swings in individual revenue lines could continue in upcoming quarters. The company reported net earnings to common shareholders of $3.8 billion, or $10.76 per diluted share, on $12.9 billion of net revenue. Annualized return on tangible common equity was a strong 15.8%. We continue to believe that net revenue will normalize lower over the next couple of years and that the company’s strategic plan should be rewarded by the market over the medium term. We are maintaining our $430 fair value estimate and assess the shares as undervalued.

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Goldman Sachs Group Inc's Company Profile

Business Description

Goldman Sachs is a leading global investment banking firm whose activities are organized into investment banking (20% of net revenue), global markets (45%), asset management (20%), and consumer and wealth management (15%) segments. Approximately 60% of the company's net revenue is generated in the Americas, 15% in Asia, and 25% in Europe, the Middle East, and Africa. In 2008, Goldman reorganized itself as a financial holding company regulated by the Federal Reserve System.

200 West Street
New York, NY, 10282
T +1 212 902-1000
Sector Financial Services
Industry Capital Markets
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Cyclical
Employees 43,900

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