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Lloyds Banking
(LSE:LLOY)
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Rating:66Neutral
Price Target:
101.00 p
▼(-9.38% Downside)
Action:Reiterated
Date:08/03/26
The score is driven down primarily by weaker financial quality signals—especially negative free cash flow in the last two years and a material 2025 leverage increase—despite healthy revenue growth. Offsetting this, technicals are supportive (price above key moving averages with positive MACD) and the latest earnings call was notably strong with clear guidance, solid profitability, and increased capital returns. Valuation is a modest constraint due to the ~20x P/E with only a mid-level dividend yield.
Positive Factors
Revenue growth
Sustained revenue growth indicates that Lloyds continues to expand its customer and lending franchise despite a mature UK banking market. A larger income base supports operating leverage, strengthens funding for technology and customer initiatives, and provides a durable foundation for future earnings.
Negative Factors
Higher leverage
The sharp increase in leverage is a material balance-sheet risk because more debt relative to equity can reduce financial flexibility and increase sensitivity to funding and credit conditions. It may also constrain the capacity to absorb stress while sustaining investment and distributions.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth
Sustained revenue growth indicates that Lloyds continues to expand its customer and lending franchise despite a mature UK banking market. A larger income base supports operating leverage, strengthens funding for technology and customer initiatives, and provides a durable foundation for future earnings.
Read all positive factors
Lloyds Banking (LLOY) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£53.50B
Dividend Yield4.29%
Average Volume (3M)149.53M
Price to Earnings (P/E)9.6
Beta (1Y)1.46
Revenue Growth-1.77%
EPS Growth70.96%
CountryUK
Employees60,061
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)0.10
Shares Outstanding57,310,008,000
10 Day Avg. Volume139,060,072
30 Day Avg. Volume149,525,943
Financial Highlights & Ratios
PEG Ratio1.21
Price to Book (P/B)1.23
Price to Sales (P/S)1.43
P/FCF Ratio-91.92
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£127.50Price Target Upside14.40% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)0.1
Revenue Forecast (FY)£20.96B
Lloyds Banking Business Overview & Revenue Model
Company Description
Lloyds Banking Group plc, a long-standing financial institution founded in 1695 and headquartered in London, UK, operates as a leading provider of banking and financial services throughout the United Kingdom. Its operations are strategically struc...
How the Company Makes Money
Lloyds Banking Group primarily makes money by earning income on financial products and services provided to retail and commercial customers.
1) Net interest income (core earnings engine)
- Lloyds collects interest on assets such as residential mo...
Lloyds Banking Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Jan 28, 2027
Earnings Call Sentiment Positive
The call presented a strong set of H1 2026 financial results (GBP 3.1bn statutory profit, RoTE 17.1%, net income +9% YoY), robust capital generation and a clear, ambitious strategic plan (Accelerate 2030) emphasizing AI, customer connectivity and further cost savings. Management announced a meaningful shareholder return step-up (30% interim dividend increase and GBP 1bn buyback) and reiterated conservative but achievable financial targets (mid-single-digit net income CAGR, high-single-digit OOI CAGR, CIR <45% by 2030, RoTE ~20% by 2030). Notable challenges include ongoing competitive margin pressure, deposit market dynamics, near-term investment-driven OpEx uplift and some volatility in transport lease depreciation and Q2 impairment modeling. Overall, the positives (strong profitability, capital, diversified income growth, clear AI/technology strategy and committed cost-savings) materially outweigh the manageable and well-disclosed headwinds.Positive Updates
Strong H1 Profitability and Returns
Statutory profit after tax of GBP 3.1bn in H1 2026 with return on tangible equity (RoTE) of 17.1%, above the group's 2026 guide of >16% and supporting target RoTE of ~20% by 2030.
Negative Updates
Competitive Margin Pressure and NII Headwinds
Management flags competitive pressures on lending and deposit margins (bundled as an 'income headwinds' item). Guidance assumes a conservative structural hedge reinvestment yield (~3.7%) that is materially below current market-implied rates, implying potential upside but also conservative NII assumptions.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong H1 Profitability and Returns
Statutory profit after tax of GBP 3.1bn in H1 2026 with return on tangible equity (RoTE) of 17.1%, above the group's 2026 guide of >16% and supporting target RoTE of ~20% by 2030.
Read all positive updates
Company Guidance
Management reiterated it is on track for 2026 and set clear 2030 targets: H1 statutory profit after tax £3.1bn, net income £9.7bn (+9% y/y), NII £7.3bn (+9%) with 2026 NII guided >£14.9bn, other income £3.3bn (+11%), H1 RoTE 17.1% and TNAV 57p; H1 operating costs £4.9bn (flat), impairment £617m (AQR 25bps), Q2 NIM 322bps and structural hedge income £3.4bn (notional £246bn, WAL ~3.75yrs, yield 2.7%) expected >£7bn in 2026, >£8bn in 2027 and >£9bn in 2030. Under Accelerate 2030 they target mid‑single‑digit net income CAGR to 2030 (high‑single‑digit OOI CAGR), cost‑income ratio <50% in 2026 and <45% by 2030, ~£2bn gross cost saves (2027–30), cash investment >£13bn over the plan (10–15% higher in 2027), RoTE ≈20% in 2030 (＞18% in 2028), capital generation >200bps in 2026 rising to >225bps by 2030 with a CET1 target of 13% (pro‑forma CET1 after distributions 13.1% H1), interim dividend +30% to 1.58p and a £1bn interim buyback (combined >£1.9bn returned in H1). Key balance‑sheet metrics: group lending £492bn (Q2 +£5bn QoQ), deposits >£0.5tn (Q2 +£5bn), open‑book AUA c.£251bn (Q2 +£25bn); AQR guidance 25–30bps through the plan.Lloyds Banking Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
57
Neutral
Cash Flow
41
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 29.26B | 40.96B | 37.61B | 33.95B | 20.77B | 18.71B |
| Gross Profit | 28.77B | 22.64B | 18.60B | 19.20B | 16.05B | 16.32B |
| EBITDA | 8.61B | 6.66B | 9.40B | 10.41B | 7.18B | 9.73B |
| Net Income | 6.17B | 4.20B | 4.42B | 5.46B | 3.83B | 5.78B |
Balance Sheet | ||||||
| Total Assets | 995.14B | 944.07B | 906.70B | 881.45B | 873.39B | 886.52B |
| Cash, Cash Equivalents and Short-Term Investments | 55.92B | 60.60B | 137.01B | 138.50B | 139.34B | 138.16B |
| Total Debt | 100.88B | 141.60B | 88.52B | 93.67B | 91.83B | 91.84B |
| Total Liabilities | 949.17B | 896.21B | 860.81B | 834.09B | 829.48B | 833.37B |
| Stockholders Equity | 45.75B | 47.67B | 45.72B | 47.16B | 43.67B | 52.92B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -639.00M | -10.02B | 1.35B | 18.16B | 3.39B |
| Operating Cash Flow | 0.00 | 4.43B | -4.39B | 6.81B | 22.01B | 6.62B |
| Investing Cash Flow | 0.00 | -10.19B | -7.69B | -9.82B | 510.00M | -2.54B |
| Financing Cash Flow | 0.00 | -4.09B | -5.93B | -3.50B | -6.61B | -3.23B |
Lloyds Banking Technical Analysis
Negative
111.45
Price Trends
106.71
Negative
108.70
Negative
102.91
Negative
Market Momentum
-2.23
Positive
30.12
Neutral
25.14
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:LLOY, the sentiment is Negative. The current price of 111.45 is above the 20-day moving average (MA) of 102.40, above the 50-day MA of 106.71, and above the 200-day MA of 102.91, indicating a bearish trend. The MACD of -2.23 indicates Positive momentum. The RSI at 30.12 is Neutral, neither overbought nor oversold. The STOCH value of 25.14 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:LLOY.
Lloyds Banking Risk Analysis
Lloyds Banking disclosed 33 risk factors in its most recent earnings report. Lloyds Banking reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Lloyds Banking Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | £1.60B | 6.22 | 13.06% | 7.49% | -5.67% | 8.94% | |
70 Outperform | £45.83B | 6.10 | 16.16% | 6.04% | 2.78% | 24.91% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | £53.50B | 9.56 | 13.09% | 4.29% | -1.77% | 70.96% | |
64 Neutral | £55.20B | 8.20 | 10.79% | 2.77% | 6.60% | 23.56% | |
59 Neutral | £1.04B | 19.37 | 7.00% | ― | 0.76% | -49.33% | |
58 Neutral | £1.32B | 1.08 | 5.68% | ― | 7.19% | -54.08% |
* Financial Sector Average
GB:LLOY
Lloyds Banking
93.50
7.71
8.99%
GB:BARC
Barclays
415.05
17.24
4.33%
GB:MTRO
Metro Bank
154.60
37.60
32.14%
GB:NBS
Nationwide Building Society
12,500.00
-500.00
-3.85%
GB:OSB
OSB Group PLC
479.00
-24.03
-4.78%
GB:NWG
NatWest Group
579.60
28.18
5.11%
Lloyds Banking Corporate Events
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and Compliance
Lloyds Banking Group Tightens Ring-Fencing Governance With Board Changes
Positive
Oct 22, 2026
Lloyds Banking Group PLC has announced board changes following a revised Prudential Regulation Authority direction that allows directors of its ring-fenced banks, Lloyds Bank plc and Bank of Scotland plc, to also sit on the Group board. The move r...
Business Operations and StrategyExecutive/Board Changes
Lloyds Banking Group Strengthens Board With Appointment of Chris Rhodes
Positive
Oct 22, 2026
Lloyds Banking Group has appointed Chris Rhodes as an independent non-executive director, effective 1 November 2026, and he will join both the Audit Committee and Board Risk Committee. Chair Sir Robin Budenberg highlighted that Rhodes brings exten...
Business Operations and StrategyPrivate Placements and Financing
Lloyds Banking to Call ¥50.3bn Senior Unsecured Bonds in 2026
Positive
Oct 22, 2026
Lloyds Banking Group plc has announced that it will redeem in full its 12th Series JPY 50,300,000,000 1.377% Fixed Rate Reset Senior Unsecured Bonds on 1 December 2026, the scheduled call date.The bonds, issued in December 2023 and due to mature i...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Lloyds Banking Group Advances Share Buyback with 38 Million Share Purchase
Positive
Oct 16, 2026
Lloyds Banking Group has continued to execute its previously announced share buyback programme, purchasing a total of 38 million ordinary shares between 12 and 16 October 2026 through Goldman Sachs International. The shares, bought at volume‑...
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and Compliance
Lloyds Banking Group Reports Routine Executive Share Incentive Awards
Neutral
Oct 12, 2026
Lloyds Banking Group is one of the U.K.’s largest banking and financial services institutions, offering retail and commercial banking, wealth management and insurance products. The group focuses predominantly on the domestic market, operatin...
Business Operations and StrategyStock Buyback
Lloyds Banking Group Advances Share Buyback With Further Share Cancellations
Positive
Oct 9, 2026
Lloyds Banking Group has continued to execute its previously announced share buyback programme, purchasing a total of nearly 98.5 million ordinary shares between 5 and 9 October 2026 through Goldman Sachs International. The purchases were made at ...
Business Operations and StrategyExecutive/Board Changes
Lloyds Director Chris Vogelzang Joins Adyen Supervisory Board
Positive
Oct 8, 2026
Lloyds Banking Group has disclosed that independent non-executive director Chris Vogelzang has joined the Supervisory Board of Adyen N.V., the Dutch payments firm listed on Euronext Amsterdam, following shareholder approval at Adyen’s recent...
Business Operations and StrategyStock Buyback
Lloyds Banking Group Advances Share Buyback with Planned Share Cancellation
Positive
Oct 2, 2026
Lloyds Banking Group has continued executing its previously announced share buyback programme, purchasing more than 143 million ordinary shares between 28 September and 2 October 2026 through Goldman Sachs International. The shares, acquired at pr...
Business Operations and StrategyPrivate Placements and Financing
Lloyds Banking Group Issues New Shares for Employee Plans
Neutral
Oct 1, 2026
Lloyds Banking Group has issued 4,522,400 new ordinary shares of 10p each to satisfy awards under its employee share plans, with the new stock admitted to trading on the Main Market of the London Stock Exchange. The additional shares, issued betwe...
Regulatory Filings and Compliance
Lloyds Banking Group Confirms Voting Share Capital for FCA Disclosure
Neutral
Sep 30, 2026
Lloyds Banking Group has confirmed that, as of 30 September 2026, it has 57,595,621,161 ordinary shares of 10p each in issue carrying full voting rights at general meetings. The tally includes shares represented by American Depositary Receipts, an...
Business Operations and StrategyStock Buyback
Lloyds Banking Group Ramps Up Share Buybacks and Plans Share Cancellations
Positive
Sep 28, 2026
Lloyds Banking Group has continued executing its previously announced share buyback programmes, repurchasing tens of millions of ordinary shares between 21 and 25 September 2026 through Goldman Sachs International. The purchases were made at price...
Business Operations and StrategyStock Buyback
Lloyds Banking Group Completes £1.75bn Share Buyback
Positive
Sep 25, 2026
Lloyds Banking Group has completed a £1.75 billion share buyback programme, first announced in January 2026 and managed by Goldman Sachs International. Between 30 January and 24 September 2026, the bank repurchased 1,712,662,647 ordinary shar...
DividendsRegulatory Filings and Compliance
Lloyds Banking Discloses Director Dividend Reinvestment Share Purchase
Neutral
Sep 24, 2026
Lloyds Banking Group has disclosed a share transaction involving non-executive director Catherine Woods and her closely associated person, James Woods, in line with UK Market Abuse Regulation requirements. The pair acquired 1,810 ordinary shares i...
Business Operations and StrategyExecutive/Board Changes
Lloyds Banking Grants Sharesave Options to Top Executives as Wealth CEO Trims Stake
Neutral
Sep 23, 2026
Lloyds Banking Group has granted options under its all-employee Sharesave Scheme 2017 to senior executives William Chalmers, Amanda Murphy and Jasjyot Singh at an option price of 99.52 pence per ordinary share. The awards, covering between 7,813 a...
Business Operations and StrategyStock Buyback
Lloyds Accelerates Share Buybacks and Plans Cancellation of Repurchased Stock
Positive
Sep 18, 2026
Lloyds Banking Group has continued executing its previously announced share buyback programmes, purchasing tens of millions of ordinary shares on the market through Goldman Sachs International over several trading days in mid-September 2026. The g...
Dividends
Lloyds Executives Boost Holdings Through Interim Dividend Reinvestment
Neutral
Sep 17, 2026
Lloyds Banking Group has disclosed a series of share acquisitions by senior executives through its dividend reinvestment arrangements following payment of the interim dividend for the year ending 31 December 2026.Chief Legal Officer and Company Se...
Business Operations and StrategyStock Buyback
Lloyds Banking Group Cancels More Shares After Latest Buyback Round
Positive
Sep 11, 2026
Lloyds Banking Group is one of the U.K.’s largest banking groups, providing retail and commercial banking, insurance and wealth management services under brands including Lloyds Bank, Halifax and Bank of Scotland. The group is a major player...
Regulatory Filings and Compliance
Lloyds Banking Group Details Executive Share Incentive Transactions
Neutral
Sep 11, 2026
Lloyds Banking Group has disclosed routine share acquisitions by several senior executives under its Share Incentive Plan, involving ordinary shares of 10 pence each. The transactions, all recorded on 9 September 2026 outside a trading venue, cove...
Other
Lloyds Banking Group Chief Risk Officer Sells 4 Million Shares
Neutral
Sep 10, 2026
Lloyds Banking Group has disclosed that Chief Risk Officer Stephen Shelley sold a total of 4,000,000 ordinary shares on 9 September 2026, at an average price of about 110.98 pence per share on the London Stock Exchange. The group noted that, even ...
Business Operations and StrategyStock Buyback
Lloyds Banking Group Cancels Fresh Tranche of Share Buybacks
Positive
Sep 4, 2026
Lloyds Banking Group has continued executing its share buyback strategy, purchasing roughly 37.6 million ordinary shares between 1 and 4 September 2026 through Goldman Sachs International. The trades, carried out under the buyback programme launch...
Business Operations and StrategyPrivate Placements and Financing
Lloyds Banking Group Issues New Shares to Fund Employee Awards
Neutral
Sep 1, 2026
Lloyds Banking Group has issued 2,535,129 new ordinary shares of 10p each to satisfy awards under its employee share plans, admitting them to trading on the Main Market of the London Stock Exchange under existing block admissions. Following this i...
Business Operations and StrategyStock Buyback
Lloyds Banking Group Cancels 67 Million Shares in Ongoing Buyback
Positive
Aug 28, 2026
Lloyds Banking Group has continued to execute its existing share buyback programme, repurchasing a total of 67,105,970 ordinary shares between 24 and 28 August 2026 through Goldman Sachs International. The purchases, made at volume-weighted averag...
Regulatory Filings and Compliance
Lloyds Banking Group Confirms Total Voting Share Capital for Disclosure Purposes
Positive
Aug 28, 2026
Lloyds Banking Group has confirmed that, as of 28 August 2026, it has 57,994,703,389 ordinary shares of 10 pence each in issue, all carrying voting rights at general meetings and including those represented by American Depositary Receipts. The ban...
Other
Lloyds CFO William Chalmers Sells 9.1 Million Shares but Remains Above Holding Requirement
Neutral
Aug 28, 2026
Lloyds Banking Group disclosed that its Chief Financial Officer, William Chalmers, has sold 9.1 million ordinary shares in the bank at an average price of about 111.59 pence per share on 27 August 2026. The transaction was carried out on the Londo...
Business Operations and StrategyExecutive/Board Changes
Lloyds Banking Group Adds Former Netflix CMO Kelly Bennett to Board
Positive
Aug 27, 2026
Lloyds Banking Group has appointed Kelly Bennett as an independent non-executive director, effective 1 September 2026, adding deep consumer engagement and digital platform expertise to its board. Bennett’s background includes serving as Chie...
Business Operations and StrategyStock Buyback
Lloyds Banking Group Advances Buyback with £60m Share Repurchase
Positive
Aug 24, 2026
Lloyds Banking Group has continued its existing share buyback programme by repurchasing a total of about 60.7 million ordinary shares between 17 and 21 August 2026 at prices ranging roughly from 109.35p to 115.60p. The bank said these shares, boug...
Business Operations and StrategyStock Buyback
Lloyds Banking Group Cancels 42 Million Shares Under Ongoing Buyback
Positive
Aug 14, 2026
Lloyds Banking Group has executed share repurchases totalling 42 million ordinary shares between 10 and 14 August 2026 under its buyback programme announced on 30 January 2026. The shares, acquired via Goldman Sachs International and not under the...
Executive/Board ChangesRegulatory Filings and Compliance
Lloyds Banking Group Discloses Routine Executive Share Awards Under Incentive Plan
Neutral
Aug 13, 2026
Lloyds Banking Group has disclosed routine share transactions by several senior executives under its Share Incentive Plan, involving the monthly acquisition of partnership shares at £1.1515 and the award of matching shares at no cost. The not...
Business Operations and StrategyStock Buyback
Lloyds Banking Group Cancels 24 Million Shares in Ongoing Buyback
Positive
Aug 7, 2026
Lloyds Banking Group has continued its share buyback activity, purchasing a total of 24 million ordinary shares between 3 and 7 August 2026 through Goldman Sachs International under an existing repurchase programme. The purchases were executed at ...
Business Operations and StrategyPrivate Placements and Financing
Lloyds Banking Group Issues Over 6.6 Million Shares for Employee Plans
Neutral
Aug 3, 2026
Lloyds Banking Group has issued 6,657,090 ordinary shares of 10p each to satisfy awards under its employee share plans, with these new shares admitted to trading on the Main Market of the London Stock Exchange. Following this issuance, the total n...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Lloyds Banking Group Advances £1.75bn Share Buyback and Moves to Weekly Reporting
Positive
Jul 31, 2026
Lloyds Banking Group has continued executing its share buyback programme, purchasing 500,000 ordinary shares on 31 July 2026 through Goldman Sachs International at a volume-weighted average price of 115.5592 pence, with the shares to be cancelled....
Regulatory Filings and Compliance
Lloyds Banking Group Confirms Voting Share Capital Structure
Neutral
Jul 31, 2026
Lloyds Banking Group has reported that, as of 31 July 2026, it has 58,146,487,315 ordinary shares of 10 pence each in issue, all carrying voting rights at general meetings, with none held in treasury. This figure includes shares represented by Ame...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Lloyds Updates £60bn EMTN Documentation with FCA-Approved Supplement
Positive
Jul 31, 2026
Lloyds Banking Group plc and Lloyds Bank plc have published a new supplementary prospectus, approved by the Financial Conduct Authority, for their Euro Medium Term Note programmes totaling £60 billion. The document updates existing March and ...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Lloyds Banking Group Launches £1 Billion Share Buyback Programme
Positive
Jul 31, 2026
Lloyds Banking Group has launched a share buyback programme to repurchase up to £1 billion of its ordinary shares, appointing Goldman Sachs International to execute trades independently and acting as principal. The bank intends to cancel the ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.