Lloyds Banking Group's Valuation Revisited Amid Share Price Surge

Lloyds Banking Group (LSE:LLOY) has seen recent share price strength, with an 18.38% 3-month return and a 5-year total shareholder return of 267.94%. The stock's intrinsic discount is around 38%, and its fair value is estimated at £0.96, suggesting it may be overvalued. However, a DCF model indicates a fair value of £1.69, leading to a valuation gap. The key question is whether Lloyds still offers value or if the market is pricing in future growth.