American Express (AXP) Preferred Offering Puts Its Undervalued Narrative Back In Focus

American Express (AXP) recently completed a US$1.6 billion fixed income offering of preferred depository shares, drawing new attention to the company. While the common stock has seen an 8.54% decline year-to-date, its 5-year total shareholder return is 118.13%, and analysts suggest it is 9.1% undervalued based on cash flow. However, its P/E ratio of 20.4x indicates it might be expensive compared to the industry average.