Is the Lloyds share price cheap?
Many UK investors keep a close eye on the Lloyds (LSE: LLOY) share price. Its a mainstay in many portfolios. Value metrics  On the face of it, Lloyds appears expensive with a price-to-earnings ratio of 39. I think the ratio has been skewed by the banks lower earnings during the pandemic. If we look further out, the P/E is expected to come down to around eight, as earnings recover. Other valuation metrics also point to Lloyds being pretty decent value. For example, the price-to-book ratio is 0.68, indicative of very good value. 5G is here  and shares of this sleeping giant could be a great way for you to potentially profit! According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air And if you click here well show you something that could be key to unlocking 5Gs full potential... When compared to Natwest, another UK focused bank, Id suggest Lloyds continues to look cheap. Natwest has a forward P/E of 10. A recovery in the dividend may also make Lloyds share appealing to dividend growth investors. Lloyds to become a private landlord  Sources in the City have recently revealed that Lloyds is set to become a private landlord. The plan, codenamed Project Generation, is aimed at bringing in another source of income for Lloyds. The plan seems well advanced  theres a registered subsidiary, Citra Living, and rumours that its close to securing a block of flats in Nene Wharf, Peterborough. In recent years the bank has also expanded into wealth management. These moves have been designed to help combat the long period of very low interest rates and even the threat of negative interest rates. If this latest growth initiative, alongside its move into wealth management, succeed, and the UK economy recovers as expected, it could potentially make the Lloyds share price look cheap. Thats even after the recent share price recovery. As inflation has crept up so inevitably has the potential for higher interest rates. I personally wouldnt base any investment in Lloyds now on that possibility, as a rise could be years away, but its something to consider. A rise in interest rates, whenever it happens, should be good for the profitability of all banks. Thats generally accepted among investors and economists as being the case. Of course, the Lloyds share price could be held back by any number of foreseeable or unknown developments. The principal concerns Id have about adding the share to my portfolio would be Lloyds lack of international exposure and investment banking. Its very reliant on UK retail banking. In turn, that means any economic downturn will likely hit it harder than other banks that are more diversified. Although the Lloyds share price could rise further, I wont be adding it to my portfolio. I think there are better investing opportunities both in the FTSE 100 and the wider UK stock market.