Are Lloyds shares finally cheap enough to buy?

The Lloyds (LSE: LLOY) share price has slumped 57% in the year to date. Investors couldn’t dump the stock fast enough when the coronavirus pandemic struck and the economy headed into recession. Currently trading below 27p, are Lloyds shares finally cheap enough to buy? Lloyds shares and TNAV With companies in highly cyclical industries, like banking, I believe in following a value strategy rather than a buy-and-hold one. In other words, buying somewhere near the bottom of the cycle and selling on the recovery. The relationship between a bank’s share price and tangible net asset value (TNAV) is a great way of tracking the cycle. The table below shows this relationship in the case...