Lloyds, once seen as a stable investment that paid highdividends and was consistently cash generative, is enamored with the task of writing down legacy assets from HBOS--with help from the British government's asset protection program--as well as rebuilding its presence in the U.K. domestic banking market.
Aggressive growth stocks that reinvest all their cash flows are more likely to have high valuations and are unwilling or unable to pay out cash as dividends.