26/03/2025 09:51

UBS Group (UBS US) $US29.09

UBS made a great acquisition of Credit Suisse in 2023, and while the integration is complex and there are some uncertainties around regulatory capital requirements in the short term, we ultimately believe the larger group is incredibly well positioned to take advantage of the resilience shown in Europe, and ultimately, underpin a further push into the US.

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05/02/2025 09:52

UBS Group (UBS) $US32.41

Given the acquisition and ongoing integration of Credit Suisse, the numbers from UBS are a little messy, however, Q4 results overnight were ahead of expectations, though, there was a key variable with some uncertainty around regulatory capital requirements, which saw the stock trade down ~7%. That was the key focus on the call overnight, which overshadowed a very solid result.

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21/01/2025 09:42

UBS Group AG (UBS US) $US34.04

In October, Swiss bank UBS smashed third-quarter expectations with $US1.4 billion in profit, which was about double expectations, though there are a few swings and roundabouts in thinking about these numbers given the accounting complexity following the takeover of stricken Credit Suisse.

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01/11/2024 09:24

UBS Group (UBS US) $US30.68

This week, Swiss giant UBS smashed earnings expectations with its $1.4bn result, but the stock has slipped since as we see the risks of chasing stocks at elevated levels.

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15/08/2024 09:19

UBS Group (UBS) $US30.89

2Q24 results were out for UBS in Switzerland just as our market was closing yesterday, and overall, they were stronger than expected, with shares trading 5.6% higher overnight.  While profit for the quarter was about twice expectations, the focus was more on the integration of Credit Suisse, which is on track, resulting in faster cost savings and the sell-off of non-core assets, though, they implied regulatory processes were still taking time.

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08/05/2024 09:38

UBS Group (UBS US) $US29.51

The power of scale was on show overnight, with  UBS reporting materially better 1Q results right across their diverse operation as they started to reap the benefits of the emergency takeover of Credit Suisse. The Swiss investment bank returned to profit and beat earnings expectations, with all core divisions topping forecasts.

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12/02/2024 15:56

International Equities Portfolio – Amendments

We are amending the International Equities Portfolio

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07/02/2024 09:26

UBS Group (UBS) $US28.15

The much anticipated UBS result was out overnight, and they provided a lot of detail around the integration of Credit Suisse and how the combined group will look in the coming years. The management call was a very long one, highlighting the huge and complicated task of merging two big and diverse global banks. The result itself was a slight miss to expectations as Q4 revenue of US$10.86bn missed consensus of $US11.29bn as both net interest income and fee & commission income trailed estimates, while costs were slightly higher than expected.

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06/02/2024 09:18

UBS Group (UBS) $US29.85

Swiss-based investment bank UBS has grown significantly after purchasing Credit Suisse during the Banking Crisis, with some very favourable terms that will prove to be an excellent strategic move, albeit a forced one, with the support of Swiss regulators. Ultimately, we believe UBS will grow the top line nicely as they merge the businesses, e.g. they’ve had some meaningful success in transferring over the CS clients onto the UBS platform while cutting out the underperforming areas.

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20/12/2023 09:14

UBS Group (UBS US) $US30.69

In the past 24 hours, there has been coverage of a Swedish Activist Investment Firm called Cevian Capital, which has taken a significant ~€1.3bn stake in UBS. The firm has been in the media pushing its investment thesis, which has supported the stock, with UBS rallying more than 5% overnight to hit a new all-time high. The components of their thesis are very similar to our own (original views here), although they’ve backed it with a touch more capital than MM!

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