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.

Read more

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.

Read more

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.

Read more

12/02/2024 15:56

International Equities Portfolio – Amendments

We are amending the International Equities Portfolio

Read more

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.

Read more

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.

Read more

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!

Read more

08/11/2023 09:18

UBS Group (UBS) US$24.89

While the headline numbers overnight showed a loss in Q3 of $785m, its first in nearly 6-years, the traction they are getting with the CS business is becoming more obvious, with $US22bn in net new money flowing from CS clients into the UBS wealth business in the quarter (v expectations of $US14bn)

Read more

01/09/2023 09:06

UBS Group AG (UBS) $US26.71

Zurich based UBS rallied +5.6% overnight after reporting a $US29bn profit before tax in the 2nd quarter while they confirmed that Credit Suisse will be absorbed into the business by 2025 – a windfall in our opinion as they instigate 3,000 job cuts and more than $US10bn in cost savings. UBS saw new money inflows of $US16bn for the quarter while Credit Suisse outflows slowed to $US44.4bn while they are seeing a pick-up in client activity.

Read more

22/08/2023 12:55

International Equities Portfolio – Amendments

We are adding two stocks to the International Equities Portfolio.

Read more