Good UBS Q2 21 figures come in above expectations

• Revenues were up by 8% to $9.4bn for Q1 22 compared to Q1 21 • Net profit attributable to shareholders increased by 17% to $2.13bn in Q1 22 • RoCET 1 was 19.0% for Q1 22 and above the 15-18% target range • Net new money (NNM) inflow was $34bn for Q1 22 compared to $62.4bn for Q1 21

Good Q4 burdened by higher French provisions; higher dividend and share buy-backs

• Net profit attributable to shareholders decreased by 18% to $1.35bn for Q4 21 but clearly above consensus of $863m • UBS increased litigation provisions by $740m (€650m) for the French cross-border tax matter • Dividend per share increased from CHF0.37 for FY2020 to $0.50 for FY2021 • Up to $5bn share buy-backs in 2022 • UBS has updated its RoCET1 target of 12-15% to 15-18% and the cost/income range target of 75-78% to 70-73%

Good Q3 figures, earnings above consensus

• Net profit attributable to shareholders increased by 9% to $2.3bn • Credit loss expenses switched from $89m for Q3 20 to an income of $14m for Q3 21 • The net profit of $6.1bn for 9M 21 is clearly ahead of our FY2021 forecast

Impressive figures for Q2 21, consensus clearly exceeded

• Net profit attributable to shareholders increased by 63% to $2.0bn for Q2 21 • Credit loss expenses switched from $272m for Q2 20 to an income of $80m for Q2 21 • Invested assets (AuM) rose by 7% to $4.85tn in H1 21 • Strong performance across all business segments in Q2 21

Strong Q4 20, financial targets exceeded, shift from dividends to share buy-backs

Net profit attributable to shareholders increased by 122% to $1.7bn for Q4 20 clearly above consensus UBS switched its payout focus from dividend to share buy-backs Dividend per share decreased from CHF0.73 to CHF0.37 for FY2020, new three-year share buy-back programme (2021-23) of up to CHF4bn compared to CHF2bn before A decision at the French tax fraud case is now expected in H1 21

Strong figures for Q3 20, including a disposal gain

• Net profit attributable to shareholders increased by 99% to $2.1bn • Disposal gains of $631m due to the majority stake sale in Fondcenter • Credit loss expenses increased from $38m for Q3 19 to $89m for Q3 20 but were significantly below Q2 20’s level of $272m • The net profit of $4.9bn for 9M 20 is clearly ahead of our FY2020 forecast

Strong figures for Q1 20

• Net profit attributable to shareholders increased by 40% to $1.6bn • Credit loss expenses increased from $20m for Q1 19 to $268m for Q1 20 • Net new money inflow was excellent $45bn for Q1 20 • Q1 20 net profit is ahead of our FY2020 forecast

Better Q4 profit but downgraded return target, $600m disposal gain 2020

• Q4 net profit somewhat above consensus expectations • Dividend per share increased from CHF0.70 to CHF0.73 for FY2019 • UBS downgraded its RoCET1 target from 15% for 2019 and 17% for 2021 (ambition) to 12-15% for 2020 to 2022 • Majority stake sale of Fondcenter leads to a nice disposal gain of $600m after tax in 2020

Mixed Q3 figures but strong new money inflow

• Net profit is above consensus expectations • Operating income down by 5% compared to Q3 18 • Invested assets rose by 10% to a new record level • Strong net new money inflow in Q3 after an outflow in Q2

Good Q2 earnings clearly above consensus, but net money outflow

• Net profit is clearly above consensus expectations • Invested assets rose by 9% to a new record level • Despite net new money outflow of $16.7bn for Q2 19, mainly low margin passive products

Mixed figures for Q1 19

• Mixed figures for Q1 19 • Net profit of $1.14bn is clearly above consensus expectations of $902m for Q1 19 • Net new money returned to an inflow of $22.4bn for Q1 19 • Q1 19 net profit is below our FY2019 forecast

Mixed Q4 and improved FY18 figures

Pre-tax profit increased by 2% to $862m for Q4 18 compared to Q4 17. Total operating income was down by 3% to $7.0bn for Q4 18 compared to Q4 17. Total operating expenses declined by 4% to $6.1bn compared to Q4 17. UBS reported a net profit attributable to shareholders of $696m for Q4 18. UBS reported a loss of $2.4bn for Q4 17 due to a booked charge of $2.9bn on DTA (deferred tax assets) by the US tax reforms. Net new money outflow was close to $13bn for Q4 18. UBS released preliminary figures

Net profit up by 32% in Q3, above consensus

Net profit attributable to shareholders increased by 32% to CHF1.25bn for Q3 18 compared to Q3 17. Total operating income rose by 2% to CHF7.3bn for Q3 18 compared to Q3 17. Net fee and commission income increased by 3% to CHF4.4bn for Q3 18. Trading income (fair value changes) was up by 5% to CHF1.14bn for Q3 18. Interest income declined by 4% to CHF1.7bn in the same period. Loan provisions were a negligible CHF9m for Q3 18 compared to a release of CHF7m in Q3 17. Total operating expenses decli

Good Q2 earnings above consensus, but net money outflow

Net profit attributable to shareholders increased by 9% to CHF1.28bn for Q2 18 compared to Q2 17. Total operating income rose by 4% to CHF7.6bn for Q2 18 compared to Q2 17. Net fee and commission income increased by 2% to CHF4.4bn for Q2 18. Trading income (fair value changes) was up by 50% to CHF2.19bn for Q2 18. Interest income declined by 30% to CHF985m in the same period. Loan provisions were a negligible CHF28m for Q2 18 compared to CHF46m in Q2 17. Total operating expenses rose by 2% to CH

Good start into FY2018, start of the share buy-back programme

Net profit attributable to shareholders increased by 19% to CHF1.51bn for Q1 18 compared to Q1 17. Total operating income rose by 2% to CHF7.7bn for Q1 18 compared to Q1 17. Trading income was up by 2% to CHF1.47bn for Q1 18. The loan provisions were a negligible CHF25m for Q1 18 compared to CHF0m for Q1 17. Total operating expenses decreased by 2% to CHF5.73bn in Q1 18 compared to the previous year’s level. Pre-tax profit rose by 17% to CHF1.7bn for Q1 18 compared to Q1 17. The tax ratio was ar

Cenkos: Healthcare Sector - Ward Round

Weekly round-up of AIM-listed healthcare news. Venture Life Group, GENinCode, Kromek, Alliance Pharma, Polarean Imaging, Benchmark Holdings, Ondine Biomedical, Verici Dx, Faron Pharmaceuticals, Avacta Group, Abingdon Health, Open Orphan, Belluscura, Hutchmed (China), Oxford Biodynamics

Earnings in line, NAV ahead, caution being exercised

Urban Logistics REIT (“ULR”) has delivered a solid FY22 performance – deploying capital apace and driving strong returns through active asset management. Earnings and dividend are both in line vs SCMe. EPRA NAV is 190p (+7% vs SCMe); as yield compression came as a bonus. Caution is being exercised in deploying remaining capital, which impacts FY23e earnings only. We upgrade EPRA NAV by 14-20% incorporating some (but not all) recent yield compression. We increase our Target Price to 210p (FY23e E

In line final results, market headwinds impact AuM

Finals are in line on management fee earnings, but an unexpected performance fee drives a 6% earnings beat and a higher dividend. Recent market conditions have been challenging and have impacted AuM, down 12% in Q1 so far (vs pf incl. Majedie). We update our model, driving a 8-11% reduction in our earnings estimates. We think that the current 8x Mar-23e PER is already more than pricing in further forecast risk. We note a 6%+ prospective dividend yield generously covered by earnings with signific

Auctus on Friday - 01/07/2022

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN)C; Target price of £0.45 per share: Another well delivers flow rate above expectations – The RCS-1 well was flow tested at oil rates of up 1,872 bbl/d (936 bbl/d net to Arrow) of 30 API crude from the C7B sands. The zone was tested for 33 hours at an average oil rate of 1,076 bbl/d (538 bbl/d net to Arrow) with no formation water. Production will start next week at ~1,000 bbl/d (500 bbl/d net) in order to mini

Hybridan Small Cap Feast 22/06/2022

Dish of the day Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Visum Technologies seeking admission to The AQSE Growth Market. The Company's business is to own and operate an "on-ride" video and photographic camera system that it sells and/or licenses to customers (being theme parks, ride manufacturers, souvenir imaging providers, and other leisure operators). Due 30 June. LifeSafe Holdings, a fire safety technology business with innovative fire safety p

Hybridan Small Cap Feast 01/07/22

1 July 2022 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectives

Cenkos: Marlowe Plc -- Record organic growth

Marlowe delivered an impressive set of FY22A results, with underlying organic revenue growth of 9%, Adj EBITDA margins up 240bps to 18.6%, and Adj EBITDA of £54.4m (ahead of our £50.7m forecast). We make minor updates to our FY23E forecasts (Adj Diluted EPS increases 1% to 49.6p) and release new FY24E forecasts. Given the strength of Marlowe's business model, its defensive nature (non-discretionary products and services; 85%+ recurring revenue), the group's continued positive momentum (including

LIBERUM: Alternatives Daily

LIBERUM: Alternatives Daily

Morning Note – 29 June 2022

Hybridan Small Cap Feast 23/06/22

Dish of the day Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Company is proposing to change its name to Fiinu Group plc. Fiinu intends to be a provider of a consumer banking product, the Plugin Overdraft ®, which is designed to provide customers with an overdraft facility without having to change their current account or request an overd

Hybridan Small Cap Feast 30/06/2022

Dish of the day Joiners: Visum Technologies has joined the AQSE Growth Market. The Company's business is to own and operate an "on-ride" video and photographic camera system that it sells and/or licenses to customers (being theme parks, ride manufacturers, souvenir imaging providers, and other leisure operators). Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Compan

Cenkos: Professional Services -- The week that was

Stocks in focus this week are Personal Group, Johnson Service Group, Capita and Mears

Morning Note – 28 June 2022

NextEnergy Solar Fund - NAV Grows 15% in FY 22

NextEnergy Solar Fund’s (NESF) full-year results show a 15% growth in NAV resulting from better pricing and new asset growth. The fund has been working hard to diversify its asset growth opportunity with battery storage in the UK and more international exposure through its commitment and co-investment opportunity with the NPIII private fund. From a strong start the fund is showing continued progress into the current year.