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• IFRS net profit attributable to shareholders decreased by 26% to CHF450m for H1 22
• CHF55m charge for an old legacy litigation matter as announced at the end of June
• Net new money outflows were CHF1.1bn in H1 22
• AuM declined by 11% to CHF428bn compared to year-end 2021
Companies: Julius Baer Gruppe AG
• Adjusted cost/income ratio of below 64% by 2025 (current target 67% or lower)
• Adjusted pre-tax margin of 28 to 31 basis points by 2025 (current target 25-28 basis points)
• All capital meaningfully exceeding a BIS CET1 of 14% at the year-end will be distributed via share buy-backs in the subsequent year
• Net profit attributable to shareholders increased by 55% to CHF1.1bn for 2021
• Net new money inflows CHF20bn (+4.5%) in 2021 compared to CHF15.1bn (+3.5%) in 2020
• The dividend proposal rose from CHF1.75 for FY2020 to CHF2.60 for FY2021
• Baer announced a new share buy-back programme of up to CHF400m
• IFRS net profit attributable to shareholders increased by 23% to CHF606m for H1 21
• Net new money inflows were CHF10bn (+4.6% annualised) in H1 21
• AuM rose by 12% to CHF486bn compared to year-end 2020
Net profit increased by 50% for 2020
Net new money inflows were CHF15.1bn (+3.5%) in 2020 compared to CHF10.6bn (+2.8%) in 2019
The dividend proposal rose to CHF1.75 for FY2020.
Baer announced a new share buy-back programme of up to CHF450m.
• Nine months 2020 statement released as always without income statement figures
• AuM rose by 3% to CHF413bn at the end of September compared to the end of June 2020
• Goodwill impairment of around CHF190m on Kairos investment in 2020
• Net profit decreased by 37% for 2019
• Operating expenses were up by 14% due to one-offs
• AuM rose by 12% in 2019, but net new money inflows were up only 2.8%
• Shift announced from an asset gathering strategy to a sustainable profit growth strategy
• Julius Baer has to set up a provision of CHF153m after a court decision in December
• Very old claim connected with the reunification of Germany
• Final decision by the Swiss supreme court expected but reimbursement by UBS
• Ten months 2019 statement as always without income statement figures
• AuM rose by 10% to CHF422bn at the end of October 2019 compared to the end of 2018
• Launch of a share buy-back programme of up to CHF400m
• Goodwill impairment of around CHF100m on Kairos investment in 2019
• Mixed figures for H1 19
• H1 19 net profit is below our FY2019 forecast
• AuM rose by 8% compared to year-end 2018. But net new money inflows were up only 3.2% (annualised) in H1 19
Reported net profit attributable to shareholders increased by 4% to CHF735m for 2018 compared to 2017. Net interest and dividend income declined by 7% to CHF919m in 2018. Net commission and fee income was down by 1% to CHF1.9bn for 2018. Trading income rose by 75% to CHF530m in the same period. Operating income rose by 4% to CHF3.37bn for 2018 compared to 2017. Personnel expenses were up by 4% to CHF1.62bn for 2018 compared to 2017. General expenses rose by 6% to CHF688m in 2018. Operating expen
The reported net profit attributable to shareholders rose by 26% to CHF444m for H1 18 compared to H1 17. Interest and dividend income declined by 2% to CHF554m in H1 18. Net commission and fee income increased by 10% to CHF1.02bn for H1 18 compared to H1 17. Trading income was up by 129% to CHF206m in the same period. Operating income increased by 12% to CHF1.79bn for H1 18 compared to H1 17. Personnel expenses were up by 11% to CHF847m for H1 18. General expenses rose by 3% to CHF320m in H1 18
Reported net profit attributable to shareholders increased by 14% to CHF705m for 2017 compared to 2016. Net interest and dividend income rose by 13% to CHF988m in 2017. Net commission and fee income was up by 23% to CHF1.93bn for 2017. Trading income declined by 9% to CHF304m in the same period. Operating income rose by 14% to CHF3.25bn for 2017 compared to 2016. Personnel expenses were up by 16.5% to CHF1.56bn for 2017 compared to 2016. General expenses rose by 4% to CHF650m in 2017. Operating
The reported net profit attributable to shareholders was down by 2% to CHF353m for H1 17 compared to H1 16. Interest and dividend income rose by 11% to CHF566m in H1 17. Net commission and fee income increased by 25% to CHF922m for H1 17 compared to H1 16. Trading income was down by 23% to CHF90m in the same period. Operating income increased by 12% to CHF1.59bn for H1 17 compared to H1 16. Personnel expenses were up by 21% to CHF764m for H1 17. General expenses rose by 8% to CHF311m in H1 17 co
Reported net profit attributable to shareholders increased from CHF121m for 2015 to CHF619m for 2016. However, underlying net profit increased (which excludes a CHF521m US litigation provision for FY2015) only by 1% to CHF706m for 2016 compared to 2015 according to Julius Baer. Net interest and dividend income rose by 23% to CHF877m in 2016. Net commission and fee income was up by 3% to CHF1.56bn for 2016. Trading income declined by 24% to CHF333m in the same period. Operating income rose by 6%
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Duke have released their annual results for the FY22A year ending 31 March 2022 and are in-line with both their prior trading update and our own expectations. FY22A was a behemoth year for the business as it transitioned from a more defensive positioning during the outset of the pandemic to an expansionary phase as things began to settle. We have released forecasts for FY24E for the first time and is a useful gauge for what a normalised year looks like post-deployment of available funds during F
Companies: Duke Royalty Limited
Trident Royalties Plc (AIM: TRR), has released its interim financial statement this morning. These come after the release of a comprehensive Q2 update.
Companies: Trident Royalties Plc
Companies: Plus500 Ltd.
CLIG’s annual report & accounts is precisely in line with its pre-close update of 19 July, which revealed $102m of net inflows, Sterling value of Group Funds under Management “FUM” of £7.6 billion and recommendation of a final DPS of 22p (2021 final: 22p).
Companies: City of London Investment Group PLC
Results are consistent with August’s update and confirm a breakout FY22, as Made Tech materially scaled its business – growing revenue 120% y/y (organic) to £29.3m, an exceptional result, which in turn drove a return to profitability, AOP: £2.3m (PY:£-0.8m). This was achieved by Made Tech more than doubling its headcount and alongside this, also delivered sales bookings of £51.1m (+115% y/y) which includes Made Tech’s largest ever win. Made Tech’s y/e backlog is also up sharply at £38.2m (+133%
Companies: Made Tech Group PLC
Singer Capital Markets
Companies: Aquis Exchange Plc
Argentex has announced that it has been granted its Electronic Money Institution (“EMI”) licence by the Dutch National Bank, representing another milestone as part of its International expansion strategy. The license allows the Group to fully operate within the Dutch market and enables further expansion into other EU territories going forward. We do not make any changes to our forecasts but highlight that this is another positive step as part of Argentex’s International growth strategy providing
Companies: Argentex Group Plc
Companies: Gore Street Energy Storage Fund PLC
Facilities by ADF have released interim results for the period ending 30 June 2022 and in-line with their prior trading update. ADF achieved record revenues in H1/22A and has continued to grow their fleet to support future growth. The current trading and outlook remain in-line with our expectations, and we leave forecasts unchanged. The valuation remains attractive with an FY23E P/E ratio of 10.1x and a normalised FCF yield of c15%.
Companies: Facilities by ADF PLC
Companies: FNX JOG PCIP
Inflation has now persisted beyond most people's 2021 expectations for a “short term blip” following the COVID crisis, and investors are increasingly under pressure to generate positive real returns in the first highly inflationary (i.e., >5%) environment since 1991. We expect a degree of asset price volatility to continue across all asset classes for quite some time.
In this note we look at the factors behind the current inflationary environment, evaluate which ones are likely to persist and
Companies: AEWU BERI HICL HHI ADIG PCFT PHP TRIG RICA SERE SEIT
Capital Access Group
Time Finance released their FY22 annual results ending 31 May 2022 in-line with the trading update in July. It has also released a Q1/23A update which provides colour on the success of its new strategy focused on the core business. We leave forecasts unchanged and believe the company remains on track to hit our FY23E forecasts. Time looks significantly undervalued given it trades on a P/TNAV of 0.5x, an FY24E PE of 4.1x and over 65% growth forecasted in Adj PBT over the next two years.
Companies: Time Finance plc
We note Friday's RNS from JIM announcing that part of their business is subject to a Section 166 review and that there are restrictions in relation to certain of its Model “B" clients. JIM provides an efficient and cost-effective trading product together with an outsourced settlements and administration operation. The latter, intended largely for wealth managers, including IHT and pension schemes, fund managers and stockbrokers, is the Model “B” business stream alluded to in the announcement.
Companies: Jarvis Securities (JIM:LON)Jarvis Securities plc (JIM:LON)
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Streaks Gaming plc, a UK-based provider of conversational gaming products intends to join the Standard Segment of the Main Market this autumn. The flotation is expected to value Streaks at approximately £10.2m (pre-money) and will make it the first LSE-listed "pure-play" conversational gaming co
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