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• Revenues were up by 42% to $11.7bn for Q3 23 compared to Q3 22 • Net result attributable to shareholders switched from a profit of $1.7bn in Q3 22 to a loss of $785m for Q3 23 • Net new money (NNM) inflow was $21bn for Q3 23 compared to $35bn for Q3 22
Companies: UBS Group AG
AlphaValue
• Revenues were up by 7% to $9.5bn before the badwill effect for Q2 23 compared to Q2 22 • UBS realised a badwill (or negative goodwill or lucky buy) of $28.9bn from the CS acquisition in Q2 23 • Credit Suisse Switzerland will be fully integrated into UBS in 2024 • UBS aims now to achieve a gross exit-rate cost saving greater than $10bn by end-2026 • UBS progresses towards a 2026 exit-rate return on CET1 capital of around 15%
• Revenues were down by 7% to $8.7bn for Q1 23 compared to Q1 22 • UBS booked a litigation provision of $665m in Q1 23 for a 15 years old US RMBS matter • Net profit attributable to shareholders decreased by 52% to $1.03bn in Q1 23 • RoCET 1 was 9.1% for Q1 23 and below the 15-18% target range • Net new money (NNM) inflow was $42bn for Q1 23 compared to $34bn for Q1 22
• The Swiss government and regulators partly ousted the shareholders and AT1 bondholders via an emergency law on Sunday • UBS will take over Credit Suisse. CS shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares held • UBS benefits from CHF25bn of downside protection. CS’s Additional Tier 1 Capital of approximately CHF16bn will be written down to zero • UBS is committed to a progressive cash dividend but has temporarily suspended share repurchases • Cost reductions of m
• Net profit attributable to shareholders increased by 23% to $1.65bn in Q4 22, 29% above consensus • Revenues decreased by 8% and total operating expenses by 13% for Q4 22 • Dividend per share increased from CHF0.50 for FY2021 to $0.55 for FY2022 • UBS repurchased $5.6bn of shares in 2022 and expects to repurchase more than $5bn in 2023
• Net profit attributable to shareholders decreased by 24% to $1.7bn in Q3 22 • Net new money (NNM) inflow was $35bn for Q3 22 • UBS repurchased $1.0bn of shares in Q3 22 and $4.3bn in the first 9 months of the year, and expects to repurchase approximately $5.5bn of shares during FY2022
• Net profit attributable to shareholders increased by 5% to $2.1bn in Q2 22 • Q2 22 figures included a disposal gain of $848m from the sale of a Japanese real estate joint venture • Invested assets (AuM) declined by 15% to $3.9tn in H1 22 • RoCET 1 was 18.9% for Q2/H1 22 and above the 15-18% target range
• 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
• 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%
• 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
• 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
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
• 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
• 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
• 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
Research Tree provides access to ongoing research coverage, media content and regulatory news on UBS Group AG. We currently have 0 research reports from 4 professional analysts.
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FY 2023 was a challenging year for Frenkel with higher interest rates encouraging clients to place money into lower margin money market funds. Despite this, sales grew +32% (supported by recurring revenue +9% and +51% in non-recurring), EBIT margins remained strong at 22% and adj. EPS grew +17% (taking into account the higher number of shares). FY 2024 has seen a solid start to transactional business and there is a strong pipeline of new FUM opportunities both of which support further growth. Wi
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The manger comments that, in common with the other trusts in the renewable energy sector, the last six months have continued what has been a challenging period for the Bluefield Solar Income Fund (BSIF). It adds that the trust’s ongoing fundamental performance has failed to reverse a steady slide in its share price which began back in May 2023. Despite this, it says the company has continued to deliver solid NAV growth and market-leading shareholder distributions thanks to a range of contractual
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QuotedData
2023 results are, as indicated in its February pre-close update, “slightly ahead of market expectations”. Current trading continues to improve, with 1Q24 underlying operating profit up yoy, “reflecting the benefits of the Group’s transformation programme completed in 2023 as well as improving market conditions.” With net cash of £35m at end 2023, the Board approved 7.4p final DPS and £7m buy back.
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Zeus Capital
S&U reported FY24 PBT of £33.6m, down from £41.4m in FY23 on higher funding and regulatory costs and higher impairments in Advantage in H2. PBT was 2% ahead of our forecast as stronger revenues – up 12% to £115.4m – and better costs offset higher-than-expected impairments. Net receivables grew to a record at both Advantage and Aspen and management noted particular strength in Q4 and a good trading environment in the current year. Having absorbed a significant rise in funding cost as well as addi
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Edison
Henderson Far East Income (HFEL) has consistently delivered on its objective to provide a rising dividend. However, like many investors, HFEL’s managers overestimated the potential for a post-pandemic rebound in China. The trust’s resultant overweight to Chinese consumer and other cyclicals led to a fall in portfolio revenues and underperformance in the financial year ended 31 August 2023 (FY23). With a view to improving future returns, HFEL’s board has since indicated an increased willingness t
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The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no
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Hardman & Co
Edison Investment Research is terminating coverage on ABC Arbitrage (ABCA), paragon (PGN), Foresight Solar Fund (FSFL), Kendrion (KENDR), Lithium Power International (LPI), Triple Point Energy Transition (TENT), 4iG (4IG), e-therapeutics (ETX), Pharnext (ALPHA) and Shield Therapeutics (STX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our web
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Liberum
International Public Partnerships’ (INPP’s) FY23 results show that it continues to deliver consistent and predictable returns for investors, while delivering environmental and social benefits for the individuals and communities that are served by its assets. Despite this strong performance and a substantial need for private infrastructure funding, the macroeconomic environment has weighed on INPP’s share price, in common with the wider sector. Regardless, attractive returns are available from th
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Companies: NewRiver REIT plc
In a challenging market, Regional REIT’s (RGL’s) FY23 operational and financial performance was robust, in line with expectations and previous guidance. Investor focus remains on the company’s loan to value (LTV) reduction and bond refinancing plans, explored in detail in our previous note and RGL will provide an update on this in due course.
Companies: Regional REIT Ltd.
Business as usual for WTAN’s executive team, while the board reviews investment management arrangements…
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Kepler | Trust Intelligence
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