What is our take-away from the FY-2021 analyst conference? 1) Management sees strong growth potential with targeted CHF85bn of client assets generating CHF750m of revenues and CHF350m of EBT in 2025, a 12% CAGR; 2) Client growth, rising U.S. rates and broader crypto offering are main growth driver; 3) 2022 guidance includes only two U.S. rate hikes which looks conservative. We increase our EPS estimates by 1/5% for 2022/23 and raise our valuation range to CHF190-230.
Client growth option: dee ....
