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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 42 research reports from 4 professional analysts.
Molten Ventures has recently completed the exits from Perkbox, Endomag and Graphcore. This translates into more than £70m realisation proceeds, which means Molten is on track to reach the £100m that management expects for FY25. As a result, Molten has announced a £10m buyback programme (starting on 26 July), in line with its recently updated capital allocation policy of earmarking at least 10% of realisation proceeds for share repurchases. Molten has also agreed a new £180m debt facility that re
Companies: Molten Ventures PLC
Edison
Companies: Ramsdens Holdings PLC
Panmure Liberum
Over the past three years, trusts with blended approaches rather than a strong tilt to growth or value have been at or near the top of the pack across the developed equities sectors, benefitting from their flexibility in a period of extreme style gyrations.
Companies: BUT CTY MNL EDIN FCIT MUT SJG TMPL BRIG ATST WTAN JAM SMT CCJI PSH
Kepler | Trust Intelligence
Today's announcement from JIM reflects a year which saw challenges both in underlying terms and in relation to the ongoing Section 166 process. Trading volumes have remained under pressure against a choppy economic backdrop. Voluntary requirement (VREQ) restrictions placed on “Model B” clients have led to a reduction in client numbers in this category, although numbers have remained stable since the Q3 completion of assessments. The company did benefit from rising interest rates, a significant p
Companies: Jarvis Securities plc
Zeus Capital
Ruffer Investment Company (RICA) is designed to achieve positive annual total returns (after expenses) of at least twice the Bank of England base rate. The trust invests internationally across a range of asset classes, seeking to hold both growth and protective strategies in an appropriate balance with the aim of generating consistent positive returns and avoiding losses over rolling 12-month periods. RICA consists of pools of assets designed to provide different return profiles in various envir
Companies: Ruffer Investment Co. Ltd.
BlackRock World Mining (BRWM) is a specialist trust offering exposure to mining and metals companies globally. A number of themes have coalesced in the last couple of years to provide a strong tailwind to the sector. Despite short term volatility, profitability, dividends and sentiment towards mining companies and BRWM have all improved significantly. In our recent meeting with the managers, they expressed their firm opinion that the tailwinds are still entrenched and gave a positive outlook.
Companies: Blackrock World Mining Trust PLC
CTPE’s portfolio represents a tangibly different opportunity…
Companies: CT Private Equity Trust PLC
Triple Point Social Housing (SOHO) reported solid H123 results. With borrowing costs fixed, growth in indexed rental income partly offset the impact of credit loss provisions against its two unperforming tenants. Progress is being made in resolving these issues, and as there is no read-across to the wider portfolio, we forecast full dividend cover through FY24. Meanwhile, with the demand for specialised supported housing remaining strong, SOHO has entered a partnership with one of the leading pr
Companies: Triple Point Social Housing REIT PLC
Joiners: No joiners today. Leavers: Medica Group plc has left the Premium Segment of the Main Market. What’s cooking in the IPO kitchen?** Blackpoint Biotech plc, a medical cannabinoids company established to fulfil gaps in the medical cannabis market by creating products that provide fast onset of action and accurate dosing, intends to join intends to join the Access Segment of the AQSE Growth Market. Expected Admission 20 July 2023. Metals One Plc, a company focusing on acquiring natural resou
Companies: TNTAF CRL ITM VAST CMX RENX MAFL HE1
Hybridan
The third-quarter results showed resilient net interest margins and benign asset quality trends, thus enabling the management to target a more than decent 14% RoTE. The expected imminent recovery in house prices, if correct, is good news for the future evolution of the cost of risk.
Companies: Lloyds Banking Group plc
In spite of what seems like an uncertain macroeconomic environment, Oakley Capital Investments’ (OCI) underlying portfolio continued to generate earnings growth in 2023 (average 14% EBITDA growth), which in turn helped drive 4% NAV growth. In addition, OCI achieved an 18% total shareholder return (TSR) during the period, extending the long run of performance delivered by the company (five-year TSR CAGR of 24%). The same macro uncertainty may also be creating opportunities. OCI’s investment mana
Companies: Oakley Capital Investments Ltd Registered
QuotedData
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
Companies: Bluefield Solar Income Fund Ltd.
Today's RNS from JIM is brief and economical as they generally are in terms of the quarterly DPS announcement and announces what would appear to be a prudent number, 1.75p. This marks a return to payment of the DPS after Q4-2023, when no dividend was paid.
Vector Capital is an established commercial lending group, focused on secured short-term and bridging loans in the property sector. This morning, the group has reported full year results to 31 December 2023, illustrating the challenging market backdrop. While underlying trading was robust, with good demand being seen for new loans, provisions for bad debts relating to historical loans of £728k in the year led to a decrease in PBT to £2.1m (WHI est. £2.4m, FY22 £2.8m). Looking ahead, although VCA
Companies: Vector Capital PLC
Real progress towards significant value generation
Companies: Tern PLC
Progressive Equity Research