STB ended 2025 on a strong note, with a Q4 group profit 5%/7% above ARCe/Consensus, primarily driven by a very strong contribution from asset management. Underlying trends in volumes, margins and costs were broadly in line with expectations and confirm a solid earnings momentum for STB. Following the report, we raise our 2026-2027 estimates by 2-3%, mainly reflecting stronger contributions from the insurance segment. While STB trades at 15x/13.8x 2026/2027 adj. earnings and is no longer cheap on ....
