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MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  UBS Group    UBSG   CH0244767585

UBS GROUP

(UBSG)
  Report
Delayed Quote. Delayed Swiss Exchange - 02/21 06:03:40 am
12.82 CHF   -1.57%
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UBS : Cut Mid-Term Guidance After Missing 2019 Targets -- Earnings Review

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01/21/2020 | 08:10am EST

By Pietro Lombardi

UBS Group AG (UBS) on Tuesday released results for the fourth quarter and the full year, the first large European bank to do so. Here is what you need to know:

NET PROFIT: Quarterly net profit rose to $722 million from $315 million a year earlier, topping analysts' expectations of $682 million, according to a Jan. 9 consensus provided by the bank. Net profit for the year fell almost 5% to $4.30 billion.

REVENUE: Operating income grew 1% to $7.05 billion in the quarter. For the year, it fell to $28.89 billion from $30.21 billion.

WHAT WE WATCHED:

-TARGETS: The bank missed its key targets for 2019. It had targeted a return on CET1 capital of around 15% and an adjusted cost-income ratio of about 77%. Instead, return on CET1 capital was 12.4% for 2019, while the adjusted cost-income ratio stood at 78.9%.

The bank now targets a return on Common Equity Tier 1 capital of between 12% and 15% and a cost-income ratio of 75%-78% through 2022. The bank previously guided for a 2021 return on CET1 capital of around 17%.

"Importantly, this target has been stressed under a wide range of market conditions, whereas the old target relied heavily on revenue growth, half of which was expected to come from beta factors (market appreciation & rate hikes predicated on the forward curve). Hence, although the target has been lowered it should, in theory, be far more reliable," Citi said.

-INVESTMENT BANK: The investment bank swung to an adjusted pretax profit of $198 million from a loss of $5 million. CEO Sergio Ermotti said UBS will continue to streamline the unit.

-WEALTH MANAGEMENT: The wealth management division's adjusted pretax profit soared to $787 million from $302 million. Financial targets for the unit weren't changed, although the bank said it intends to continue investing in the business.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

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Financials (CHF)
Sales 2020 29 315 M
EBIT 2020 6 146 M
Net income 2020 4 515 M
Debt 2020 10 732 M
Yield 2020 5,65%
P/E ratio 2020 10,4x
P/E ratio 2021 10,2x
EV / Sales2020 1,97x
EV / Sales2021 1,94x
Capitalization 47 099 M
Chart UBS GROUP
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Technical analysis trends UBS GROUP
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 13,95  CHF
Last Close Price 13,03  CHF
Spread / Highest target 23,4%
Spread / Average Target 7,10%
Spread / Lowest Target -23,2%
EPS Revisions
Managers
NameTitle
Sergio P. Ermotti Group Chief Executive Officer
Axel A. Weber Chairman
Sabine Keller-Busse Group Chief Operating Officer
Kirt Gardner Group Chief Financial Officer
Reto Francioni Independent Director
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