Vontobel half-year results 2019: Publication of consensus collection of sell side analysts

1/2 Financial News / July 17, 2019

Vontobel half-year results 2019: Publication of consensus collection of sell side analysts

In order to provide transparency Vontobel publishes the results of the consensus collection conducted among sell side analysts covering Vontobel

The consensus published here is based on estimates received from analysts independent from Vontobel Holding AG and its subsidiaries ('Vontobel'). As far as Vontobel is aware, seven sell side analysts regularly publish written reports about Vontobel at present (see https://www.vontobel.com/en-ch/about-vontobel/investor-relations/equity-analysts/). All of these analysts were asked to submit their estimates using a form that covers each of the estimated values listed here and should thus facilitate comparisons. Vontobel received estimates from a total of six analysts in the period from July 2 to July 16, 2019. The consensus published here is based on the arithmetic mean of the estimates received.

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Vontobel

At Vontobel, we actively shape the future. We create and pursue opportunities with determination. We master what we do - and we only do what we master. This is how we get our clients ahead. As a globally operating financial expert with Swiss roots, we specialize in wealth management, active asset management and investment solutions. We empower our colleagues to take ownership of their work and bring opportunities to life. Because we are convinced that successful investing starts with assuming personal responsibility. We relentlessly question the achieved, striving to exceed the goals and expectations of our clients. The registered shares of the Vontobel Holding AG are listed on the SIX Swiss Exchange. The Vontobel families' close ties to the company guarantee our entrepreneurial independence. We consider the resulting freedom an obligation to assume social responsibility as well. As of December 31, 2018, Vontobel held around CHF 247 billion of client assets. Throughout our 27 offices worldwide about 2,000 employees service our clients.

Legal information

This media release is intended solely for information purposes and is expressly not addressed to any person who by domicile or nationality is prohibited to receive such information according to the applicable law. The information and views contained in it do not constitute a request, offer or recommendation to use a service, to buy or sell investment instruments or to conduct other transactions. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other outcomes described or implied in forward-looking statements will not be achieved.

Vontobel

Gotthardstrasse 43, 8022 Zürich Switzerland

T [phone] vontobel.com

Estimates for Vontobel

											High	Low
	Group		H1 2019 E		2019 E		2020 E		2021 E		H1 2019 E	H1 2019 E
	Operating income (CHF mn)		608.9		1221.2		1298.8		1363.5		621.6	600.0
	Operating expense (CHF mn)		463.2		920.9		941.7		973.6		476.9	453.0
	o/w provisions & losses (CHF mn)		2.7		5.0		5.7		5.9		5.3	1.7
	Profit before tax		145.4		298.7		357.2		389.9		158.2	133.2
	Group net profit including minority interests (CHF mn)		119.4		245.3		293.1		320.0		131.3	109.2
	Group net profit excluding minority interests (CHF mn)		114.6		235.1		282.2		308.6		128.8	102.7
	Non recurring items (net, after tax)		-7.3		-8.8		0.0		0.0		-4.0	-10.0
	Adjusted Group net profit including minority interests (CHF mn)1	126.7	254.1	293.1	320.0	128.9	117.4
	CET1 capital ratio	12.7%	13.2%	14.7%	16.1%	13.0%	12.5%
	Cost/Income	75.6%	75.0%	72.1%	71.0%	77.8%	74.7%
	Total advised client assets (CHF bn)		221.3		228.9		243.6		256.3		268.3	201.7
	AuM (CHF bn)		184.6		190.5		201.6		213.1		188.5	180.4
	NNM (CHF bn)		4.3		7.1		7.7		7.6		8.4	2.0
	EPS (CHF; basic)		2.06		4.22		5.07		5.54		2.31	1.86
	Dividend (CHF)				2.36		2.71		2.97
	Combined Wealth Management (Wealth Management & EAM business)		H1 2019 E		2019 E		2020 E		2021 E		H1 2019 E	H1 2019 E
	Operating income (CHF mn)		233.7		471.3		504.6		536.2		243.9	223.9
	Operating expense (CHF mn)		161.7		328.5		334.8		349.0		174.5	153.8
	o/w provisions & losses (CHF mn)		1.9		3.5		3.5		3.6		3.3	0.8
	Profit before taxes (CHF mn)		71.1		141.6		166.7		182.6		79.0	67.0
	Cost/Income	68.4%	69.0%	65.6%	64.4%	71.2%	67.2%
	Total advised client assets		76.2		79.9		85.6		90.0		85.1	71.5
	AuM (CHF bn)		72.1		74.4		79.0		83.5		83.6	68.5
	NNM (CHF bn)		28.4		258.0		487.1		516.4		164.3	0.7
	Gross margin (bp)		68		68		68		68		69	67
	Asset Management		H1 2019 E		2019 E		2020 E		2021 E		H1 2019 E	H1 2019 E
	Operating income (CHF mn)		227.2		465.8		498.4		522.3		230.7	222.3
	Operating expense (CHF mn)		142.1		290.8		303.4		313.4		144.2	140.1
	o/w provisions & losses (CHF mn)		0.3		0.5		0.4		0.4		0.7	0.0
	Profit before taxes (CHF mn)		87.6		181.3		202.8		216.4		100.0	79.9
	Cost/Income	62.4%	62.3%	60.8%	59.9%	64.4%	61.4%
	Total advised client assets (CHF bn)		127.4		131.2		138.1		144.7		131.5	124.0
	AuM (CHF bn)		113.1		116.8		124.1		131.2		116.6	110.7
	NNM (CHF bn)		2.7		5.1		5.0		4.9		4.1	2.0
	Gross margin (bp)		41		41		41		41		42	41
	Financial Products (Investment Banking excl. EAM business)		H1 2019 E		2019 E		2020 E		2021 E		H1 2019 E	H1 2019 E
	Operating income (CHF mn)		143.9		275.7		291.1		301.9		163.3	127.8
	Operating expense (CHF mn)		104.9		207.8		215.4		221.3		113.0	101.4
	o/w provisions & losses (CHF mn)		0.4		0.5		0.5		0.5		1.0	-0.3
	Profit before taxes (CHF mn)		37.5		68.8		77.1		82.0		50.3	26.5
	Cost/Income	72.6%	75.2%	73.8%	73.1%	79.1%	69.2%
	Structured products outstanding (CHF bn)		8.1		7.9		8.6		9.2		8.6	7.5
	Corporate Center		H1 2019 E		2019 E		2020 E		2021 E		H1 2019 E	H1 2019 E
	Operating income (CHF mn)		5.9		8.9		9.2		9.7		10.0	-0.4
	Non recurring items (net, before tax)		-7.3		-8.6		-0.6		-0.6		-1.5	-10.0
	Profit before taxes (CHF mn)		-50.9		-93.1		-89.4		-90.1		-42.6	-65.6