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Julius Baer Gruppe AG ADR JBAXY

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Morningstar’s Analysis

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Julius Baer Trading Update: Market Disappointment Creates Buying Opportunity

Johann Scholtz, CFA Equity Analyst

Analyst Note

| Johann Scholtz, CFA |

Wide-moat Julius Baer reported slowing revenue growth in its interim management statement for the 10 months through Oct. 30, 2021. However, we remain confident that the firm can meet our CHF 1 billion net profit estimate for 2021, which would represent a 47% year-on-year growth in earnings. The decline in the gross margin that Julius Baer earns on the assets it manages on behalf of its clients was the major disappointment in the trading update. We maintain our CHF 69 per share fair value estimate and our wide moat rating.

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Company Profile

Business Description

Julius Baer was founded in 1890 and expanded significantly in 2005 when it acquired three Swiss private banks and Global Asset Management, or GAM, from its far larger Swiss rival, UBS. In 2009 Baer spun off GAM as a separately listed firm. The acquisition of Merril Lynch's wealth management operations outside of the U.S. in 2012 increased Baer's assets under management by 40% and increased its footprint outside of Europe. Julius Baer is currently the largest pure-play private bank in Switzerland and the third-largest Swiss private bank. Baer provides private banking services principally to individuals in Switzerland and Europe and increasingly in Asia and other emerging markets.

Bahnhofstrasse 36
Zurich, 8010, Switzerland
T +41 588881111
Sector Financial Services
Industry Asset Management
Most Recent Earnings
Fiscal Year End Dec 31, 2021
Stock Type
Employees 6,667