Analyst Note| Johann Scholtz, CFA |
Narrow-moat UBS booked net attributable profit of $2 billion for the second quarter of 2021, compared with the $1.2 billion it reported for the second quarter of 2020. UBS smashed the $ 1.3 billion estimate of the consensus of analysts polled by UBS itself. We expect that we will increase our earnings estimate and our CHF 16/share fair value estimate for UBS on the back of these strong results. We keep our narrow moat rating.