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Morningstar’s Analysis

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UBS' Q3 2021 Another Sterling Quarter, Increasing Our Fair Value Estimate to CHF 19 From CHF 16

Johann Scholtz, CFA Equity Analyst

Analyst Note

| Johann Scholtz, CFA |

Narrow-moat UBS booked a net attributable profit of $2.3 billion for third-quarter 2021, 9% higher than the $2 billion it reported in 2020. A capital gain of $631 million inflated the 2020 third-quarter base, and the normalised increase was even more impressive. The consensus of analysts polled by UBS expected only $1.6 billion for the quarter--a 43% earnings beat. We increase our fair value estimate to CHF 19/share from CHF 16/previously on the back of these strong results. We maintain our narrow moat rating.

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Company Profile

Business Description

UBS is the world’s largest wealth manager and is the product of multiple mergers over the years. Apart from wealth and asset management, it operates a universal bank in Switzerland and a global investment bank.

Bahnhofstrasse 45
Zurich, CH-8001, Switzerland
T +41 442341111
Sector Financial Services
Industry Banks - Diversified
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 47,227