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UBS

UBS

$13.22

-0.4 (-2.94%)

05:36
10/25/18
10/25
05:36
10/25/18
05:36

UBS reaffirms strategy and ambitions, outlines plans for profit growth

UBS will intensify its focus on delivering growth with further emphasis on capital and cost efficiency. The firm expects to grow revenues at least as fast as real GDP growth, while delivering positive operating leverage. UBS remains strongly positioned to benefit from positive long-term secular growth trends, including global wealth creation and economic expansion in Asia Pacific. UBS's business model is capital efficient and highly capital accretive. The firm remains committed to its attractive capital returns policy. UBS targets to grow its ordinary dividend per share at mid-to-high single digit percent per annum. The bank expects to return excess capital, after dividend accruals, likely in the form of share repurchases after considering its outlook and subject to regulatory approval. In the first quarter of 2018, UBS announced a share repurchase program and an intention to repurchase up to CHF 550 million of shares this year. The firm has already exceeded its target for 2018 by repurchasing CHF 650 million of its shares. Global Wealth Management outlines plans to deliver PBT growth at the higher end of its 10-15% target PBT growth range : It reaffirmed its plan to deliver 10-15% pre-tax profit growth over the cycle in its Global Wealth Management business division. UBS's ambition is to grow profits at the upper end of the target range over the 2019-2021 period. The business division will also target net new money growth of 2-4% per annum while aiming for at least 3% growth by 2021. The strategic plan for Global Wealth Management focuses on accelerating growth in key geographies, including the Americas and Asia Pacific, as well as strengthening its leadership position in the ultra-high net worth segment. Expansion in the American ultra-high net worth segment alone is expected to contribute significant net new money over the next three years. The business also aims to grow through higher penetration in mandates and banking products. Global Wealth Management further plans to deliver total annualized gross savings of around CHF 250 million including the CHF 100 million savings announced earlier this year, to be reinvested to support future growth, including technology solutions to improve client experience and enhance advisor capabilities. Refined efficiency targets for Group and business divisions; aiming for approximately 72% adjusted Group cost/income ratio in 2021. UBS expects to reduce reported Corporate Center costs, including restructuring, by CHF 800 million over the next three years. Targeting Group reported return on CET1 capital of approximately 15% in 2019 and approximately 17% ambition for 2021, even as CET1 capital increases.

UBS UBS
$13.22

-0.4 (-2.94%)

01/18/18
FBCO
01/18/18
UPGRADE
FBCO
Outperform
Credit Suisse upgrades UBS after ultra high net worth market analysis
Credit Suisse analyst Jon Peace upgraded UBS to Outperform from Neutral and raised his price target for the shares to 22 francs from 17.50 francs. An analysis of global growth trends in the ultra high net worth market implies net new money growth could be near double current consensus, Peace tells investors in a research note. The analyst believes the end of tax regularization outflows in Q2 will see UBS Wealth deliver net new money at the top end of its 3%-5% guidance. Further, he believes the market is pricing in too low a probability of a buyback.
02/14/18
02/14/18
DOWNGRADE
Target $48

Hold
Luxoft downgraded to Hold on 'elongated turnaround' at Pivotal Research
As previously reported, Pivotal Research analyst Lou Miscioscia downgraded Luxoft (LXFT) to Hold from Buy, as he now expects most of FY19 to be "a struggle." He had expected the company's two biggest customers - namely Deutsche Bank (DB) and UBS (UBS) - to be about flat for FY19, but now they are suggested to be down 20% and 5%, respectively, Miscioscia said. Noting also that the company cut its FY18 guidance along with its Q3 report, the analyst lowered his price target on Luxoft to $48 from $70.
05/22/18
JPMS
05/22/18
NO CHANGE
JPMS
Overweight
UBS added to European Analyst Focus List at JPMorgan
JPMorgan analyst Kian Abouhossein added UBS to his firm's European Analyst Focus List saying the company's newly merged wealth management business is the best-positioned globally relative to peers. The analyst calls UBS his top pick in wealth management.
07/25/18
SOCG
07/25/18
UPGRADE
SOCG
Buy
UBS upgraded to Buy from Hold at Societe Generale
Societe Generale analyst Andrew Lim upgraded UBS to Buy and raised estimates to reflect modestly higher revenues and increasing momentum on buybacks.

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OBLN

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