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Julius Baer Gruppe AG ADR JBAXY

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Morningstar’s Analysis

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Julius Baer Reports a Solid 2H20, Increased Dividend and a CHF 450 Million Share Buyback

Johann Scholtz, CFA Equity Analyst

Analyst Note

| Johann Scholtz, CFA |

Wide-moat Julius Baer reported net attributable profit of CHF 699 million for its 2020 fiscal year, 50% higher than the CHF 465 million it reported a year ago and ahead of the CHF 659 million we expected. Julius Baer also discloses an adjusted net profit number that excludes certain items it deems non-recurring or of a non-cashflow nature. The reported net adjusted attributable profit of CHF 955 million for 2020 was 24% ahead of the number Julius Baer reported a year earlier. Julius Baer also announced an increase in its dividend to CHF 1.75 per share--compared with the CHF 1.50 per share it paid during 2019. It also indicated that it will resume share buybacks with a new CHF 450 million buyback program that will commence in March 2021. We maintain our CHF 57 per share fair value estimate.

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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, 2020
Stock Type
Employees 6,606