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Morningstar’s Analysis

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Economic Moat




UBS Can Return As Much as 10% of Its Market Value to Shareholders Soon

Johann Scholtz, CFA Equity Analyst

Analyst Note

| Johann Scholtz, CFA |

Narrow-moat UBS reported another very strong quarter, profit before tax increased by 41% year on year to $2,1 billion--this is after adjusting for items of a one-off nature. Revenue of $8.5 billion for third-quarter 2020 was comfortably ahead of the $7.9 billion the analyst consensus collected by UBS expected. We estimate that UBS will return $4.6 billion, or 10% of its current market value, to investors through dividends and share buybacks, provided the regulator lifts the ban on dividends. We increase our fair value estimate to CHF 14/share, and 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, 8001, Switzerland
T +41 442341111
Sector Financial Services
Industry Banks - Diversified
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type
Employees 90,000