UBS

Note: This is a daily stock update and the information stands true as of 04/02/25, 09:00 CET.

Company update:
FY24 revenues were up 19% to USD46.8bn.
FY24 Net profit came in 6% better than expected at USD5.1bn. Q4 net income at USD770m, a 58% beat vs consensus expectation of USD486m.
Net new money at USD142bn in 2024 compared to USD77bn in 2023. Assets under management (invested assets) increased by 6.6% to USD6.1trn.
Dividend at USD0.9 vs 0.7 last year and above expectations of US0.8
UBS announced a USD3bn SBB program with USD1bn acquired in H2 and
Targets for FY26 were confirmed.

Expert opinion:
The bank continues to deliver strong performance, having recently initiated job cuts impacting hundreds of employees. This strategy will further enhance the cost ratio following the acquisition of Credit Suisse, which posted a loss of USD 900 million for 2024, surpassing the previously anticipated loss of USD 1 billion. We remain confident that the Credit Suisse acquisition will be remembered as one of the best M&A deals in history, positioning UBS for substantial long-term benefits. With an attractive valuation—projected PE ratios of 15.1x for 2025 and 11.5x for 2026—we maintain our recommendation to buy.
 
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