United Bankers H1'25: We are still waiting for earnings growth to resume
22 augusti, 09:44
UB's H1 report was clearly better than expected in terms of numbers. However, the earnings beat was largely due to performance fees, and changes in forecasts have remained minimal. We are still positive on the company's long-term outlook, but in the short term, there are few share price drivers as earnings are going in the wrong direction and the valuation is neutral. We revise our target price for UB to EUR 18.0 (was EUR 19.0) and reiterate our Reduce recommendation.
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United Bankers H1'25: We are still waiting for earnings growth to resume
22 augusti, 09:44
UB's H1 report was clearly better than expected in terms of numbers. However, the earnings beat was largely due to performance fees, and changes in forecasts have remained minimal. We are still positive on the company's long-term outlook, but in the short term, there are few share price drivers as earnings are going in the wrong direction and the valuation is neutral. We revise our target price for UB to EUR 18.0 (was EUR 19.0) and reiterate our Reduce recommendation.
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