2024-04-10 10:11:22 ET
Summary
- Shares of Julius Baer have underperformed European financials by a wide margin over the past year, following the emergence of sour loans in its private debt business.
- Although a big misstep for the bank, this is a small part of Baer's overall loan book and should be contained from here.
- At 11.5x underlying 2023 EPS, these shares still trade around 20% below levels seen early last year, pointing to attractive medium-term upside.
Swiss wealth manager Julius Baer (JBAXY)(JBARF) has been a disappointing performer over the past year, underperforming wider European financials ( EUFN ) by around 35ppts following the disclosure of significant levels of sour loans in its private debt business....
Read the full article on Seeking Alpha
For further details see:
Julius Baer: Shares Still Good Value After Private Debt Debacle