2024-04-20 06:02:15 ET
Summary
- Higher going concern on regulatory requirements.
- UBS's capital plans are encouraging, along with a new business plan for revenue and cost estimates.
- The bank's valuation still looks expensive. UBS deepens on Credit Suisse's cost integration development. We remain on the cautious line.
Last week, UBS Group AG ( UBS ) released its nine-month accounts with a full inclusion of Credit Suisse assets. Post H1 results, we reaffirmed a neutral rating valuation for the combined entity. This was mainly due to a Price-to-book value analysis and a higher execution risk for the integration....
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UBS: To Play It Safe