Financials Julius Bär Gruppe AG OTC Markets

Equities

JBAXY

US48137C1080

Banks

Market Closed - OTC Markets Other stock markets 20:59:31 05/06/2024 BST			5-day change	1st Jan Change
12.15 ^USD	+0.33%		+4.02%	+8.82%

06-04	Copper dips below $10,000 as consolidation continues	RE
05-28	UBS Maintains Julius Bär Gruppe at Buy, Raises PT	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	10,883	10,970	12,629	10,869	9,713	11,142	-	-
Enterprise Value (EV) ¹	19,120	18,701	14,099	16,505	15,953	17,412	17,250	17,087
P/E ratio	23.3 x	15.8 x	12.1 x	11.8 x	21.3 x	11.2 x	9.52 x	8.63 x
Yield	3%	3.43%	4.25%	4.83%	5.51%	4.9%	5.47%	6%
Capitalization / Revenue	3.22 x	3.06 x	3.27 x	2.82 x	3 x	2.77 x	2.61 x	2.48 x
EV / Revenue	5.65 x	5.22 x	3.65 x	4.28 x	4.92 x	4.33 x	4.03 x	3.81 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	1.72 x	1.71 x	1.9 x	1.77 x	1.57 x	1.72 x	1.6 x	1.49 x
Nbr of stocks (in thousands)	217,970	215,099	206,427	201,809	206,002	204,816	-	-
Reference price ²	49.93	51.00	61.18	53.86	47.15	54.40	54.40	54.40
Announcement Date	03/02/20	01/02/21	02/02/22	02/02/23	01/02/24	-	-	-

¹CHF in Million²CHF

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,383	3,583	3,858	3,853	3,240	4,017	4,277	4,487
EBITDA	-	-	-	-	-	-	-	-
EBIT ¹	917	1,114	1,396	1,313	1,182	1,086	1,258	1,509
Operating Margin	27.11%	31.09%	36.18%	34.08%	36.49%	27.04%	29.42%	33.63%
Earnings before Tax (EBT) ¹	566	845.9	1,259	1,083	513.8	1,181	1,374	1,478
Net income ¹	465	698.6	1,082	950	454	981.4	1,130	1,202
Net margin	13.75%	19.5%	28.05%	24.66%	14.01%	24.43%	26.42%	26.8%
EPS ²	2.140	3.230	5.060	4.560	2.210	4.877	5.717	6.303
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	1.500	1.750	2.600	2.600	2.600	2.668	2.976	3.263
Announcement Date	03/02/20	01/02/21	02/02/22	02/02/23	01/02/24	-	-	-

¹CHF in Million²CHF

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2
Net sales ¹	1,684	1,851	1,732	1,993	1,865	1,865	1,988	2,029	1,210
EBITDA	536.3	-	-	-	-	-	-	-	-
EBIT	-	-	497.5	-	-	-	-	-	-
Operating Margin	-	-	28.72%	-	-	-	-	-	-
Earnings before Tax (EBT)	148	-	-	-	-	-	-	-	-
Net income	122	491	207.6	-	-	-	-	531.8	-
Net margin	7.24%	26.53%	11.99%	-	-	-	-	26.21%	-
EPS	0.5600	-	0.9600	2.810	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-
Announcement Date	03/02/20	20/07/20	01/02/21	21/07/21	02/02/22	25/07/22	02/02/23	24/07/23	01/02/24

¹CHF in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	8,237	7,731	1,469	5,636	6,240	6,270	6,108	5,946
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	12.6%	15.2%	17.4%	16.1%	15.2%	16.1%	17.6%	18.1%
ROA (Net income/ Total Assets)	0.75%	0.9%	1.01%	0.95%	0.94%	0.97%	0.99%	0.98%
Assets ¹	61,712	77,236	106,769	100,423	48,504	101,669	114,379	122,801
Book Value Per Share ²	29.10	29.90	32.20	30.40	30.10	31.70	33.90	36.40
Cash Flow per Share	-	5.730	6.620	6.490	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	03/02/20	01/02/21	02/02/22	02/02/23	01/02/24	-	-	-

¹CHF in Million²CHF

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Julius Bär Gruppe AG

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

54.4 CHF

Average target price

61.56 CHF

Spread / Average Target

+13.17%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

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