United Bankers: Sales should pick up clearly in early 2024
In light of the numbers, the H2 report was slightly better than we expected, and the guidance indicating earnings growth was also a positive surprise. The distribution of the fees was somewhat weaker than we expected, which together with subdued new sales left a neutral overview of the report. We made positive revisions to our forecasts and still expect good earnings growth from the company in the coming years, driven by a pick-up in new sales. Compared to our forecasts, the valuation is favorable and we find the return/reward ratio attractive.
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United Bankers
United Bankers operates in the financial industry. The bank offers a wide range of financial services in asset and fund management, as well as structured investment and corporate loans. The advice covers a large part of the major financial markets on a global level and includes both listed and unlisted companies, as well as a selection of listed funds and derivatives. The bank was founded in 1986 and is headquartered in Helsinki.
Read more on company pageKey Estimate Figures17.02.
2023 | 24e | 25e | |
---|---|---|---|
Revenue | 52.1 | 55.3 | 60.3 |
growth-% | 7.48 % | 5.93 % | 9.11 % |
EBIT (adj.) | 17.0 | 18.0 | 20.4 |
EBIT-% (adj.) | 32.56 % | 32.50 % | 33.75 % |
EPS (adj.) | 1.23 | 1.23 | 1.40 |
Dividend | 1.00 | 1.10 | 1.20 |
Dividend % | 6.94 % | 6.11 % | 6.67 % |
P/E (adj.) | 11.67 | 14.65 | 12.89 |
EV/EBITDA | 7.65 | 8.95 | 7.91 |