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
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United Bankers is a Finnish expert on wealth management and investment markets, established in 1986. It is one of the oldest non-bank asset managers in Finland. The Group's wealth management business includes funds, discretionary portfolio management, and structured investment products. In its funds, United Bankers specialises in real asset investment solutions, focusing on forest, real estate, infrastructure, and renewable energy. The company also provides capital markets services. United Bankers' headquarters is located in Helsinki.
Read more on company pageKey Estimate Figures17.02.2024
| 2023 | 24e | 25e |
|---|
| 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 % | 6.18 % | 6.74 % |
| P/E (adj.) | 11.67 | 14.49 | 12.74 |
| EV/EBITDA | 7.65 | 8.85 | 7.81 |
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