Julius Baer

Note: This is a daily stock update and the information stands true as of 03/02/25, 09:00 CET.

Company update:
Assets under management (AuM) rose by 16% to CHF497bn (vs cons at CHF492bn)  with Net new money at CHF14bn.
Operating income rose by 19% to CHF3.86bn .
Pre tax profit is up105% to CHF1.05bn (impact of last year signa was CHF606m).
Net profit at CHF1.02bn, a 12% beat vs our forecast of CHF910m and cons at CHF928m.
Dividend unchanged at CHF2.6.
The company also announces a 400 jobs cut (5% of the workforce) and will cut the board from 15 members to 5.

Expert opinion:
The results are OK and the announcement of the cost cutting measures are good news. The stock performance since the Signa shock has been strong and the upside only stands at 11%, one of the lowest in our coverage. We expect the stock to react positively on the news of the cost cutting but we believe upside is too limited to buy now. We would rather take profits on the name.  
 
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