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.
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 | |
---|---|---|---|
Omsætning | 52,1 | 55,3 | 60,3 |
vækst-% | 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 |
Udbytte | 1,00 | 1,10 | 1,20 |
Udbytte % | 6,94 % | 6,11 % | 6,67 % |
P/E (adj.) | 11,67 | 14,65 | 12,89 |
EV/EBITDA | 7,65 | 8,95 | 7,91 |