Julius Baer Gruppe AG

BAER: XSWX (CHE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CHF 49.00	Lrcl	Ftjffpbjm

Increasing Julius Baer’s FVE to CHF 69 From CHF 57, Modeling Higher Assets Under Management

Johann Scholtz

Jul 29, 2021

After updating our model, we increase our fair value estimate for Julius Baer to CHF 69 per share from CHF 57 per share previously. We keep our wide economic moat rating. On a midcycle basis we estimate that Julius Baer can generate a return on tangible equity of 20%, comfortably ahead of the 8% we estimate for its cost of capital.

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