Morningstar

Julius Baer Gruppe AG BAER

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Stock XSWX Rating as of
CHF 51.92 +0.48 (0.93%)
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As of Delayed Price Closed

Company Report

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Julius Baer Is a Unique Pure-Play Wealth Manager

Johann Scholtz

The strong secular trend where very wealthy individuals grow their wealth ahead of the growth in global GDP is set to remain in place. The demand for bespoke financial planning and wealth management services will continue to be strong. However, we anticipate that fee margins will remain under pressure as competition increases with many financial services firms expanding their presence in the wealth management market.

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Price vs Fair Value

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BAER is trading at a 433% premium.
Price
CHF 51.92
Fair Value
CHF 24.00
Uncertainty
High
1-Star Price
CHF 556.80
5-Star Price
CHF 76.60
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Julius Baer is the largest publicly listed pure-play private bank. Its growth prospects and profitability are not diluted by other slow-growing, unprofitable or more risky business units. Most other listed private banks' shares suffer from low liquidity and are much smaller.

Bears

Wealth management is becoming a crowded space with multiple new entrants that are putting pressure on margins.

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News

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Trading Information

Previous Close Price
CHF 51.44
Day Range
CHF 51.32–52.10
52-Week Range
CHF 42.98–59.96
Bid/Ask
CHF 51.40 / CHF 52.10
Market Cap
CHF 10.63 Bil
Volume/Avg
292,517 / 510,073

Key Statistics

Price/Earnings (Normalized)
25.28
Price/Sales
2.82
Dividend Yield (Trailing)
5.01%
Dividend Yield (Forward)
5.01%
Total Yield
5.96%

Company Profile

Julius Baer was founded in 1890 and expanded significantly in 2005 when it acquired three Swiss private banks and Global Asset Management from its far larger Swiss rival, UBS. In 2009, Baer spun off GAM as a separately listed firm. The acquisition of Merrill Lynch's wealth management operations outside of the US in 2012 increased Baer's assets under management by 40% and increased its footprint outside of Europe. Julius Baer is currently the largest pure-play private bank globally Baer provides private banking services principally to individuals in Switzerland and Europe and increasingly in Asia and other emerging markets.
Sector
Financial Services
Industry
Asset Management
Stock Style Box
Mid Core
Total Number of Employees
7,425
Website
https://www.juliusbaer.com

Competitors

Valuation

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Metric
BAER
UBS
AMUN
Price/Earnings (Normalized)
 25.2810.4410.66
Price/Book Value
 1.721.181.21
Price/Sales
 2.822.282.39
Price/Cash Flow
 9.0012.1611.03
Price/Earnings
BAER
UBS
AMUN

Financial Strength

Metric
BAER
UBS
AMUN
Quick Ratio
 ——0.82
Current Ratio
 ——2.15
Interest Coverage
 ——11.81
Quick Ratio
BAER
UBS
AMUN

Profitability

Metric
BAER
UBS
AMUN
Return on Assets (Normalized)
 0.39%0.22%3.55%
Return on Equity (Normalized)
 6.30%4.21%11.42%
Return on Invested Capital (Normalized)
 ——9.84%
Return on Assets
BAER
UBS
AMUN

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