UBS 3Q 2018 Results: Strong Beat but Guidance Lacks Ambition
Narrow-moat UBS reported year-on-year pretax profit growth of 37% to CHF 1.7 billion for third-quarter 2018, meaningfully ahead of consensus, which was looking for CHF 1.3 billion for the quarter. We do not forecast on a quarterly basis, but with three quarters of 2018 reported, UBS has achieved 80% of our 2018 profit before tax estimate of CHF 6.5 billion. Bar a severe slump, we are confident that UBS will achieve our 2018 estimate, and we maintain our narrow moat rating and our fair value esti...UBS Group is a holding company. Through its subsidiary, UBS, Co. provides financial services including advisory services, underwriting, financing, market making, asset management and brokerage and retail banking. Co.'s operations are organized along five segments: Wealth Management (financial services to high net worth and ultra high net worth individuals as well as private and corporate clients); Wealth Management Americas (advice-based solutions for ultra high net worth, high net worth and core affluent individuals and families); Personal & Corporate Banking (provides financial products and services to private, corporate and institutional clients); Asset Management and Investment Bank.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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