UBS’s stellar financial performance in the third quarter reinforces its position as the best-performing big bank stock in Europe. This was revealed in the last results announcement by CEO Sergio Ermotti.
With M&A gaining traction across the continent, the boost to UBS’s share price of these unexpectedly good Q3 numbers means the bank is even better-placed to lead this trend, as Ermotti’s successor, ex-ING CEO Ralph Hamers, takes over as chief executive on November 1.
While the Swiss firm is trading at a discount to its equity book value of about 25%, that compares with an average of almost 40% across western Europe and more than 50% in the eurozone, according to research from Citi.
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