Sale has made a report on the United Bankers gang. 
UB’s H1 report was clearly better than forecasts in terms of numbers. However, the earnings beat was largely due to performance fees, and forecast changes have remained marginal. We continue to have a positive view on the company’s long-term outlook, but in the short term, share price drivers are scarce as earnings move in the wrong direction and valuation is neutral. We revise our target price for UB to EUR 18.0 (previously EUR 17.0) and reiterate our reduce recommendation.
Quoted from the report:
No surprises in the outlook
UB, as expected, reiterated its guidance and estimated that its operating profit would remain clearly below the 2024 level. Although H1 was clearly better than our expectations, the guidance is still very valid as 2024 numbers were exceptionally strong due to the divestment of the NFF2 fund.
Regarding the outlook, the company was cautiously optimistic, which is in line with comments from the rest of the sector. Geopolitical tensions have eased, and capital market development has been strong despite turbulence. We expect the market situation to gradually improve, but H2 is unlikely to bring major fireworks, especially from the alternative side.