Here are Sale’s preliminary comments as UB announces its H1 results on Thursday. 
The beginning of the year has been sluggish for the company, and new sales have remained at a subdued level. Earnings will decline significantly from the comparison period, which was colored by record-high performance fees. The greatest interest in the report focuses on the outlook for new sales and potential measures to boost new sales.
Kassu interviewed UB’s CEO John Ojanperä regarding H1.
Topics:
00:00 Summary
00:56 Sales
02:15 Performance-based fees
03:00 Outlook
03:57 Product offering
05:36 International sales
06:34 Potential return of timber imports from Russia
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.
This video can also be found on the Inderes Nordic channel, where Sale interviews UB’s CEO, John Ojanperä.
Topics:
00:00 Intro 00:04 Highlights 01:16 Sales picture 02:38 Wealth management 04:15 Key funds 06:21 International sales 08:32 Forest products 10:33 Wood pricing 12:09 Finnish asset management
United Bankersin suuromistaja osti yhtiön osakkeita noin 48 000 eurolla | Kauppalehti.
Rasmus Finnilä, a board member and co-founder of United Bankers, purchased company shares for approximately 48,000 euros.
The latest UB fund interview has been published!
Topics:
00:00 Energy Park
06:42 Subscription in October
07:55 Other projects
10:37 Development portfolios
12:20 Market outlook
UB’s international cooperation regarding the investment bank: UB Corporate Finance ja Clairfield International aloittavat neuvonantajakumppanuuden - Inderes
It’s good to note at the outset that the investment bank’s share of the company’s revenue is only a few percent, meaning these are minor matters from the group’s perspective. We believe the cooperation is logical, as at its best it improves UB’s deal flow and, on the other hand, it enhances UB’s credibility in larger transactions (UB is still a relatively small player in the market). As far as I understand, no money changes hands here, so in this sense, it’s a smart move.
CEO John Ojanperä was at the Investor Days presenting his company as an investment.
Sauli is a diligent proletarian and has completed UB’s company report this Monday evening
*UB’s sales have picked up after a sluggish start to the year, but the sales engine is still running at suboptimal capacity. A key challenge is the company’s spearhead funds, whose sales are sluggish. In this report, we have examined the sales prospects
Here are Sauli’s comments on how United Bankers is expanding as expected into PE funds
United Bankers announced on Monday that it is expanding its product range into the private equity market (Private Equity) with a new special investment fund. The move is in line with our view, and we believe it is justified for the company to expand its product offering to boost new sales. The news does not cause immediate changes to our forecasts, but we consider the opening to be strategically sensible.