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• The Swiss government and regulators partly ousted the shareholders and AT1 bondholders via an emergency law on Sunday
• UBS will take over Credit Suisse. CS shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares held
• UBS benefits from CHF25bn of downside protection. CS’s Additional Tier 1 Capital of approximately CHF16bn will be written down to zero
• UBS is committed to a progressive cash dividend but has temporarily suspended share repurchases
• Cost reductions of m
Companies: Credit Suisse Group AG
• Net result attributable to shareholders was a loss of CHF1.4bn for Q4 22 (CHF7.3bn for 2022) compared to a loss of CHF2.1bn for Q4 21 (CHF1.65bn for 2021)
• Net new money outflow was CHF123bn for 2022 compared to an inflow of CHF31bn for 2021. The outflow in Q4 22 was CHF111bn.
• Credit Suisse acquires the Klein Group for a purchase price of $175m, the investment banking business of Michael Klein, the designated CEO of CS First Boston
• Capital increase of around CHF4.0bn announced
• Non pre-emptive placement of 462m shares to raise CHF1.8bn and new shareholder Saudi National Bank to hold 9.9%
• Capital increase with rights issue of 889.4m shares to raise CHF2.2bn at the end of November
• Expected offer price of CHF2.52 per share for the capital increase with rights issue
• Capital increase of around CHF4.0bn announced
• The Investment Bank unit will be split into four units including a bad bank (NCU) and CS First Boston as an independent Capital Markets and Advisory bank
• Core Return on Tangible Equity (RoTE) of more than 8%; Group RoTE of ~6%
• Revenues declined by 30% to CHF3.8bn for Q3 22 compared to Q3 21
• Total operating expenses were down by 10% to CHF4.1bn for Q3 22
• The net result attributable to shareholders was a loss of CHF4.0bn for Q3 22
• CS announced a new strategy and transformation plan
• Revenues declined by 29% to CHF3.65bn for Q2 22 compared to Q2 21
• Total operating expenses rose by 10% to CHF4.75bn for Q2 22
• Net result attributable to shareholders was a loss of CH1.6bn for Q2 22
• CS announced the resignation of the CEO and the appointment of a successor
• Credit Suisse has again issued a profit warning, this time for Q2 22
• Credit Suisse expects to report a loss of the Investment Bank division which leads to a loss for the group for Q2 22
• We would be not surprised were the CEO to be replaced
• Revenues declined by 42% to CHF4.4bn for Q1 22 compared to Q1 21
• Provisions for credit losses were income/releases of CHF110m for Q1 22 compared to a loss of CHF4.4bn for Q1 21
• Net result attributable to shareholders was a loss of CH273m for Q1 22 compared to a loss of CHF252m for Q1 21
• CS announced that three executive board members will step down
• The Q1 22 of Credit Suisse started as Q4 21 ended: with a profit warning
• Credit Suisse will increase legal provisions and expects a loss in reported earnings for the first quarter 2022
• Net result attributable to shareholders was a loss of CHF2.0bn for Q4 21 compared to a loss of CHF353m for Q4 20, which is worse than our expectations.
• Q4 21 figures were impacted by a goodwill impairment (DLJ) of CHF1.6bn and some legacy items of CHF0.4bn as announced before.
• Net new money inflow was CHF31bn for 2021.
• FY2022 will be a transition year for Credit Suisse, which is affected by restructuring costs and higher compensation costs.
• Q4 21 will be negatively impacted by litigation provisions of around CHF500m
• Group CET1 ratio is expected to exceed 14% at year-end 2021
• Reduce Investment Bank capital by more than CHF3bn and invest it in Wealth Management
• Management wants to shift CHF1-1.5bn of costs to invest more in technology
• Switch of organisation structure to a matrix of global business and regions
• New RoTE target of above 10% by 2024 from 10-12% before
• Net profit declined by 21% to CHF434m for Q3 21 compared to Q3 20 but ahead of consensus
• Provisions for credit losses rose from CHF94m for Q3 20 to a credit of CHF144m for Q3 21
• Net new money inflow was CHF5.6bn for Q3 21 compared to CHF18bn for Q3 20
• Group strategy was updated at an Investors Day today
• Revenues were down by 18% to CHF5.1bn for Q2 21 compared to Q2 20.
• CHF594m charge on the Archegos default was partly offset by a pre-tax gain of CHF298m from Allfunds.
• Pre-tax profit was down by 48% to CHF813bn for Q2 21 compared to a strong Q2 20 result. The high tax ratio burdened net profit.
• Net new money outflow was CHF4.7bn for Q2 21 compared to an inflow of CHF9.8bn for Q2 20.
• CHF4.4bn charge on Archegos default led to a pre-tax profit loss of CHF757m for Q1 21.
• Additional charge of around CHF600m from Archegos expected in Q2 21 but potential release of COVID-19 provisions
• Strong revenues growth of 31% in Q1 21
• CET1 ratio strengthened by the successful placement of 203m new shares via two series of Mandatory Convertible Notes today.
• Swiss regulator FINMA investigates Archegos and Greensill cases at Credit Suisse.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Credit Suisse Group AG.
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Companies: NewRiver REIT plc
Companies: GAL RIO AAU POW BMN GEM EMPR
Regional REIT’s (RGL’s) post-pandemic recovery in new lettings paused in H123, as occupiers adopted a cautious ‘wait and see’ approach, although rents increased and the strong ‘return to the office’ supports RGL’s expectation that leasing will accelerate. With DPS lowered to match reduced income prospects, the shares have fallen sharply, maintaining a sector-high dividend yield. Including asset sales focused on low-income properties, our forecasts show the rebased dividend to be fully covered an
Companies: Regional REIT Ltd.
Companies: NFT Investments PLC
Companies: CML FDEV NRR SSPG RMV AO/ ZIN
£23.3bn in enterprise value has been returned to AIM technology shareholders over the past six years in the form of 51 public to private takeouts, including 10 in 2023 alone with the takeovers of Smoove* and Tribal announced in early October. With UK valuations appearing cheap and looking more attractive to potential acquirers, we take a moment to reflect on the trends of corporate and private equity bidders targeting AIM-listed technology companies going back to 2017, through the uncertainties
Companies: CPX FNX CLBS PEB TIDE CNC ELCO IGP FTC IOM PCIP KBT MAI SRT VNET TRCS ING IQG DOTD TIA RCN NXQ TIG BBB ARC BBSN KRM GETB ACC JNEO SWG RDT QTX SPE CER EXR TRMR XLM BOOM CLX FADL LINV SND
In our last review of Henderson Far East Income (HFEL) in July, Attractive yield despite modest dividend increase, we drew attention to the dividend increase from what is comfortably the highest yielding fund in the AIC Asia Pacific Equity Income sector. It was pleasing to see that in the company’s published full year results to the end of August, the dividends paid by the company were covered and that over £1m was added to the revenue reserves over this period. In this note we examine the drive
Companies: Henderson Far East Income LTD GBP
Princess Private Equity Holding (PEY) posted a year-to-date NAV total return (TR) to end-October 2023 of 4.9%, 2.4% of which was from Q323. PEY’s performance continues to be assisted by portfolio earnings, with last-twelve-month (LTM) revenue and EBITDA growth to end-September 2023 of 16% and 15%, respectively, and sustained healthy average EBITDA margin of 24%. PEY’s balance sheet remains firm with c €134m in undrawn credit facility and €3m in cash, further assisted by the Civica sale proceeds
Companies: Princess Private Equity Holding Limited
Companies: PensionBee Group PLC
BSF Enterprise Plc (BSF) is a biotechnology company focused on acquiring, combining, and building businesses in the lab-grown tissue space. It aims to achieve this through an acquisition-led growth strategy and has already acquired the tissue engineering and cellular agriculture company, 3D Bio Tissues.
Companies: BSF Enterprise PLC
NextEnergy Storage Fund now has 100 operational assets with a combined installed capacity of 933MW and exclusivity over, or ownership of the project rights for, most of its c£500m pipeline of domestic and international solar and energy storage assets. H1/24 performance was robust, with power generation in line with budget and the 36MW Whitecross solar farm energised. The first sale from the asset recycling programme has been completed post-period, with the proceeds being used to reduce short-ter
Companies: NextEnergy Solar Fund Ltd
Edison Investment Research is terminating coverage on European Opportunities Trust (EOT). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.
Previously published reports can still be accessed via our website.
Companies: European Opportunities Trust PLC GBP
R&Q reported an adjusted group pre-tax operating loss for the year to end December 2022 of US$33.3m (2021 (US$21.4m)). The results were in line with guidance from the April trading statement but represented a significant deterioration YoY as strong results from the Accredited program management business were more than offset by losses in the R&Q Legacy insurance business and higher corporate costs. On an IFRS reported basis, R&Q made a loss of US$297.0m (2021 (US$127.1m)) generating a loss per s
Companies: R&Q Insurance Holdings Ltd
Capital Access Group
This morning's announcement from JIM highlights a combination of factors which lead to the company trading below current market expectations. In the light of current market conditions, it will come as no surprise that trading volumes are under pressure. Beyond this, in the interests of reducing any potential risks associated with certain Model “B” clients, and with voluntary restrictions imposed on some of these, Model “B” client numbers, as disclosed in today's RNS, have seen some reduction.
Companies: Jarvis Securities (JIM:LON)Jarvis Securities plc (JIM:LON)