Julius Baer: Shares Still Good Value After Private Debt Debacle [Seeking Alpha]
JULIUS BAER GRP UNSP/ADR (JBAXY)
NASDAQ:AMEX Investor Relations:
juliusbaer.com/group/en/investors
Company Research
Source: Seeking Alpha
Although a big misstep for the bank, this is a small part of Baer's overall loan book and should be contained from here. At 11.5x underlying 2023 EPS, these shares still trade around 20% below levels seen early last year, pointing to attractive medium-term upside. Swiss wealth manager Julius Baer ( OTCPK:JBAXY OTCPK:JBARF ) has been a disappointing performer over the past year, underperforming wider European financials ( EUFN ) by around 35ppts following the disclosure of significant levels of sour loans in its private debt business. While an uncharacteristic misstep for Baer, this is a relatively small part of its overall business, and having cleared the decks last year it should not pose any further problems going forward. At around 11.5x underlying EPS and 20% below levels seen last year before this issue emerged, these shares look like good value, and I open my coverage of them with a 'Buy' rating. Company Overview Julius Baer is a relatively straightforward business as
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