Switzerland's VZ Holding H1 revenue, profit rises; sees similar H2 growth
Switzerland's VZ Holding H1 revenue, profit rises; sees similar H2 growth
Overview
Switzerland financial services firm's H1 revenue rose 13.9%, net profit up 17.7% yr/yr
Growth driven by strong stock market and rising demand for financial advice
Assets under management rose 19.8% to CHF 67.7 bln
Outlook
VZ Holding expects H2 growth rates similar to H1, assuming stable financial markets
Company says rising demand for financial advice set to support future business growth
VZ Holding expects dividend to rise in line with profit growth
Result Drivers
STOCK MARKET PERFORMANCE - Co said positive stock market performance contributed to above-average business growth
ASSET MANAGEMENT REVENUES - Revenues from assets under management rose 18.2% to CHF 216.6 mln, supporting overall revenue growth
CLIENT DEMAND - Strong demand for financial advice led to a 6.7% rise in consulting fees and more than 5,100 new clients using platform services
Company press release: ID:nEQ9v7bPKa
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
H1 Revenue | Slight Beat* | CHF 316.49 mln | CHF 315.10 mln (1 Analyst) |
H1 Net Income |
| CHF 131.90 mln |
|
H1 EBIT |
| CHF 153.14 mln |
|
*Applies to a deviation of less than 1%; not applicable for per-share numbers.
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the investment management & fund operators peer group is "buy"
Wall Street's median 12-month price target for VZ Holding AG is CHF181.00, about 11.2% above its August 13 closing price of CHF162.80
The stock recently traded at 23 times the next 12-month earnings vs. a P/E of 22 three months ago
Reuters Recommended Reads
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Aug 12 - Singapore's CapitaLand Investment H1 profit up 14% on higher fund management fees
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.
(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)