DCF UBS

Company Code
Company Code UBS TEF

Company Name UBS Group AG TEKK
Denominator 1,000,000 TEL
TELA
Profile
Symbol Price Beta Volavg Mktcap Lastdiv Range Changes
UBS 27.9 1.018 3422114 902081597630.7 17.99-31.395 0.11
Income Statement - FY
Date Symbol Reported currenCik Fillingdate Accepteddate Calendaryear Period
2023-12-31 UBS USD 1610520 2023-12-31 ### 2023 FY
2022-12-31 UBS USD 1610520 2023-03-06 ### 2022 FY
2021-12-31 UBS USD 1610520 2022-03-07 ### 2021 FY
2020-12-31 UBS USD 1610520 2021-03-05 ### 2020 FY
2019-12-31 UBS USD 1610520 2020-03-03 ### 2019 FY
2018-12-31 UBS USD 1610520 2019-03-15 ### 2018 FY
2017-12-31 UBS USD 1610520 2018-03-09 ### 2017 FY
2016-12-31 UBS USD 1610520 2017-03-10 ### 2016 FY
2015-12-31 UBS USD 1610520 2016-03-18 ### 2015 FY
2014-12-31 UBS USD 1610520 2015-03-13 ### 2014 FY
Balance Sheet - FY
Date Symbol ReportedcurrenCik Fillingdate Accepteddate Calendaryear Period
2023-12-31 UBS USD 1610520 2023-12-31 ### 2023 FY

2022-12-31 UBS USD 1610520 2023-03-06 ### 2022 FY
2021-12-31 UBS USD 1610520 2022-03-07 ### 2021 FY
2020-12-31 UBS USD 1610520 2021-03-05 ### 2020 FY
2019-12-31 UBS USD 1610520 2020-03-03 ### 2019 FY
2018-12-31 UBS CHF 1610520 2019-03-15 ### 2018 FY
2017-12-31 UBS CHF 1610520 2018-03-09 ### 2017 FY
2016-12-31 UBS CHF 1610520 2017-03-10 ### 2016 FY
2015-12-31 UBS CHF 1610520 2016-03-18 ### 2015 FY
2014-12-31 UBS CHF 1610520 2015-03-13 ### 2014 FY
Cash Flow - FY
2022-12-31 UBS USD 1610520 2023-03-06 ### 2022 FY
2021-12-31 UBS USD 1610520 2022-03-07 ### 2021 FY
2020-12-31 UBS USD 1610520 2021-03-05 ### 2020 FY
2019-12-31 UBS USD 1610520 2020-03-03 ### 2019 FY
2018-12-31 UBS CHF 1610520 2019-03-15 ### 2018 FY
2017-12-31 UBS USD 1610520 2018-03-09 ### 2017 FY
2016-12-31 UBS USD 1610520 2017-03-10 ### 2016 FY
2015-12-31 UBS USD 1610520 2016-03-18 ### 2015 FY
2014-12-31 UBS USD 1610520 2015-03-13 ### 2014 FY

2013-12-31 UBS USD 1610520 2013-12-31 ### 2013 FY
Ratios - FY
Symbol Date Calendaryear Period Currentratio Quickratio Cashratio Daysofsalesouts
UBS 2023-12-31 2023 FY 7.9351394572 7.9351394572 7.3878933258 196.56721194
UBS 2022-12-31 2022 FY 2.5315338211 2.6550474178 2.3116999505 257.04688909
UBS 2021-12-31 2021 FY 2.6062422793 2.6062422793 2.2076679851 274.07013891
UBS 2020-12-31 2020 FY 2.2380311208 2.2380311208 1.8526267724 272.05099142
UBS 2019-12-31 2019 FY 2.2247803491 2.2247803491 1.8125306834 226.882357
UBS 2018-12-31 2018 FY 1.75E+00 1.7171884693 1.3719631847 247.93043192
Income Statement - Q
2023-12-31 UBS USD 1610520 2023-12-31 ### 2023 Q4
2023-09-30 UBS USD 1610520 2023-09-30 ### 2023 Q3
2023-06-30 UBS USD 1610520 2023-09-29 ### 2023 Q2
2023-03-19 UBS USD 1610520 2023-03-27 ### 2023 Q1
2022-12-31 UBS USD 1610520 2023-03-06 ### 2022 Q4
2022-09-30 UBS USD 1610520 2022-09-30 ### 2022 Q3
2022-06-30 UBS USD 1610520 2022-06-30 ### 2022 Q2
2022-03-31 UBS USD 1610520 2022-03-31 ### 2022 Q1

2021-12-31 UBS USD 1610520 2022-03-07 ### 2021 Q4
2021-09-30 UBS USD 1610520 2021-09-30 ### 2021 Q3
2021-06-30 UBS USD 1610520 2021-06-30 ### 2021 Q2
2021-03-31 UBS USD 1610520 2021-03-31 ### 2021 Q1
Cash Flow - Q
2023-09-30 UBS USD 1610520 2023-09-30 ### 2023 Q3
2023-06-30 UBS USD 1610520 2023-09-29 ### 2023 Q2
2023-03-19 UBS USD 1610520 2023-03-27 ### 2023 Q1
2022-12-31 UBS USD 1610520 2023-03-06 ### 2022 Q4
2022-09-30 UBS USD 1610520 2022-09-30 ### 2022 Q3
2022-06-30 UBS USD 1610520 2022-06-30 ### 2022 Q2
2022-03-31 UBS USD 1610520 2022-03-31 ### 2022 Q1
2021-12-31 UBS USD 1610520 2022-03-07 ### 2021 Q4
2021-09-30 UBS USD 1610520 2021-09-30 ### 2021 Q3
2021-06-30 UBS USD 1610520 2021-06-30 ### 2021 Q2
2021-03-31 UBS USD 1610520 2021-03-31 ### 2021 Q1
2020-12-31 UBS USD 1610520 2021-03-05 ### 2020 Q4

Balance Sheet - Q
2023-12-31 UBS USD 1610520 2023-12-31 ### 2023 Q4
2023-09-30 UBS USD 1610520 2023-09-30 ### 2023 Q3
2023-06-30 UBS USD 1610520 2023-09-29 ### 2023 Q2
2023-03-19 UBS USD 1610520 2023-03-27 ### 2023 Q1
2022-12-31 UBS USD 1610520 2023-03-06 ### 2022 Q4
2022-09-30 UBS USD 1610520 2022-09-30 ### 2022 Q3
2022-06-30 UBS USD 1610520 2022-06-30 ### 2022 Q2
2022-03-31 UBS USD 1610520 2022-03-31 ### 2022 Q1
2021-12-31 UBS USD 1610520 2022-03-07 ### 2021 Q4
2021-09-30 UBS USD 1610520 2021-09-30 ### 2021 Q3
2021-06-30 UBS USD 1610520 2021-06-30 ### 2021 Q2
2021-03-31 UBS USD 1610520 2021-03-31 ### 2021 Q1
Treasury rates
2024-01-27 2024 1 27
Date Month1 Month2 Month3 Month6 Year1 Year2 Year3
2024-02-09 5.49 5.51 5.44 5.26 4.86 4.48 4.25
2024-02-08 5.49 5.51 5.44 5.24 4.83 4.46 4.22

2024-02-07 5.47 5.49 5.43 5.23 4.83 4.41 4.16
2024-02-06 5.48 5.5 5.44 5.23 4.82 4.39 4.14
2024-02-05 5.49 5.5 5.42 5.25 4.87 4.46 4.27
2024-02-02 5.49 5.51 5.43 5.22 4.81 4.36 4.14
2024-02-01 5.49 5.51 5.42 5.15 4.68 4.2 3.96
2024-01-31 5.53 5.46 5.42 5.18 4.73 4.27 4.05
2024-01-30 5.53 5.47 5.42 5.19 4.8 4.36 4.14
2024-01-29 5.53 5.46 5.42 5.19 4.76 4.29 4.1
Market Risk Premium
Country Continent Totalequityrisk Countryriskpremium
Abu Dhabi 5.75 0.75
British Virgin Islands North America 17.13 11.19
Bulgaria Europe 7.43 2.43
Burkina Faso Africa 16.38 11.38
Cambodia Asia 13.35 8.35
Cameroon Africa 13.35 8.35
Channel Islands Africa 7.45 1.51
Chile South America 6.28 1.28
China Asia 6.07 1.07

Colombia South America 7.89 2.89
Congo (Democratic Republic ofSouth America 14.86 9.86
Congo (Republic of) South America 18.66 13.66
Cook Islands Oceania 13.35 8.35
Costa Rica North America 13.35 8.35
Côte d'Ivoire Africa 10.46 5.46
Croatia Europe 7.89 2.89
Cuba North America 23.21 18.21
Curacao North America 7.89 2.89
Cyprus Asia 8.8 3.8
Czech Republic Europe 5.91 0.91
Laos Asia 20.18 15.18
Latvia Europe 6.82 1.82
Lebanon Asia 29.82 24.82
Liberia Africa 20.18 15.18
Libya Africa 7.89 2.89
Liechtenstein Europe 5 0
Macao Asia 5.91 0.91
Yemen, Republic Asia 20.18 15.18
Zimbabwe Africa 16.38 11.38
Jersey Europe 4.24 0
Denmark Europe 5 0
Dominican Republic North America 10.46 5.46
Ecuador South America 20.18 15.18
Egypt Africa 14.86 9.86
El Salvador North America 20.18 15.18
Estonia Europe 6.07 1.07
Ethiopia Africa 18.66 13.66
Fiji Oceania 11.83 6.83
Finland Europe 5.61 0.61
Guyana South America 7.43 2.43
Haiti North America 23.21 18.21
Honduras North America 11.83 6.83
Hong Kong Asia 5.91 0.91
Hungary Europe 7.89 2.89
Iceland Europe 6.28 1.28
Falkland Islands South America 12.51 6.57
India Asia 8.33 3.33
Indonesia Asia 7.89 2.89
Iraq Asia 16.38 11.38
Ireland Europe 5.91 0.91
Isle of Man Europe 5.91 0.91
Israel Asia 6.07 1.07
Italy Europe 8.33 3.33

Jamaica North America 13.35 8.35
Japan Asia 6.07 1.07
Jordan Asia 11.83 6.83
Kazakhstan Asia 7.89 2.89
Kenya Africa 14.86 9.86
Korea, D.P.R. Africa 23.21 18.21
Kuwait Asia 6.07 1.07
Kyrgyzstan Asia 14.86 9.86
Ivory Coast Africa 12.15 6.21
Albania Europe 11.83 6.83
Algeria Africa 10.46 5.46
Canada North America 5 0
Cape Verde Africa 14.86 9.86
Cayman Islands North America 5.91 0.91
France Europe 5.75 0.75
French Guiana South America 12.51 6.57
Gabon Africa 16.38 11.38
Gambia Africa 13.35 8.35
Georgia Asia 9.57 4.57
Germany Europe 5 0
Uruguay South America 7.89 2.89
Gibraltar Europe 7.45 1.51

Uzbekistan Asia 10.46 5.46
Greenland North America 7.45 1.51
Venezuela South America 29.82 24.82
Vietnam Asia 9.57 4.57
Zambia Africa 23.21 18.21
Guernsey Europe 4.84 0.6
Ghana Africa 23.21 18.21
Greece Europe 10.46 5.46
Guatemala North America 8.8 3.8
Guernsey (States of) North America 5.75 0.75
Guinea Africa 18.66 13.66
Guinea-Bissau Africa 13.35 8.35
Jersey (States of) Africa 5.91 0.91
Korea Africa 5.75 0.75
Lithuania Europe 6.28 1.28
South Korea Asia 6.79 0.85
Luxembourg Europe 5 0
Macedonia Europe 10.46 5.46
Madagascar Africa 14.86 9.86
Malawi Africa 23.21 18.21
Malaysia Asia 6.82 1.82
Maldives Asia 16.38 11.38

South Africa Africa 9.57 4.57
Sri Lanka Asia 23.21 18.21
St. Maarten Asia 9.57 4.57
St. Vincent & the Grenadines Asia 14.86 9.86
Sudan Africa 29.82 24.82
Suriname South America 20.18 15.18
Swaziland Africa 14.86 9.86
Sweden Europe 5 0
Switzerland Europe 5 0
Syria Asia 29.82 24.82
Taiwan Asia 5.91 0.91
Tajikistan Asia 14.86 9.86
Tanzania Africa 13.35 8.35
Thailand Asia 7.43 2.43
Togo Africa 14.86 9.86
Trinidad and Tobago North America 9.57 4.57
Tunisia Africa 18.66 13.66
Turkey Asia 14.86 9.86
Turks and Caicos Islands North America 7.43 2.43
Yemen Asia 30.63 24.69
Uganda Africa 13.35 8.35
Ukraine Europe 23.21 18.21

United Arab Emirates Asia 5.75 0.75
United Kingdom Europe 5.91 0.91
United States North America 5 0
Andorra (Principality of) North America 7.89 2.89
Angola Africa 14.86 9.86
Iran Asia 14.86 9.86
Anguilla North America 17.13 11.19
Antigua & Barbuda North America 17.13 11.19
Argentina South America 23.21 18.21
Armenia Asia 10.46 5.46
Aruba North America 7.89 2.89
Australia Oceania 5 0
Austria Europe 5.61 0.61
Azerbaijan Asia 8.8 3.8
Bahamas North America 11.83 6.83
Bahrain Asia 13.35 8.35
Bangladesh Asia 11.83 6.83
Barbados North America 16.38 11.38
Belarus Europe 29.82 24.82
Belgium Europe 5.91 0.91
Belize North America 18.66 13.66
Benin Africa 11.83 6.83

Bermuda North America 6.28 1.28
Bolivia South America 16.38 11.38
Bosnia and Herzegovina Europe 14.86 9.86
Botswana Africa 6.82 1.82
Brazil South America 9.57 4.57
Brunei Asia 5.91 0.91
Martinique North America 17.13 11.19
Mali Africa 18.66 13.66
Malta Europe 6.28 1.28
Mauritius Africa 8.33 3.33
Mexico North America 7.89 2.89
Moldova Europe 14.86 9.86
Mongolia Asia 14.86 9.86
Netherlands Antilles Asia 17.13 11.19
Montenegro Europe 11.83 6.83
Montserrat North America 8.33 3.33
Morocco Africa 8.8 3.8
Mozambique Africa 18.66 13.66
Myanmar Asia 20.18 15.18
Namibia Africa 11.83 6.83
Netherlands Europe 5 0
Palestinian Authority Europe 8.45 2.51

New Zealand Oceania 5 0
Nicaragua North America 14.86 9.86
Niger Africa 14.86 9.86
Nigeria Africa 16.38 11.38
Norway Europe 5 0
Oman Asia 9.57 4.57
Pakistan Asia 20.18 15.18
Panama North America 7.89 2.89
Papua New Guinea Oceania 13.35 8.35
Reunion Oceania 7.45 1.51
Paraguay South America 8.8 3.8
Peru South America 7.43 2.43
Philippines Asia 7.89 2.89
Saint Lucia North America 17.13 11.19
Poland Europe 6.28 1.28
Portugal Europe 7.89 2.89
Qatar Asia 5.91 0.91
Ras Al Khaimah (Emirate of) Asia 6.82 1.82
Romania Europe 8.33 3.33
Russia Europe 23.21 18.21
Rwanda Africa 13.35 8.35
Saudi Arabia Asia 6.07 1.07

Senegal Africa 10.46 5.46
Serbia Europe 9.57 4.57
Sharjah Europe 8.8 3.8
Sierra Leone Africa 23.21 18.21
Singapore Asia 5 0
Slovakia Europe 6.28 1.28
Slovenia Europe 6.82 1.82
Solomon Islands Oceania 16.38 11.38
Somalia Africa 23.21 18.21
Spain Europe 7.43 2.43

Companyname Currency Cik Isin Cusip
UBS Group AG USD 1610520 CH0244767585 H42097107
Revenue Cost of revenue Gross profit Gross profit ratio Research and development expenses
39,063,000,000 - 39,063,000,000 100% -
33,270,000,000 - 33,270,000,000 100% -
35,059,000,000 - 35,059,000,000 100% -
33,084,000,000 - 33,084,000,000 100% -
28,969,000,000 - 28,969,000,000 100% -
30,330,000,000 326,000,000 30,004,000,000 99% -
29,971,563,203 105,739,716 29,865,823,487 100% -
27,834,161,088 81,466,795 27,752,694,293 100% -
31,080,288,131 819,473,109 30,260,815,022 97% -
28,154,485,604 - 28,154,485,604 100% -
Cashandcashequivalents ShortterminvestmCashandshortterminvestments Netreceivables Inventory
314148000000 2233000000 316381000000 21037000000 0

172825000000 2239000000 171684000000 23430000000 0
194798000000 8844000000 203642000000 26325000000 0
158231000000 8258000000 166489000000 24659000000 0
107068000000 6345000000 113413000000 18007000000 0
108370000000 6667000000 117399000000 20602000000 0
104214189653.933 8895481936.99 113109671590.92 0 0
118689267976.678 15386427435.7 134075695412.339 0 0
104461575816.438 63274452672.9 167736028489.336 0 0
120071195250.953 57804678256.1 177875873507.074 0 0
Netincome DepreciationandaDeferredincometax Stockbasedcompensation Changeinworkingcapital
7661000000 2061000000 494000000 0 18228000000
7486000000 2118000000 434000000 -1617000000 19103000000
6572000000 2126000000 352000000 -1090000000 33829000000
4310000000 1830000000 477000000 -441000000 6182000000
4522000000 1293000000 425000000 0 30088000000
1158003880.54491 0 0 0 -43775215842.4786
3225299856.69696 0 0 0 -31360789933.4524
6460685524.66512 0 0 0 -4831856258.34648
3681118089.05474 0 0 0 22981705652.1343
3809706243.59133 0 0 0 34108195206.5985
Daysofinventoryoutstanding Operatingcycle Daysofpayablesoutstanding Cashconversioncycle Grossprofitmargin
0 0 1
0 0 1
0 0 1
0 0 1
0 0 1
0 247.930431916 43016.2576687116 -42768.327236796 0.989251566106165
Revenue Costofrevenue Grossprofit Grossprofitratio Researchanddevelopmentexpenses
10417000000 0 10417000000 1 0
10737000000 0 10737000000 1 0
9541000000 0 9541000000 1 0
8744000000 2729 8743997271 0.9999996879 0
7878000000 335 7877999665 0.9999999575 0
7948000000 0 7948000000 1 0
8915000000 0 8915000000 1 0
9382000000 0 9382000000 1 0
8705000000 0 8705000000 1 0
9015000000 0 9015000000 1 0
8859000000 0 8859000000 1 0
8676000000 0 8676000000 1 0
Netincome DepreciationandaDeferredincometax Stockbasedcompensation Changeinworkingcapital
-664000000 950000000 -117000000 -402000000 32408000000
28878000000 866000000 -7000000 337000000 40962000000
1037000000 525000000 -28000000 0 -28660000000
1656000000 544000000 -69000000 0 1285000000
1743000000 508000000 213000000 0 -2162000000
2118000000 503000000 129000000 0 -8603000000
2144000000 506000000 221000000 -629000000 27708000000
1359000000 574000000 5000000 -342000000 9824000000
2289000000 518000000 144000000 -468000000 22573000000
2011000000 510000000 220000000 -368000000 -6630000000
1827000000 516000000 65000000 -439000000 -6664000000
1645000000 627000000 24000000 -86000000 267000000

Cashandcashequivalents ShortterminvestmCashandshortterminvestments Netreceivables Inventory
314148000000 2233000000 316381000000 21037000000 0
265731000000 2213000000 267944000000 38319000000 0
265404000000 2217000000 267621000000 35535000000 0
146960000000 2241000000 149201000000 27497000000 0
172825000000 2239000000 171684000000 23430000000 0
169035000000 2243000000 171278000000 27006000000 0
193004000000 2251000000 195255000000 23663000000 0
209545000000 9093000000 218638000000 25056000000 0
194798000000 8844000000 203642000000 26325000000 0
176517000000 8397000000 184914000000 25200000000 0
163282000000 7775000000 171057000000 27322000000 0
160845000000 8100000000 168945000000 28502000000 0
Year5 Year7 Year10 Year20 Year30
4.14 4.17 4.17 4.48 4.37
4.12 4.15 4.15 4.47 4.36

4.06 4.09 4.09 4.41 4.31
4.03 4.07 4.09 4.39 4.29
4.13 4.16 4.17 4.46 4.35
3.99 4.02 4.03 4.33 4.22
3.8 3.83 3.87 4.21 4.1
3.91 3.95 3.99 4.34 4.22
4 4.03 4.06 4.4 4.28
3.97 4.02 4.08 4.42 4.31

Exchange Exchangeshortname Industry Website
New York Stock Exchange NYSE Banks—Diversified https://www.ubs.com
General and administrative expenses Selling and marketing expenses Selling general and administrative expenses Other expenses
30,356,000,000 - 30,356,000,000 -
21,059,000,000 265,000,000 21,324,000,000 (38,459,000,000)
21,828,000,000 242,000,000 22,070,000,000 (47,674,000,000)
22,037,000,000 293,000,000 22,037,000,000 (46,909,000,000)
21,372,000,000 317,000,000 21,372,000,000 (44,770,000,000)
19,976,000,000 366,000,000 22,547,000,000 (33,987,000,000)
19,107,064,029 421,932,265 23,154,944,615 23,793,000
17,954,103,767 458,373,412 22,626,175,379 24,223,000
19,076,524,625 491,683,865 22,804,621,424 25,109,000
18,858,651,133 473,286,611 19,331,937,745 (38,315,989,604)
Othercurrentassets Totalcurrentassets Propertyplantequipmentnet Goodwill
0 337418000000 17849000000 0
0 189260000000 12288000000 6043000000
0 229967000000 12888000000 6126000000
0 191148000000 13109000000 6182000000
0 131420000000 12804000000 6272000000
0 138001000000 9348000000 6392000000
0 113109671590.92 9063844203.3077 6346436160.92968
0 134075695412.339 8177106849.09993 6194420996.83948
0 167736028489.336 7784994536.84593 6312978025.98033
0 177875873507.074 6931424006.14868 6439934063.48917
Accountsreceivables Inventory Accountspayables Otherworkingcapital
0 0 0 18228000000
0 0 0 19103000000
0 0 0 33829000000
0 0 0 6182000000
0 0 0 30088000000
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
Operatingprofitmargin Pretaxprofitmargin Netprofitmargin Effectivetaxrate
0.765430202493408 0.765839797250595 0.743081688554386 0.029181708784597
0.484971445746919 0.288668470093177 0.229305680793507 0.202207413577675
0.269688239824296 0.270515416868707 0.212698593799024 0.210670603121045
0.248216660621448 0.248639825897714 0.200368758312175 0.192438609287624
0.192309019986882 0.192516137940557 0.148572612102592 0.227183073336919
0.539366963402571 0.210121991427629 0.161457303000329 0.230346775458967
Generalandadministrativeexpenses Sellingandmarketingexpenses Sellinggeneralandadministrativeexpenses Otherexpenses
8745000000 0 8745000000 0
7536000000 108000000 7644000000 -18640000000
6319000000 89000000 6408000000 13287000000
5584000000 52000000 5636000000 2697
5423000000 0 5423000000 660
5018000000 64000000 5082000000 -8959000000
5215000000 61000000 5276000000 -10516000000
5754000000 40000000 5794000000 -11673000000

6428000000 0 6428000000 3412
5404000000 53000000 5457000000 5281000000
5419000000 52000000 5471000000 -10769000000
5589000000 42000000 5631000000 3329
Accountsreceivables Inventory Accountspayables Otherworkingcapital
0 0 0 32408000000
0 0 0 40962000000
0 0 0 -28660000000
0 0 0 1285000000
0 0 0 -2162000000
0 0 0 -8603000000
0 0 0 27708000000
0 0 0 9824000000
0 0 0 22573000000
0 0 0 -6630000000
0 0 0 -6664000000
0 0 0 267000000
Othercurrentassets Totalcurrentassets Propertyplantequipmentnet Goodwill
0 337418000000 17849000000 0
0 306263000000 17919000000 0
0 303156000000 18325000000 0
0 176698000000 12249000000 0
0 189260000000 12288000000 6043000000
0 198284000000 11829000000 0
0 218918000000 12049000000 0
0 243694000000 12491000000 0
0 229967000000 12888000000 6126000000
0 210114000000 12827000000 0
0 198379000000 12895000000 0
0 182.6 12716000000 0
Description Ceo Sector Country Fulltimeemployees
UBS Group AG provide

Mr. Sergio P. Ermotti Financial Services CH 112842
Operating expenses Cost and expenses Interest income Interest expense Depreciation and amortization
- - 35,513,000,000 ### 2,900,000,000
(17,135,000,000) (17,135,000,000) 13,185,000,000 6,563,000,000 2,061,000,000
(25,604,000,000) (25,604,000,000) 9,964,000,000 3,260,000,000 2,118,000,000
(24,872,000,000) (24,872,000,000) 10,109,000,000 4,247,000,000 2,126,000,000
(23,398,000,000) (23,398,000,000) 11,695,000,000 7,194,000,000 1,940,000,000
(13,645,000,000) (13,645,000,000) 16,400,000,000 11,044,000,000 1,293,000,000
23,800,000 129,539,716 14,571,548,830 7,868,882,752 1,132,338,901
24,230,000 105,696,795 13,530,358,650 7,236,803,361 1,056,123,751
25,116,000 844,589,109 13,331,107,604 6,519,363,846 1,039,010,967
(18,984,051,859) (18,984,051,859) 13,342,030,480 6,715,006,624 910,166,560
Intangibleassets Goodwillandintangibleassets Longterminvestments Taxassets Othernoncurrentassets
0 7515000000 343808000000 0 -369172000000

224000000 6267000000 189175000000 0 -1651000000
252000000 6378000000 182917000000 0 -202183000000
298000000 6480000000 195672000000 0 -215261000000
197000000 6469000000 200549000000 0 -219822000000
255000000 6647000000 185268000000 163807000000 -182535000000
221745423.934133 6568181584.86382 177731010481.577 0 -193363036269.749
240474274.160303 6434895270.99978 154684831471.702 0 -169296833591.802
331836024.442556 6644814050.42289 143392618671.846 0 -157822427259.115
421710506.355996 6861644569.84517 146814922686.407 0 -160607991262.401
Othernoncashitems Netcashprovidedbyoperatingactivities Investmentsinpropertyplantandequipment Acquisitionsnet Purchasesofinvestments
-13797000000 14647000000 -1643000000 1727000000 -16776000000
3901000000 31425000000 -1841000000 592000000 -6217000000
-4831000000 36958000000 -1854000000 628000000 -10456000000
7347000000 19705000000 -1584000000 88000000 -3986000000
-7415000000 28913000000 -1688000000 -150000000 -5769000000
-1158003880.5449 1158003880.54491 -1635372501.51423 240224209.262 0
-3225299856.697 3225299856.69696 -1744174633.39942 65762352.52547 0
-6460685524.6651 6460685524.66512 -1862530856.70349 469426571.1626 0
-3681118089.0547 3681118089.05474 -1936632181.46698 52587401.27221 0

-3809706243.5913 3809706243.59133 -1392723134.30313 98031482.75435 0
Returnonassets Returnonequity Returnoncapitalemployed Netincomeperebt Ebtperebit
0.01690004884811 0.332554276221573 0.0178502453960993 0.970283460356 1.00053511705685
0.00690804843331 0.134133905337928 0.0156710887594538 0.794356518117 0.595227765726681
0.0066748300635 0.122927038343608 0.00918902370875022 0.786271615352 1.00306716023268
0.00588844030504 0.111379941865349 0.00789345185686438 0.805859469973 1.00170482221139
0.00442715003245 0.0789246878037151 0.00610111355452562 0.771741079433 1.00107700592353
0.0051100214648 0.0918606614267759 0.0186040640310056 0.768397928762 0.389571489699859
Operatingexpenses Costandexpenses Interestincome Interestexpense Depreciationandamortization
0 0 11534000000 9440000000 906000000
-10996000000 -10996000000 11190000000 9083000000 950000000
19695000000 19695000000 7595000000 5880000000 866000000
3905 6634 5203000000 3814000000 525000000
660 995 4543000000 2954000000 544000000
-3877000000 -3877000000 3355000000 1758000000 508000000
-5240000000 -5240000000 2734000000 1070000000 503000000
-5879000000 -5879000000 2552000000 782000000 506000000

3412 3412 2539000000 768000000 574000000
6384000000 6384000000 2666000000 972000000 518000000
-5298000000 -5298000000 2602000000 974000000 510000000
3329 3329 2600000000 988000000 516000000
Othernoncashitems Netcashprovidedbyoperatingactivities Investmentsinpropertyplantandequipment Acquisitionsnet Purchasesofinvestments
-1709000000 30466000000 -397000000 62000000 -1647000000
-28265000000 42771000000 -455000000 47000000 -6863000000
2020000000 -25106000000 -375000000 0 -3122000000
-3769000000 -353000000 -462000000 45000000 -4590000000
-3452000000 -3150000000 -420000000 771000000 -5111000000
-3276000000 -9129000000 -359000000 911000000 -2883000000
-3300000000 27279000000 -402000000 0 -4192000000
-1629000000 10133000000 -487000000 29000000 -3099000000
-2096000000 23428000000 -458000000 127000000 -1168000000
1391000000 -2498000000 -464000000 437000000 -574000000
4618000000 362000000 -432000000 -1000000 -1376000000
887000000 3450000000 -525000000 -17000000 -385000000

Intangibleassets Goodwillandintangibleassets Longterminvestments Taxassets Othernoncurrentassets
0 7515000000 343808000000 0 -369172000000
0 7462000000 231159000000 0 -256540000000
0 7569000000 243717000000 0 -269611000000
0 6272000000 198892000000 0 -217413000000
224000000 6267000000 189175000000 0 -1651000000
0 6210000000 154047000000 0 -172086000000
0 6312000000 159958000000 0 -178319000000
0 6383000000 171741000000 0 -190615000000
252000000 6378000000 182917000000 0 -202183000000
0 6401000000 179680000000 0 -198908000000
0 6452000000 177251000000 0 -196598000000
0 6427000000 179822000000 0 -198965000000

Phone Address City State Zip
41 44 234 11 11 BahnhofstrasseZurich 8001
Ebitda Ebitda ratio Operating income Operating income ratio Total other income expenses net
32,800,000,000 84% 29,900,000,000 77% 16,000,000
18,196,000,000 55% 16,135,000,000 48% (6,531,000,000)
11,573,000,000 33% 9,455,000,000 27% 29,000,000
10,338,000,000 31% 8,212,000,000 25% 14,000,000
7,511,000,000 26% 5,571,000,000 19% 6,000,000
17,652,000,000 58% 16,359,000,000 54% (10,368,000,000)
14,332,351,220 48% 29,067,000 0% (29,063,000)
12,226,889,931 44% 28,320,000 0% (28,316,000)
12,925,417,830 42% 30,605,000 0% (30,601,000)
10,080,600,305 36% 9,170,433,745 33% (6,546,120,162)
TotalnoncurrentassOtherassets Totalassets Accountpayables Shorttermdebt
369172000000 1.01098E+12 1717569000000 42522000000 0

206079000000 709025000000 1104364000000 47034000000 29676000000
202183000000 685032000000 1117182000000 45139000000 43098000000
215261000000 719356000000 1125765000000 38742000000 46667000000
219822000000 620941000000 972183000000 37233000000 21838000000
182535000000 637777000000 958313000000 38420000000 39025000000
193363036269.75 633494851605 939967559465.757 32248560194.6432 0
169296833591.8 614371527846 917074654993.031 33594746864.0191 0
157822427259.12 628286997693 953845453441.787 47825867022.7833 0
160607991262.4 735973827655 1074457692424.38 41066715208.8832 0
Salesmaturitiesofin Otherinvestingac
Netcashusedforinvestingactivites Debtrepayment Commonstockissued
4084000000 161000000 -12447000000 -67670000000 0
5052000000 295000000 -2119000000 -79909000000 95179000000
4530000000 367000000 -6785000000 -87667000000 104100000000
3913000000 11000000 -1558000000 -69401000000 47898000000
1361000000 114000000 -6132000000 -44344000000 0
0 1395148292.3 -1395148292.25225 0 0
0 1678412280.9 -1678412280.87395 0 0
0 1393104285.5 -1393104285.54085 0 0
0 1884044780.2 -1884044780.19477 0 0
0 1294691651.5 -1294691651.54878 0 0
Ebitperrevenue Debtratio Debtequityratio Longtermdebttocapitalization Totaldebttocapitalization
0.7654302024934 0.2131535909 4.1943747493842 0.807484047985072 0.807484047985072
0.4849714457469 0.1750111376 3.39819959209508 0.742030878644387 0.772634238383063
0.2696882398243 0.1957066977 3.60423329267086 0.743179624392474 0.782808572799335
0.2482166606214 0.2195324957 4.15246064149738 0.771081417889781 0.805917974036307
0.1923090199869 0.2048420925 3.65180716263546 0.764780731455881 0.785029781966831
0.5393669634026 0.2000922454 3.59697236864319 0.741262406872618 0.782465518648494
Ebitda Ebitdaratio Operatingincome Operatingincomeratio Totalotherincomeexpensesnet
154000000 0.014783527 -752000000 -0.0721896899 1000000
691000000 0.064356897 -259000000 -0.0241221943 4000000
30102000000 3.155015198 29236000000 3.0642490305 3000000
5827000000 0.666399817 5302000000 0.6063586459 -3807000000
5430000000 0.689261234 4886000000 0.6202081747 -2949000000
4579000000 0.5761197786 4071000000 0.5122043281 -1748000000
4178000000 0.4686483455 3675000000 0.4122265844 -1060000000
4009000000 0.4273076103 3503000000 0.373374547 -774000000

3060000000 0.3515221137 2486000000 0.2855829983 -757000000
4346000000 0.4820854132 8976000000 9.96E-01 -3419000000
4071000000 0.4595326786 3561000000 4.02E-01 -968000000
3799000000 0.4378745966 4547 5.24E-07 -2113
Salesmaturitiesofin Otherinvestingac
Netcashusedforinvestingactivites Debtrepayment Commonstockissued
125000000 1000000 -1856000000 -61830000000 0
6025000000 1.08511E+11 107265000000 -54397000000 0
1102000000 -1000000 -2396000000 -23193000000 0
850000000 153000000 -4004000000 -13486000000 0
943000000 4000000 -3813000000 -17875000000 0
1199000000 4000000 -1128000000 -15108000000 0
1092000000 0 -3502000000 -21201000000 0
2031000000 58000000 -1497000000 -14451000000 0
581000000 1000000 -917000000 -19900000000 0
1024000000 530000000 688000000 -22393000000 0
1416000000 0 -393000000 -23165000000 0
1409000000 16000000 490000000 -22793000000 24433000000

TotalnoncurrentassOtherassets Totalassets Accountpayables Shorttermdebt
369172000000 1.01098E+12 1717569000000 42522000000 0
256540000000 1.08172E+12 1644522000000 46411000000 38043000000
269611000000 1.10601E+12 1678780000000 48491000000 40522000000
217413000000 6.59023E+11 1053134000000 45831000000 27412000000
206079000000 7.09025E+11 1104364000000 47034000000 29676000000
172086000000 7.41383E+11 1111753000000 49235000000 24849000000
178319000000 715956000000 1113193000000 50993000000 31525000000
190615000000 705613000000 1139922000000 48837000000 37539000000
202183000000 685032000000 1117182000000 45139000000 43098000000
198908000000 679751000000 1088773000000 46396000000 38487000000
196598000000 691542000000 1086519000000 40144000000 42716000000
198965000000 908746999817 1107712000000 46532000000 47394000000

Dcfdiff Dcf Image Ipodate Defaultimage
-271.54872 301.763721767155 2000-05-16 0
Income before tax Income before tax ratio Income tax expense Net income Net income ratio
29,916,000,000 77% 873,000,000 29,027,000,000 74%
9,604,000,000 29% 1,942,000,000 7,629,000,000 23%
9,484,000,000 27% 1,998,000,000 7,457,000,000 21%
8,226,000,000 25% 1,583,000,000 6,629,000,000 20%
5,577,000,000 19% 1,267,000,000 4,304,000,000 15%
6,373,000,000 21% 1,468,000,000 4,897,000,000 16%
5,552,874,991 19% 4,278,865,403 1,195,988,050 4%
4,114,563,907 15% 790,129,758 3,244,930,410 12%
5,553,194,933 18% (908,502,286) 6,275,545,304 20%
2,624,313,583 9% (1,171,080,974) 3,754,942,710 13%
Taxpayables Deferredrevenue Othercurrentliabilities Totalcurrentliabilities Longtermdebt
0 0 -42522000000 42522000000 366106000000

1663000000 0 -1949000000 74761000000 163600000000
1988000000 0 -88237000000 88237000000 175542000000
1532000000 0 -85409000000 85409000000 200475000000
1638000000 0 -59071000000 59071000000 177306000000
1433000000 80533000000 -78989000000 78989000000 152726000000
0 0 -32248560194.6432 32248560194.6432 0
0 0 -33594746864.0191 33594746864.0191 0
0 0 -47825867022.7833 47825867022.7833 0
0 0 -41066715208.8832 41066715208.8832 0
Commonstockrepurchased Dividendspaid Otherfinancingactivites Netcashusedprovidedbyfinancingactivities Effectofforexchangesoncash
-6006000000 -1668000000 66250000000 -9094000000 -5659000000
-3341000000 -1301000000 -283000000 10345000000 -5307000000
-1387000000 -2607000000 -7000000 12432000000 11052000000
-1559000000 -2544000000 -8000000 -25614000000 1261000000
-1431000000 -2440000000 48405000000 190000000 -1726000000
0 0 0 27315751111.2936 0
0 0 0 -954044875.444141 0
0 0 0 -6672129820.72761 0
0 0 0 2131812343.88115 0
0 0 0 -53584909912.4477 0
Interestcoverage Cashflowtodebtratio Companyequitymultiplier Receivablesturnover Payablesturnover
1.05968244967394 19.677710946898 1.85687122688596 0
2.45847935395398 0.0757828183530288 19.4170476123496 1.41997439180537 0
2.90030674846625 0.143729418221734 18.4165045662853 1.33177587844254 0
1.93360018836825 0.149541559103673 18.9150158778164 1.34166024575205 0
0.774395329441201 0.0989484995781946 17.8274255955109 1.60876325873271 0
1.48125679101774 0.150784089783104 17.9765705603181 1.47218716629453 0.00848516397709526
Incomebeforetax Incomebeforetaxratio Incometaxexpense Netincome Netincomeratio
-751000000 -0.072093693 -473000000 -279000000 -0.0267831429
-255000000 -0.0237496507 526000000 -785000000 -0.0731116699
29239000000 3.0645634629 361000000 28875000000 3.0264123258
1495000000 0.1709743824 459000000 1029000000 0.1176806953
1937000000 0.2458745875 280000000 1653000000 0.2098248286
2323000000 0.2922747861 580000000 1733000000 0.2180422748
2615000000 0.2933258553 497000000 2108000000 0.2364554122
2729000000 0.2908761458 585000000 2136000000 0.2276700064

1729000000 0.1986214819 370000000 1348000000 0.1548535325
2865000000 0.3178036606 576000000 2280000000 0.2529118136
2593000000 0.2926966926 581000000 2006000000 0.2264363924
2298000000 0.264868603 471000000 1824000000 0.2102351314
Commonstockrepurchased Dividendspaid Otherfinancingactivites Netcashusedprovidedbyfinancingactivities Effectofforexchangesoncash
0 0 34318000000 -27512000000 -4457000000
0 0 30469000000 -23928000000 2213000000
-2191000000 0 24256000000 -1128000000 747000000
-1261000000 0 14592000000 -155000000 10129000000
0 0 12766000000 -5109000000 -6132000000
0 0 15397000000 289000000 -6925000000
-1886000000 0 18968000000 -4119000000 -2731000000
-830000000 0 21958000000 6677000000 1589000000
0 0 12773000000 -7127000000 -1506000000
-742000000 0 21276000000 -1859000000 2593000000
-1225000000 0 37044000000 12654000000 -7983000000
-499000000 -1299000000 24430000000 -161000000 5458000000

Taxpayables Deferredrevenue Othercurrentliabilities Totalcurrentliabilities Longtermdebt
0 0 -42522000000 42522000000 366106000000
2366000000 0 -84454000000 84454000000 324507000000
2452000000 0 -89013000000 89013000000 328899000000
1644000000 0 -73243000000 73243000000 171236000000
1663000000 0 -1949000000 74761000000 163600000000
1469000000 0 -74084000000 74084000000 159419000000
1616000000 0 -82518000000 82518000000 167923000000
1719000000 0 -86376000000 86376000000 171114000000
1988000000 0 -88237000000 88237000000 175542000000
1848000000 0 -84883000000 84883000000 172613000000
1847000000 0 -82860000000 82860000000 178155000000
1789000000 0 -93925999940 60 169378000000

Isetf IsactivelytradingIsadr Isfund
0 1 1 FALSE
Eps Eps diluted Weighted average shs outWeighted average shsout dil Link Finallink
8.99 8.99 3227689290 3227941516
2.34 2.25 3260938561 3397470215 https://www.sec.gov/Archives/edgar/data/1610520/0001610520230

https://www.sec.gov/Archives/edgar/data/1114446/








Deferredrevenuenoncurrent DeferredtaxliabiOthernoncurrentliabilities Totalnoncurrentliabilities Otherliabilities CapitalleaseobliTotalliabilities
0 0 -366106000000 366106000000 1.22113E+12 0 1.629753E+12

235000000 236000000 -89310000000 74761000000 897624000000 3334000000 1.047146E+12
240000000 300000000 -176082000000 176082000000 791861000000 3558000000 1.05618E+12
228000000 564000000 -201267000000 201267000000 779253000000 3927000000 1.065929E+12
141000000 0 -177447000000 177447000000 680958000000 3943000000 917476000000
215000000 0 -152941000000 152941000000 673074000000 0 905004000000
153989877.732037 0 -153989877.732037 153989877.732037 854815263477 0 887217813549
164896645.138494 0 -164896645.138494 164896645.138494 830584401563 0 864344045072
212455991.258954 0 -212455991.258954 212455991.258954 847828902108 0 895867225122
2214738630.50271 0 -2214738630.50271 2214738630.50271 976080822791 0 1.019362E+12
Netchangeincash CashatendofperCashatbeginningofperiod Operatingcashflow CapitalexpenditFreecashflow Link
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592842700.378869 592842700.38 0 3225299856.69696 -1744174633 1481125223.3 https://www.sec.gov/Archives/edgar
-1604548581.60333 -1604548582 0 6460685524.66512 -1862530857 4598154668 https://www.sec.gov/Archives/edgar
3928885652.74111 3928885652.7 0 3681118089.05474 -1936632181 1744485907.6 https://www.sec.gov/Archives/edgar

-51069895320.4052 -51069895320 0 3809706243.59133 -1392723134 2416983109.3 https://www.sec.gov/Archives/edgar
Inventoryturnover FixedassetturnoAssetturnover Operatingcashflowpershare FreecashflowpeCashpershare Payoutratio
0 2.1885259678 0.0227431911032395 98.020897173
0 2.7075195313 0.0301259367382493 4.49165162912739 3.9878089565 53.685157425 0.2186394023
0 2.7202824333 0.0313816370116954 9.02248856696519 8.4939157284 58.468022808 0.1744669438
0 2.5237623007 0.0293880161490186 10.3143127913881 9.7968947516 46.464084158 0.3932719867
0 2.262496095 0.0297978878462182 5.37906179104706 4.9466622033 30.959428313 0.5910780669
0 3.2445442875 0.0316493671691816 7.75085554916932 7.2983447697 30.838556006 0.4982642434
Eps Epsdiluted Weightedaverageshsout Weightedaverageshsoutdil Link Finallink
-0.0865 -0.0865 3225500133 3225623734
-0.24 -0.24 3229878446 3230259298



0.54 0.52 3217212461 3349843332
0.64 0.61 3304598259 3433323586
0.63 0.61 3380254237 3528659285

0.66 0.63 3463572205 3605081485
0.57 0.55 3502478236 3641351977
0.52 0.49 3538422488 3689246792
Netchangeincash CashatendofperCashatbeginningofperiod Operatingcashflow CapitalexpenditFreecashflow Link
-3359000000 292400000000 295759000000 30466000000 -397000000 30069000000
-27882000000 167439000000 195321000000 -25106000000 -375000000 -25481000000 https://www.sec.gov/Archives/edgar
5614000000 195321000000 189707000000 -353000000 -462000000 -815000000 https://www.sec.gov/Archives/edgar
-18202000000 189707000000 207909000000 -3150000000 -420000000 -3570000000
-16893000000 207909000000 224802000000 -9129000000 -359000000 -9488000000
16927000000 224802000000 207875000000 27279000000 -402000000 26877000000
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4640000000 178171000000 173531000000 362000000 -432000000 -70000000 https://www.sec.gov/Archives/edgar

Deferredrevenuenoncurrent DeferredtaxliabiOthernoncurrentliabilities Totalnoncurrentliabilities Otherliabilities CapitalleaseobliTotalliabilities
0 0 -366106000000 366106000000 1.22113E+12 0 1.629753E+12
652000000 353000000 -325512000000 325512000000 1.14916E+12 5543000000 1.559124E+12
828000000 434000000 -330161000000 330161000000 1.17197E+12 5810000000 1.591145E+12
290000000 266000000 -98549000000 73243000000 8.49542E+11 3294000000 996028000000
235000000 236000000 -89310000000 74761000000 8.97624E+11 3334000000 1.047146E+12
260000000 297000000 -85892000000 74084000000 9.07499E+11 3116000000 1.055667E+12
245000000 207000000 -85857000000 82518000000 890973000000 3252000000 1.056009E+12
260000000 174000000 -85172000000 86376000000 907959000000 3422000000 1.080711E+12
240000000 300000000 -87845000000 88237000000 879706000000 3558000000 1.05618E+12
307000000 316000000 -173236000000 173236000000 770102000000 3629000000 1.028221E+12
262000000 392000000 -178809000000 178809000000 765801000000 3754000000 1.02747E+12
225000000 329000000 -169931999010.6 989.4 1.049379E+12 3767000000 1.049379E+12

v/Archives/edgar/data/1114446/000161052023000052/dev_UBS_AR_2022.htm
v/Archives/edgar/data/1114446/000161052022000028/UBS_AR_2021.htm
v/Archives/edgar/data/1114446/000161052021000035/annualreport2020ubsen.htm
v/Archives/edgar/data/1114446/000161052020000041/arubsen.htm
v/Archives/edgar/data/1114446/000161052019000031/ar1820f.htm
v/Archives/edgar/data/1114446/000161052016000037/20f2015.htm
v/Archives/edgar/data/1114446/000119312515090369/d886962d20f.htm
Preferredstock Commonstock Retainedearnin AccumulatedothOthertotalstock TotalstockholdeTotalequity Totalliabilities Minorityinterest
0 346000000 76057000000 2462000000 8420000000 87285000000 87816000000 1.71757E+12 531000000

0 304000000 50004000000 -103000000 6671000000 56876000000 57218000000 1.104364E+12 342000000
0 322000000 43851000000 5236000000 11253000000 60662000000 61002000000 1.117182E+12 340000000
0 338000000 38847000000 7647000000 12685000000 59517000000 59836000000 1.125765E+12 319000000
0 338000000 34154000000 5303000000 14738000000 54533000000 54707000000 972183000000 174000000
381000000 338000000 30448000000 3930000000 18212000000 53309000000 53309000000 958313000000 0
0 0 33738155612 -5884466528 24837540679 52691229763 52691229763 939909043312 0
0 0 31239080505 -4410985257 25902514674 52730609921 52730609921 917074654993 0
0 0 29849055077 -4094330460 30205171786 55959896402 55959896402 951827121525 0
0 0 22493249598 -3127939080 31923586461 51288896979 51288896979 1.070651E+12 0
Finallink
https://www.sec.gov/Archives/edgar/data/1114446/000161052023000052/dev_UBS_AR_2022.htm
https://www.sec.gov/Archives/edgar/data/1114446/000161052022000028/UBS_AR_2021.htm
https://www.sec.gov/Archives/edgar/data/1114446/000161052021000035/annualreport2020ubsen.htm
https://www.sec.gov/Archives/edgar/data/1114446/000161052020000041/arubsen.htm
https://www.sec.gov/Archives/edgar/data/1114446/000161052019000031/ar1820f.htm
https://www.sec.gov/Archives/edgar/data/1114446/000161052016000037/20f2015.htm
https://www.sec.gov/Archives/edgar/data/1114446/000119312515090369/d886962d20f.htm
https://www.sec.gov/Archives/edgar/data/1114446/000119312515090369/d886962d20f.htm
OperatingcashflFreecashflowope
CashflowcoveraShorttermcoveraCapitalexpenditDividendpaidanDividendpayoutrPricebookvaluerPricetobookratio
0 0 0 0 1.1426430551 1.1426430551
0.4402464683 0.8878268587 0.0757828184 0.4935638226 -8.9147900183 585.88 0.2186394023 1.070429055 1.070429055
0.8963461593 0.94141607 0.1437294182 0.7291521648 -17.069527431 -58.194444444 0.1744669438 1.0260222379 1.0260222379
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https://www.sec.gov/Archives/edgar/data/1114446/000161052023000064/mergerpresentation6ka.htm
https://www.sec.gov/Archives/edgar/data/1114446/000161052023000052/dev_UBS_AR_2022.htm
https://www.sec.gov/Archives/edgar/data/1114446/000161052021000035/annualreport2020ubsen.htm
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Pricefairvalue
1.1426430551
1.070429055
1.0260222379
0.8506860149
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UBS Group AG
CH | Financial Services | Banks—Diversified
Quick Look Stock Price per Share / Intrinsic Value - Price Fai
0.85 0.85 1.03 1.07
Country CH Currency USD Exchange NYSE
Avg Volume 3.4M FTEs 112,842 EV/EBITDA 4.6x
Price 28 ROE 33.3% P/E 3.4x
Market Cap 90.2B ROA 1.7% P/B 1.1x
Beta 1.02 Gross Margin 100.0% Debt/Equity 4.2x
52 Week 17.99-31.395 DPS 0.0% Current Ratio 7.9x
2019 2020 2021 2022
P/E - Price / Earnings Ratio EV/EBITDA - Enterprise Value Multiplier
10.71 7.64 8.35 7.98 3.44 15.49 8.98 7.44 4.47
2019 2020 2021 2022 2023 2019 2020 2021 2022
P/B - Price Book Value Ratio Debt / Equity - Debt Equity Ratio
0.85 0.85 1.03 1.07 1.14 3.65 4.15 3.60 3.40
2019 2020 2021 2022 2023 2019 2020 2021 2022

lue - Price Fair Value
1.14
2023
ue Multiplier
4.62
2023
uity Ratio
4.19
2023
About the Company
Company Name UBS Group AG

CEO Mr. Sergio P. Ermotti
Country CH
Sector Financial Services
Industry Banks—Diversified
Website https://www.ubs.com
Exchange New York Stock Exchange
UBS Group AG provides financial advice and solutions to private, institutional, and corporate clients
Description worldwide. It operates through four divisions: Global Wealth Management, Personal & Corporate Banking,
Asset Management, and Investment Bank. The Global Wealth Management division offers investment advice
and solutions, and lending solutions to ultra high net worth and high net worth clients. This segment also
provides estate and wealth planning, investing, philanthropy, corporate and banking, and family advisory
services, as well as mortgage, securities-based, and structured lending solutions. The Personal & Corporate
Banking division provides personal banking products and services, such as deposits, cards, and online and
mobile banking, as well as lending, investments, and retirement services; and corporate and institutional
solutions, including equity and debt capital markets, syndicated and structured credit, private placements,
leasing, traditional financing, trade and export finance, and global custody solutions, as well as transaction
banking solutions for payment and cash management. The Asset Management division offers equities, fixed
income, hedge funds, real estate and private markets, indexed and alternative beta strategies, asset
allocation and currency investment strategies, customized multi-asset solutions, advisory and fiduciary
services, and multi-manager hedge fund solutions and advisory services. The Investment Bank division
advises clients on strategic business opportunities and helps them raise capital to fund their activities;
enables its clients to buy, sell, and finance securities on capital markets and to manage their risks and
liquidity; and offers clients differentiated content on major financial markets and securities. The company was
formerly known as UBS AG and changed its name to UBS Group AG in December 2014. UBS Group AG was
founded in 1862 and is based in Zurich, Switzerland.
Income Statement - (USD 'MM)
Year 2014 2015 2016 2017 2018 2019 2020 2021 2022
Revenue 28,154 31,080 27,834 29,972 30,330 28,969 33,084 35,059 33,270
Cost of Revenue - - - - - - - - -
Gross Profit - - - - - - - - -
Gross Margin, % 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
EBITDA 10,081 12,925 12,227 14,332 17,652 7,511 10,338 11,573 18,196
EBITDA, % 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Operating Income (EBIT) - - - - - - - - -
EBIT, % 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Profit Before Tax - - - - - - - - -
Earnings Before Tax, % 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Net Profit After Tax - - - - - - - - -
Profit Margin, % 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Cash Flow Statement - (USD 'MM)

Year 2014 2015 2016 2017 2018 2019 2020 2021 2022
Net Income 3,810 3,681 6,461 3,225 1,158 4,522 4,310 6,572 7,486
Depreciation & Amortization - - - - - 1,293 1,830 2,126 2,118
Deferred income taxes - - - - - 425 477 352 434
Stock-based compensation - - - - - - (441) (1,090) (1,617)
Change in working capital 34,108 22,982 (4,832) (31,361) (43,775) 30,088 6,182 33,829 19,103
Other non-cash items (3,810) (3,681) (6,461) (3,225) (1,158) (7,415) 7,347 (4,831) 3,901
Operating Cash Flow 3,810 3,681 6,461 3,225 1,158 28,913 19,705 36,958 31,425
Investments in PPE (1,393) (1,937) (1,863) (1,744) (1,635) (1,688) (1,584) (1,854) (1,841)
Acquisitions 98 53 469 66 240 (150) 88 628 592
Investment purchases - - - - - (5,769) (3,986) (10,456) (6,217)
Sales/Maturities of investments - - - - - 1,361 3,913 4,530 5,052
Other Investing Activites 1,295 1,884 1,393 1,678 1,395 114 11 367 295
Investing Cash Flow (1,295) (1,884) (1,393) (1,678) (1,395) (6,132) (1,558) (6,785) (2,119)
Debt repayment - - - - - (44,344) (69,401) (87,667) (79,909)
Dividends payments - - - - - (2,440) (2,544) (2,607) (1,301)
Common Stock Repurchased - - - - - (1,431) (1,559) (1,387) (3,341)
Common Stock Issuance - - - - - - 47,898 104,100 95,179
Other Financing Activites - - - - - 48,405 (8) (7) (283)
Financing Cash Flow (53,585) 2,132 (6,672) (954) 27,316 190 (25,614) 12,432 10,345
Cash at beginning of period - - - - - 104,834 126,079 119,873 173,531
Net cash flow / Change in cash (51,070) 3,929 (1,605) 593 27,079 21,245 (6,206) 53,658 34,344
Cash at end of period (51,070) 3,929 (1,605) 593 27,079 126,079 119,873 173,531 207,875
Balance Sheet Statement - (USD 'MM)

Year 2014 2015 2016 2017 2018 2019 2020 2021 2022
Cash and cash equivalents 120,071 104,462 118,689 104,214 108,370 107,068 158,231 194,798 172,825
Short Term Investments 57,805 63,274 15,386 8,895 6,667 6,345 8,258 8,844 2,239
Cash and Short Term
177,876 167,736 134,076 113,110 117,399 113,413 166,489 203,642 171,684
Investments
Account Receivables - - - - 20,602 18,007 24,659 26,325 23,430
Inventory - - - - - - - - -
Other Current Assets - - - - - - - - -
Total Current Assets 177,876 167,736 134,076 113,110 138,001 131,420 191,148 229,967 189,260
Goodwill 6,440 6,313 6,194 6,346 6,392 6,272 6,182 6,126 6,043
Intangible Assets 422 332 240 222 255 197 298 252 224
Goodwill and Intangible
6,862 6,645 6,435 6,568 6,647 6,469 6,480 6,378 6,267
Assets
Long Term Investments 146,815 143,393 154,685 177,731 185,268 200,549 195,672 182,917 189,175
Property, Plant & Equipment Net 6,931 7,785 8,177 9,064 9,348 12,804 13,109 12,888 12,288
Other non-current Assets (160,608) (157,822) (169,297) (193,363) (182,535) (219,822) (215,261) (202,183) (1,651)
Total non-current Assets 160,608 157,822 169,297 193,363 182,535 219,822 215,261 202,183 206,079
Total assets ### 953,845 917,075 939,968 958,313 972,183 ### ### ###
Short Term debt - - - - 39,025 21,838 46,667 43,098 29,676
Account Payables 41,067 47,826 33,595 32,249 38,420 37,233 38,742 45,139 47,034
Deferred revenue - - - - 80,533 - - - -
Other Current Liabilities (41,067) (47,826) (33,595) (32,249) (78,989) (59,071) (85,409) (88,237) (1,949)
Total current liabilities 41,067 47,826 33,595 32,249 78,989 59,071 85,409 88,237 74,761
Long Term debt - - - - 152,726 177,306 200,475 175,542 163,600
Deferred Revenue Non Current 2,215 212 165 154 215 141 228 240 235
Deferred Tax Liabilities Non
- - - - - - 564 300 236
Current
Other non-current Liabilities (2,215) (212) (165) (154) (152,941) (177,447) (201,267) (176,082) (89,310)
Total non-current liabilities 2,215 212 165 154 152,941 177,447 201,267 176,082 74,761
Total liabilities ### 895,867 864,344 887,218 905,004 917,476 ### ### ###
Common Stock - - - - 338 338 338 322 304
Retained earnings 22,493 29,849 31,239 33,738 30,448 34,154 38,847 43,851 50,004
Other Income/Loss (3,128) (4,094) (4,411) (5,884) 3,930 5,303 7,647 5,236 (103)
Other Stockholders Equity 31,924 30,205 25,903 24,838 18,212 14,738 12,685 11,253 6,671
Total shareholders equity 51,289 55,960 52,731 52,691 53,309 54,533 59,517 60,662 56,876
Minority Interest - - - - - 174 319 340 342
Total Equity 51,289 55,960 52,731 52,691 53,309 54,707 59,836 61,002 57,218
Total debt - - - - 191,751 177,306 200,475 218,640 193,276
Total Investments 204,620 206,667 170,071 186,626 173,207 206,894 203,930 191,761 189,763
Net Debt (120,071) (104,462) (118,689) (104,214) 83,381 70,238 42,244 23,842 20,451
2023
39,063
-
-
0.0%
32,800
0.0%
-
0.0%
-
0.0%
-
0.0%
2023
7,661
2,061
494
-
18,228
(13,797)
14,647
(1,643)
1,727
(16,776)
4,084
161
(12,447)
(67,670)
(1,668)
(6,006)
-
66,250
(9,094)
207,875
(12,554)
195,321
2023
314,148
2,233
316,381
21,037
-
-
337,418
-
-
7,515
343,808
17,849
(369,172)
369,172
###
-
42,522
-
(42,522)
42,522
366,106
-
-
(366,106)
366,106
###
346
76,057
2,462
8,420
87,285
531
87,816
366,106
346,041
51,958
Income Statement - (USD 'MM)
Year 2021-Q1 2021-Q2 2021-Q3 2021-Q4 2022-Q1 2022-Q2 2022-Q3 2022-Q4 2023-Q1
Revenue 8,676 8,859 9,015 8,705 9,382 8,915 7,948 7,878 8,744
Cost of Revenue - - - - - - - (0) (0)
Gross Profit 8,676 8,859 9,015 8,705 9,382 8,915 7,948 7,878 8,744
Gross Margin, % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
EBITDA 3,799 4,071 4,346 3,060 4,009 4,178 4,579 5,430 5,827
EBITDA, % 43.8% 46.0% 48.2% 35.2% 42.7% 46.9% 57.6% 68.9% 66.6%
Operating Income (EBIT) 0 3,561 8,976 2,486 3,503 3,675 4,071 4,886 5,302
EBIT, % 0.0% 40.2% 99.6% 28.6% 37.3% 41.2% 51.2% 62.0% 60.6%
Profit Before Tax 2,298 2,593 2,865 1,729 2,729 2,615 2,323 1,937 1,495
Earnings Before Tax, % 26.5% 29.3% 31.8% 19.9% 29.1% 29.3% 29.2% 24.6% 17.1%
Net Profit After Tax 1,824 2,006 2,280 1,348 2,136 2,108 1,733 1,653 1,029
Profit Margin, % 21.0% 22.6% 25.3% 15.5% 22.8% 23.6% 21.8% 21.0% 11.8%
Cash Flow Statement - (USD 'MM)

Year 2021-Q1 2021-Q2 2021-Q3 2021-Q4 2022-Q1 2022-Q2 2022-Q3 2022-Q4 2023-Q1
Net Income 1,645 1,827 2,011 2,289 1,359 2,144 2,118 1,743 1,656
Depreciation & Amortization 627 516 510 518 574 506 503 508 544
Deferred income taxes 24 65 220 144 5 221 129 213 (69)
Stock-based compensation (86) (439) (368) (468) (342) (629) - - -
Change in working capital 267 (6,664) (6,630) 22,573 9,824 27,708 (8,603) (2,162) 1,285
Other non-cash items 887 4,618 1,391 (2,096) (1,629) (3,300) (3,276) (3,452) (3,769)
Operating Cash Flow 3,450 362 (2,498) 23,428 10,133 27,279 (9,129) (3,150) (353)
Investments in PPE (525) (432) (464) (458) (487) (402) (359) (420) (462)
Acquisitions (17) (1) 437 127 29 - 911 771 45
Investment purchases (385) (1,376) (574) (1,168) (3,099) (4,192) (2,883) (5,111) (4,590)
Sales/Maturities of investments 1,409 1,416 1,024 581 2,031 1,092 1,199 943 850
Other Investing Activites 16 - 530 1 58 - 4 4 153
Investing Cash Flow 490 (393) 688 (917) (1,497) (3,502) (1,128) (3,813) (4,004)
Debt repayment (22,793) (23,165) (22,393) (19,900) (14,451) (21,201) (15,108) (17,875) (13,486)
Dividends payments (1,299) - - - - - - - -
Common Stock Repurchased (499) (1,225) (742) - (830) (1,886) - - (1,261)
Common Stock Issuance 24,433 - - - - - - - -
Other Financing Activites 24,430 37,044 21,276 12,773 21,958 18,968 15,397 12,766 14,592
Financing Cash Flow (161) 12,654 (1,859) (7,127) 6,677 (4,119) 289 (5,109) (155)
Cash at beginning of period 164,293 173,531 178,171 177,095 190,973 207,875 224,802 207,909 189,707
Net cash flow / Change in cash 9,238 4,640 (1,076) 13,878 16,902 16,927 ### ### 5,614
Cash at end of period ### ### ### ### ### ### ### ### ###
Balance Sheet Statement - (USD 'MM)

Year 2021-Q1 2021-Q2 2021-Q3 2021-Q4 2022-Q1 2022-Q2 2022-Q3 2022-Q4 2023-Q1
Cash and cash equivalents 160,845 163,282 176,517 194,798 209,545 193,004 169,035 172,825 146,960
Short Term Investments 8,100 7,775 8,397 8,844 9,093 2,251 2,243 2,239 2,241
Cash and Short Term
### ### ### ### ### ### ### ### ###
Investments
Account Receivables 28,502 27,322 25,200 26,325 25,056 23,663 27,006 23,430 27,497
Inventory - - - - - - - - -
Other Current Assets - - - - - - - - -
Total Current Assets 0 ### ### ### ### ### ### ### ###
Goodwill - - - 6,126 - - - 6,043 -
Intangible Assets - - - 252 - - - 224 -
Goodwill and Intangible
6,427 6,452 6,401 6,378 6,383 6,312 6,210 6,267 6,272
Assets
Long Term Investments 179,822 177,251 179,680 182,917 171,741 159,958 154,047 189,175 198,892
Property, Plant & Equipment Net 12,716 12,895 12,827 12,888 12,491 12,049 11,829 12,288 12,249
Other non-current Assets ### ### ### ### ### ### ### (1,651) ###
Total non-current Assets ### ### ### ### ### ### ### ### ###
Total assets ### ### ### ### ### ### ### ### ###
Short Term debt 47,394 42,716 38,487 43,098 37,539 31,525 24,849 29,676 27,412
Account Payables 46,532 40,144 46,396 45,139 48,837 50,993 49,235 47,034 45,831
Deferred revenue - - - - - - - - -
Other Current Liabilities (93,926) (82,860) (84,883) (88,237) (86,376) (82,518) (74,084) (1,949) (73,243)
Total current liabilities 0 82,860 84,883 88,237 86,376 82,518 74,084 74,761 73,243
Long Term debt 169,378 178,155 172,613 175,542 171,114 167,923 159,419 163,600 171,236
Deferred Revenue Non Current 225 262 307 240 260 245 260 235 290
Deferred Tax Liabilities Non
329 392 316 300 174 207 297 236 266
Current
Other non-current Liabilities ### ### ### (87,845) (85,172) (85,857) (85,892) (89,310) (98,549)
Total non-current liabilities 0 ### ### 88,237 86,376 82,518 74,084 74,761 73,243
Total liabilities ### ### ### ### ### ### ### ### ###
Common Stock 338 322 322 322 322 304 304 304 304
Retained earnings 40,482 40,143 42,330 43,851 46,451 46,598 48,813 50,004 51,140
Other Income/Loss 5,612 6,091 5,586 5,236 2,538 1,152 (1,103) (103) 581
Other Stockholders Equity 11,594 12,209 11,981 11,253 9,544 8,791 7,742 6,671 4,729
Total shareholders equity 58,026 58,765 60,219 60,662 58,855 56,845 55,756 56,876 56,754
Minority Interest 307 284 333 340 356 339 330 342 352
Total Equity 58,026 58,765 60,219 60,662 58,855 57,184 56,086 57,218 57,106
Total debt 216,772 220,871 211,100 218,640 208,653 199,448 184,268 193,276 198,648
Total Investments 187,922 185,026 188,077 191,761 180,834 162,209 156,290 189,763 201,133
Net Debt 55,927 57,589 34,583 23,842 (892) 6,444 15,233 20,451 51,688
2023-Q2 2023-Q3 2023-Q4
9,541 10,737 10,417
- - -
9,541 10,737 10,417
100.0% 100.0% 100.0%
30,102 691 154
315.5% 6.4% 1.5%
29,236 (259) (752)
306.4% -2.4% -7.2%
29,239 (255) (751)
306.5% -2.4% -7.2%
28,875 (785) (279)
302.6% -7.3% -2.7%
2023-Q2 2023-Q3 2023-Q4

1,037 28,878 (664)
525 866 950
(28) (7) (117)
- 337 (402)
(28,660) 40,962 32,408
2,020 (28,265) (1,709)
### 42,771 30,466
(375) (455) (397)
- 47 62
(3,122) (6,863) (1,647)
1,102 6,025 125
(1) 108,511 1
(2,396) ### (1,856)
(23,193) (54,397) (61,830)
- - -
(2,191) - -
- - -
24,256 30,469 34,318
(1,128) ### ###
195,321 167,439 295,759
### ### (3,359)
### ### ###
2023-Q2 2023-Q3 2023-Q4

265,404 265,731 314,148
2,217 2,213 2,233
### ### ###
35,535 38,319 21,037
- - -
- - -
### ### ###
- - -
- - -
7,569 7,462 7,515
243,717 231,159 343,808
18,325 17,919 17,849
### ### ###
### ### ###
### ### ###
40,522 38,043 -
48,491 46,411 42,522
- - -
(89,013) (84,454) (42,522)
89,013 84,454 42,522
328,899 324,507 366,106
828 652 -
434 353 -
### ### ###
### ### ###
### ### ###
346 346 346
78,180 76,726 76,057
161 (953) 2,462
8,312 8,737 8,420
86,999 84,856 87,285
636 542 531
87,635 85,398 87,816
369,421 362,550 366,106
245,934 233,372 346,041
104,017 96,819 51,958
Weighted Average Cost Of Capital (WACC)
Share price, USD 27.90

Beta 1.02
Diluted Shares Outstanding, MM 0
Cost of Debt, % 0.0%
Tax Rate, % 20.2%
After-tax Cost of Debt, % 0.0%
* Risk-Free Rate, % 4.2%
** Market Risk Premium, % 5.0%
Cost of Equity, % 9.3%
Total Debt - (USD 'MM) 366,106 Debt
Total Equity - (USD 'MM) 0 Equity
Total Capital - (USD 'MM) 366,106
Debt Weighting, % 100.0% Debt 100%
Equity Weighting, % 0.0% Equity
WACC, % 0.0%
Tax Rate
2019 2020 2021 2022 2023
Historical tax rate, % 22.7% 19.2% 21.1% 20.2% 2.9%
Selected tax rate, % 20.2%
Cost Of Debt (Effective interest rate method)
2019 2020 2021 2022 2023

Interest expense - (USD 'MM) 0 0 0 0 0
Total debt - (USD 'MM) 366,106 366,106 366,106 366,106 366,106
Effective interest rate, % 0.0% 0.0% 0.0% 0.0%
Average effective interest rate, % 0.0%

Operating Data - (USD 'MM)
Year 2019 2020 2021 2022 2023 2024 2025 2026
A/F Actual Actual Actual Actual Actual Forecast Forecast Forecast
Revenue 28,969 33,084 35,059 33,270 39,063 42,235 45,665 49,374
Revenue Growth, % 14.2% 6.0% -5.1% 17.4% 8.1% 8.1% 8.1%
EBITDA 7,511 10,338 11,573 18,196 32,800 21,426 23,166 25,047
EBITDA, % 25.9% 31.2% 33.0% 54.7% 84.0% 50.7% 50.7% 50.7%
Depreciation - - - - - - - -
Depreciation, % 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
EBIT 7,511 10,338 11,573 18,196 32,800 21,426 23,166 25,047
EBIT, % 25.9% 31.2% 33.0% 54.7% 84.0% 50.7% 50.7% 50.7%
Balance Sheet Data - (USD 'MM)

Year 2019 2020 2021 2022 2023 2024 2025 2026
Total Cash 113,413 166,489 203,642 171,684 316,381 254,472 275,138 297,481
Total Cash, % 391.5% 503.2% 580.9% 516.0% 809.9% 602.5% 602.5% 602.5%
Account Receivables 18,007 24,659 26,325 23,430 21,037 28,921 31,269 33,809
Account Receivables, % 62.2% 74.5% 75.1% 70.4% 53.9% 68.5% 68.5% 68.5%
Inventories - - - - - - - -
Inventories, % 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Accounts Payable 37,233 38,742 45,139 47,034 42,522 52,380 56,634 61,233
Accounts Payable, % 128.5% 117.1% 128.8% 141.4% 108.9% 124.0% 124.0% 124.0%
Capital Expenditure (1,688) (1,584) (1,854) (1,841) (1,643) (2,092) (2,262) (2,446)
Capital Expenditure, % 5.8% 4.8% 5.3% 5.5% 4.2% 5.0% 5.0% 5.0%
Build Up Free Cash Flow - (USD 'MM)

Year 2019 2020 2021 2022 2023 2024 2025 2026
Revenue 28,969 33,084 35,059 33,270 39,063 42,235 45,665 49,374
EBITDA 7,511 10,338 11,573 18,196 32,800 21,426 23,166 25,047
EBIT 7,511 10,338 11,573 18,196 32,800 21,426 23,166 25,047
Tax Rate, % 22.7% 19.2% 21.1% 20.2% 2.9% 15.9% 15.9% 15.9%
EBIAT 5,805 8,349 9,135 14,517 31,843 18,027 19,491 21,074
Depreciation - - - - - - - -
Accounts Receivable 2,595 (6,652) (1,666) 2,895 2,393 (7,884) (2,349) (2,539)
Inventories - - - - - - - -
Accounts Payable (1,187) 1,509 6,397 1,895 (4,512) 9,858 4,254 4,599
Capital Expenditure (1,688) (1,584) (1,854) (1,841) (1,643) (2,092) (2,262) (2,446)
UFCF 5,525 1,622 12,012 17,466 28,081 17,909 19,134 20,688
WACC, % 0.0% 0.0% 0.0%
PV UFCF 17,909 19,134 20,688
SUM PV UFCF
Valuation - (USD 'MM)

Terminal Value (Perpetuity Growth method) - (USD Intrinsic Value
Long-term growth rate, % 4.0% Enterprise Value - (USD 'MM)
WACC, % 0.0% Net Debt - (USD 'MM)
Free cash flow (t + 1) 25,152 Equity Value - (USD 'MM)
Terminal Value -628,790 Shares Outstanding, MM
Present Value of Terminal V -628,790 Equity Value Per Share, USD
2027 2028
Forecast Forecast
53,383 57,718
8.1% 8.1%
27,081 29,280
50.7% 50.7%
- -
0.0% 0.0%
27,081 29,280
50.7% 50.7%
2027 2028
Forecast Forecast
321,640 347,760
602.5% 602.5%
36,554 39,523
68.5% 68.5%
- -
0.0% 0.0%
66,206 71,582
124.0% 124.0%
(2,645) (2,859)
5.0% 5.0%
2027 2028
Forecast Forecast
53,383 57,718
27,081 29,280
27,081 29,280
15.9% 15.9%
22,785 24,636
- -
(2,746) (2,969)
- -
4,973 5,377
(2,645) (2,859)
22,368 24,184
0.0% 0.0%
22,368 24,184
104,283
-524,507
51,958
-576,465
0
0.00
Free Cash Flow - (USD 'MM)
Year 2019 2020 2021 2022 2023 2024 2025 2026 2027
A/F Actual Actual Actual Actual Actual Forecast Forecast Forecast Forecast
Revenue 28,969 33,084 35,059 33,270 39,063 42,235 45,665 49,374 53,383
Revenue Growth, % 14.2% 6.0% -5.1% 17.4% 8.1% 8.1% 8.1% 8.1%
Operating Cash Flow 28,913 19,705 36,958 31,425 14,647 31,352 33,898 36,651 39,627
Operating Cash Flow, % 99.8% 59.6% 105.4% 94.5% 37.5% 74.2% 74.2% 74.2% 74.2%
Capital Expenditure (1,688) (1,584) (1,854) (1,841) (1,643) (2,092) (2,262) (2,446) (2,645)
Capital Expenditure, % 5.8% 4.8% 5.3% 5.5% 4.2% 5.0% 5.0% 5.0% 5.0%
Free Cash Flow 27,225 18,121 35,104 29,584 13,004 29,260 31,636 34,205 36,983
Free Cash Flow, % 94.0% 54.8% 100.1% 88.9% 33.3% 69.3% 69.3% 69.3% 69.3%
Build Up Free Cash Flow - (USD 'MM)

Year 2019 2020 2021 2022 2023 2024 2025 2026 2027
A/F Actual Actual Actual Actual Actual Forecast Forecast Forecast Forecast
Free Cash Flow 27,225 18,121 35,104 29,584 13,004 29,260 31,636 34,205 36,983
WACC, % 0.0% 0.0% 0.0% 0.0%
PV UFCF 29,260 31,636 34,205 36,983
SUM PV UFCF
Valuation - (USD 'MM)

Terminal Value (Perpetuity Growth method) - ( Intrinsic Value
Long-term growth rate, % 4.0% Enterprise Value - (USD 'MM)
WACC, % 0.0% Net Debt - (USD 'MM)
Free cash flow (t + 1) 41,586 Equity Value - (USD 'MM)
Terminal Value -1,039,640 Shares Outstanding, MM
Present Value of Terminal V -1,039,640 Equity Value Per Share, USD
2028
Forecast
57,718
8.1%
42,845
74.2%
(2,859)
5.0%
39,986
69.3%
2028
Forecast
39,986
0.0%
39,986
172,070
-867,570
51,958
-919,528
0
0.00
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46
Revenue Gross Marg

45000 1
40000 0.9
35000 0.8
0.7
30000
0.6
25000
0.5
20000
0.4
15000
0.3
10000 0.2
5000 0.1
0 0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 2015 2016 2017 2018 20
EBITDA EBITDA,
35000 1
0.9
30000
0.8
25000 0.7
0.6
20000
0.5
15000
0.4
10000 0.3
0.2
5000
0.1
0.5
15000
0.4
10000 0.3
0.2
5000
0.1
0 0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 2015 2016 2017 2018 20
Profit Before Tax Profit Before

1 1
0.9 0.9
0.8 0.8
0.7 0.7
0.6 0.6
0.5 0.5
0.4 0.4
0.3 0.3
0.2 0.2
0.1 0.1
0 0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 2015 2016 2017 2018 20
Profit After Tax Profit After T

1 1
0.9 0.9
0.8 0.8
0.7 0.7
0.6 0.6
0.5 0.5
0.4 0.4
0.8 0.8
0.7 0.7
0.6 0.6
0.5 0.5
0.4 0.4
0.3 0.3
0.2 0.2
0.1 0.1
0 0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 2015 2016 2017 2018 20
47 48 49 50 51 52 53 54 55 56 57 58 59 60###
61
Gross Margin, %
2017 2018 2019 2020 2021 2022 2023
EBITDA, %
2017 2018 2019 2020 2021 2022 2023
ofit Before Tax, %
2017 2018 2019 2020 2021 2022 2023
rofit After Tax, %

2017 2018 2019 2020 2021 2022 2023
Liquidity Measurement Ratios
Year 2019 2020 2021 2022 2023
Current Ratio
2.22 2.24 2.61 2.53 7.94
Current Assets / Current Liabilities
Quick Ratio
2.22 2.24 2.61 2.66 7.94
(Cash and Cash Equivalents+Short Term
Investments+Account Receivables) / Current
Liabilities
Cash Ratio
1.81 1.85 2.21 2.31 7.39
Cash and Cash Equivalents / Current Liabilities
Days of Sales Outstanding

226.88 272.05 274.07 257.05 196.57
((Account Receivables (start)+Account Receivables
(end)) / 2) / (Revenue / 365)
Days of Inventory
Outstanding
0.00 0.00 0.00 0.00 0.00
((Inventory (start)+Inventory (end)) / 2) / (COGS /
365)
Operating Cycle
0.00 0.00 0.00 0.00 0.00
DSO + DIO
Days of Payables
Outstanding
0.00 0.00 0.00 0.00 0.00
((Account Payables (start)+Account Payables (end)) /
2) / (COGS / 365)
Cash Conversion Cycle

0.00 0.00 0.00 0.00 0.00
DSO + DIO − DPO
Profitability Indicator Ratios
Year 2019 2020 2021 2022 2023
Gross Profit Margin

100.0% 100.0% 100.0% 100.0% 100.0%
Gross Profit / Revenue
Operating Profit Margin

19.2% 24.8% 27.0% 48.5% 76.5%
Operating Income / Revenue
Pretax Profit Margin

19.3% 24.9% 27.1% 28.9% 76.6%
Income Before Tax / Revenue
Net Profit Margin

14.9% 20.0% 21.3% 22.9% 74.3%
Net Income / Revenue
14.9% 20.0% 21.3% 22.9% 74.3%
Effective Tax Rate

22.7% 19.2% 21.1% 20.2% 2.9%
Provision For Income Taxes / Income Before Tax
Return On Assets
0.00 0.01 0.01 0.01 0.02
Net Income / Avg Total Assets
Return On Equity
0.08 0.11 0.12 0.13 0.33
Net Income / Avg Total Equity
Return On Capital
Employed
0.01 0.01 0.01 0.02 0.02
Net Income / (Avg Total Assets - Avg Current
Liabilities)
Debt Ratios
Year 2019 2020 2021 2022 2023
Debt Ratio
0.20 0.22 0.20 0.18 0.21
Total Liabilities / Total Assets
Debt Equity Ratio

3.65 4.15 3.60 3.40 4.19
Total Debt / Total Equity
Long-term Debt to Capitalization
0.76 0.77 0.74 0.74 0.81
Long−Term Debt / (Long−Term Debt + Shareholders
Equity)
Total Debt to
Capitalization
0.79 0.81 0.78 0.77 0.81
Total Debt / (Total Debt + Shareholders Equity)
Interest Coverage Ratio

0.77 1.93 2.90 2.46 1.06
EBIT / Interest Expenses
Cash Flow to Debt Ratio

0.10 0.15 0.14 0.08 0.00
Operating Cash Flows / Total Debt
Company Equity Multiplier

17.83 18.92 18.42 19.42 19.68
Total Assets / Total Equity
Operating Performance Ratios
Year 2019 2020 2021 2022 2023
Fixed Asset Turnover

2.26 2.52 2.72 2.71 2.19
Revenue / Avg Fixed Assets
Asset Turnover
0.03 0.03 0.03 0.03 0.02
Revenue / Avg Total Assets
Cash Flow Indicator Ratios
Year 2019 2020 2021 2022 2023
Operating Cash Flow Sales Ratio

0.68 1.12 0.90 0.44 0.00
Operating Cash Flow / Revenue
Free Cash Flow Operating Cash Flow Ratio

0.92 0.95 0.94 0.89 0.00
Free Cash Flow / Operating Cash Flow
Cash Flow Coverage

Ratios
0.10 0.15 0.14 0.08 0.00
Operating Cash Flow / Total Debt
Short-Term Coverage
Ratios
0.90 0.79 0.73 0.49 0.00
Operating Cash Flow / Short-Term Debt
Capital Expenditure
Coverage Ratios
12.44 19.93 17.07 8.91 0.00
Operating Cash Flow / Capital Expenditure
12.44 19.93 17.07 8.91 0.00
Dividend Paid and Capex

Coverage Ratios
20.53 49.08 -58.19 585.88 0.00
Operating Cash Flow / (Dividends Paid + Capital
Expenditure)
Dividend Payout Ratio

0.59 0.39 0.17 0.22 0.00
DPS (Dividends per Share) / EPS (Net Income per
Share)
Investment Valuation Ratios
Year 2019 2020 2021 2022 2023
Price Book Value Ratio

0.85 0.85 1.03 1.07 1.14
Stock Price per Share / Equity per Share
Price Cash Flow Ratio

2.34 1.37 1.98 4.16 0.00
Stock Price per Share / Operating Cash Flow per Share
Price Earnings Ratio

10.71 7.64 8.35 7.98 3.44
Stock Price per Share / EPS
Price Earnings to Growth

Ratio
-1.00 0.13 0.53 0.85 0.01
Price Earnings Ratio / Expected Revenue Growth
-1.00 0.13 0.53 0.85 0.01
Price Sales Ratio

1.59 1.53 1.78 1.83 2.55
Stock Price per Share / Revenue per Share
Dividend Yield
0.055 0.051 0.021 0.027 0.000
Dividend per Share / Stock Price per Share
Enterprise Value
Multiplier
15.49 8.98 7.44 4.47 4.62
Enterprise Value / EBITDA
Price Fair Value

0.85 0.85 1.03 1.07 1.14
Stock Price per Share / Intrinsic Value
s
Sparkline
Sparkline
Sparkline
s
Sparkline
Sparkline
Sparkline
Ratio Description
A current ratio of 1.0 or greater is an indication that the company is well-positioned to cover its current or short-term liabilities.
The quick ratio is more conservative than the current ratio because it excludes inventory and other current assets, which generally are more
difficult to turn into cash. A higher quick ratio means a more liquid current position.
The cash ratio is almost like an indicator of a firm’s value under the worst-case scenario where the company is about to go out of business.
DSO tells you how many days after the sale it takes people to pay you on average.
DIO tells you how many days inventory sits on the shelf on average.
(DSO + DIO) Basically the Operating Cycle tells you how many days it takes for something to go from first being in inventory to receiving the cash
after the sale.
DPO tells you how many days the company takes to pay its suppliers.
The cash conversion cycle (CCC = DSO + DIO – DPO) measures the number of days a company's cash is tied up in the production and sales process
of its operations and the benefit it derives from payment terms from its creditors. The shorter this cycle, the more liquid the company's working
capital position is. The CCC is also known as the "cash" or "operating" cycle.
Ratio Description
You can think of it as the amount of money from product sales left over after all of the direct costs associated with manufacturing the product have
been paid.
If companies can make enough money from their operations to support the business, the company is usually considered more stable.
Profit is the main goal of for-profit organizations. The goal is to make a profit through growth and to grow every year. As a result, one of the most
important roles of the financial and investment analyst is to track and forecast profitability.
Generally, a net profit margin in excess of 10% is considered excellent, though it depends on the industry and the structure of the business.
Generally, a net profit margin in excess of 10% is considered excellent, though it depends on the industry and the structure of the business.
If there’s one takeaway, it should be that a company’s tax situation is all but a living, breathing organism in its own right.
ROA Return on assets gives an indication of the capital intensity of the company, which will depend on the industry; companies that require large
initial investments will generally have lower return on assets. ROAs over 5% are generally considered good.
ROE this ratio calculates how much money is made based on the investors' investment in the company.investors want to see a high return on
equity ratio because this indicates that the company is using its investors' funds effectively.
ROCE shows investors how many dollars in profits each dollar of capital employed generates.
Ratio Description
The debt ratio tells us the degree of leverage used by the company.
This is a measurement of the percentage of the company’s balance sheet that is financed by suppliers, lenders, creditors and obligors versus what
the shareholders have committed.
While a high capitalization ratio can increase the return on equity because of the tax shield of debt, a higher proportion of debt increases the risk of
bankruptcy for a company.
Capitalization ratio describes to investors the extent to which a company is using debt to fund its business and expansion plans.
The lower a company’s interest coverage ratio is, the more its debt expenses burden the company.
The cash flow to debt ratio reveals the ability of a business to support its debt obligations from its operating cash flows
This is a measure of financial leverage.
Ratio Description
Calculates how efficiently a company is a producing sales with its machines and equipment.
The Asset Turnover ratio can often be used as an indicator of the efficiency with which a company is deploying its assets in generating revenue.
Ratio Description
Gives investors an idea of the company's ability to turn sales into cash.
The higher the percentage of free cash flow embedded in a company's operating cash flow, the greater the financial strength of the company.
The operating cash flow is simply the amount of cash generated by the company from its main operations, which are used to keep the business
funded.
The short-term debt coverage ratio compares the sum of a company's short-term borrowings and the current portion of its long-term debt to
operating cash flow.
The larger the operating cash flow coverage for these items, the greater the company's ability to meet its obligations, along with giving the
company more cash flow to expand its business, withstand hard times, and not be burdened by debt servicing and the restrictions typically
included in credit agreements.
The larger the operating cash flow coverage for these items, the greater the company's ability to meet its obligations, along with giving the
company more cash flow to expand its business, withstand hard times, and not be burdened by debt servicing and the restrictions typically
included in credit agreements.
For conservative investors focused on cash flow coverage, comparing the sum of a company's capital expenditures and cash dividends to its
operating cash flow is a stringent measurement that puts cash flow to the ultimate test. If a company is able to cover both of these outlays of funds
from internal sources and still have cash left over, it is producing what might be called "free cash flow on steroids". This circumstance is a highly
favorable investment quality.
The dividend payout ratio is an indicator of how well earnings support the dividend payment.
Ratio Description
The price-to-book value ratio, expressed as a multiple (i.e. how many times a company's stock is trading per share compared to the company's
book value per share), is an indication of how much shareholders are paying for the net assets of a company.
The price/cash flow ratio is used by investors to evaluate the investment attractiveness, from a value standpoint, of a company's stock.
The financial reporting of both companies and investment research services use a basic earnings per share (EPS) figure divided into the current
stock price to calculate the P/E multiple (i.e. how many times a stock is trading (its price) per each dollar of EPS).
The PEG ratio is a refinement of the P/E ratio and factors in a stock's estimated earnings growth into its current valuation.The general consensus is
that if the PEG ratio indicates a value of 1, this means that the market is correctly valuing (the current P/E ratio) a stock in accordance with the
stock's current estimated earnings per share growth. If the PEG ratio is less than 1, this means that EPS growth is potentially able to surpass the
market's current valuation.
The PEG ratio is a refinement of the P/E ratio and factors in a stock's estimated earnings growth into its current valuation.The general consensus is
that if the PEG ratio indicates a value of 1, this means that the market is correctly valuing (the current P/E ratio) a stock in accordance with the
stock's current estimated earnings per share growth. If the PEG ratio is less than 1, this means that EPS growth is potentially able to surpass the
market's current valuation.
The P/E ratio and P/S reflects how many times investors are paying for every dollar of a company's sales. Since earnings are subject, to one degree
or another, to accounting estimates and management manipulation, many investors consider a company's sales (revenue) figure a more reliable
ratio component in calculating a stock's price multiple than the earnings figure.
Income investors value a dividend-paying stock, while growth investors have little interest in dividends, preferring to capture large capital gains.
Whatever your investing style, it is a matter of historical record that dividend-paying stocks have performed better than non-paying-dividend stocks
over the long term.
Overall, this measurement allows investors to assess a company on the same basis as that of an acquirer. As a rough calculation, enterprise value
multiple serves as a proxy for how long it would take for an acquisition to earn enough to pay off its costs in years(assuming no change in EBITDA).
Helps investors determine whether a stock is trading at, below, or above its fair value estimate,A price/fair value ratio below 1 suggests the stock is
trading at a discount to its fair value, while a ratio above 1 suggests it is trading at a premium to its fair value.
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46
Revenue Gross Marg

12000 1.00000005
1
10000 0.99999995
0.9999999
8000
0.99999985
0.9999998
6000
0.99999975
0.9999997
4000
0.99999965
2000 0.9999996
0.99999955
0 0.9999995
2021- 2021- 2021- 2021- 2022- 2022- 2022- 2022- 2023- 2023- 2023- 2023- 2021 2021 2021 2021 2022 2022
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 -Q1 -Q2 -Q3 -Q4 -Q1 -Q2
EBITDA EBITDA,
35000 3.5
30000 3
25000 2.5
20000 2
15000 1.5
10000 1
5000 0.5
0 0
2021- 2021- 2021- 2021- 2022- 2022- 2022- 2022- 2023- 2023- 2023- 2023- 2021- 2021- 2021- 2021- 2022- 2022- 202
15000 1.5
10000 1
5000 0.5
0 0
2021- 2021- 2021- 2021- 2022- 2022- 2022- 2022- 2023- 2023- 2023- 2023- 2021- 2021- 2021- 2021- 2022- 2022- 202
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q
Profit Before Tax Profit Before

35000 3.5
30000 3
25000 2.5
20000 2
15000 1.5
10000 1
5000 0.5
0 0
2021- 2021- 2021- 2021- 2022- 2022- 2022- 2022- 2023- 2023- 2023- 2023- 2021- 2021- 2021- 2021- 2022- 2022- 202
-5000 -0.5
Profit After Tax Profit After T

35000 3.5
30000 3
25000 2.5
20000 2
15000 1.5
10000 1
25000 2.5
20000 2
15000 1.5
10000 1
5000 0.5
0 0
2021- 2021- 2021- 2021- 2022- 2022- 2022- 2022- 2023- 2023- 2023- 2023- 2021- 2021- 2021- 2021- 2022- 2022- 202
-5000 -0.5
47 48 49 50 51 52 53 54 55 56 57 58 59 60###
61
Gross Margin, %
21 2021 2022 2022 2022 2022 2023 2023 2023 2023

Q3 -Q4 -Q1 -Q2 -Q3 -Q4 -Q1 -Q2 -Q3 -Q4
EBITDA, %
21- 2022- 2022- 2022- 2022- 2023- 2023- 2023- 2023-

21- 2022- 2022- 2022- 2022- 2023- 2023- 2023- 2023-
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
ofit Before Tax, %
021- 2022- 2022- 2022- 2022- 2023- 2023- 2023- 2023-

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
rofit After Tax, %

021- 2022- 2022- 2022- 2022- 2023- 2023- 2023- 2023-
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Dividends Payout
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0
2019 2020 2021 2022 2023
Debt Ratio
0.25
0.2
0.15
0.1
0.05
0.1
0.05
0
2019 2020 2021 2022 2023
Price / Book Value Ratio

1.2
0.8
0.6
0.4
0.2
0
2019 2020 2021 2022 2023
Price Earnings to Growth Ratio

1
0.5
0
2019 2020 2021 2022 2023
-0.5
0.5
0
2019 2020 2021 2022 2023
-0.5
-1
-1.5
Debt / Equity
4.5
3.5
2.5
1.5
0.5
0
2019 2020 2021 2022 2023
Price / Earnings Ratio

12
10
2
6
0
2019 2020 2021 2022 2023
Price / Sales Ratio

3
2.5
1.5
0.5
0
2019 2020 2021 2022 2023
Enterprise Value Multiplier

18
16
14
12
10
6
14
12
10
0
2019 2020 2021 2022 2023
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Company Code

Company Code UBS TEF

UBS 27.9 1.018 3422114 902081597630.7 17.99-31.395 0.11

2023-12-31 UBS USD 1610520 2023-12-31 ### 2023 FY

2022-12-31 UBS USD 1610520 2023-03-06 ### 2022 FY

2021-12-31 UBS USD 1610520 2022-03-07 ### 2021 FY

2020-12-31 UBS USD 1610520 2021-03-05 ### 2020 FY

2019-12-31 UBS USD 1610520 2020-03-03 ### 2019 FY

2018-12-31 UBS USD 1610520 2019-03-15 ### 2018 FY

2017-12-31 UBS USD 1610520 2018-03-09 ### 2017 FY

2016-12-31 UBS USD 1610520 2017-03-10 ### 2016 FY

2015-12-31 UBS USD 1610520 2016-03-18 ### 2015 FY

2014-12-31 UBS USD 1610520 2015-03-13 ### 2014 FY

2023-12-31 UBS USD 1610520 2023-12-31 ### 2023 FY

2021-12-31 UBS USD 1610520 2022-03-07 ### 2021 FY

2020-12-31 UBS USD 1610520 2021-03-05 ### 2020 FY

2019-12-31 UBS USD 1610520 2020-03-03 ### 2019 FY

2018-12-31 UBS CHF 1610520 2019-03-15 ### 2018 FY

2017-12-31 UBS CHF 1610520 2018-03-09 ### 2017 FY

2016-12-31 UBS CHF 1610520 2017-03-10 ### 2016 FY

2015-12-31 UBS CHF 1610520 2016-03-18 ### 2015 FY

2014-12-31 UBS CHF 1610520 2015-03-13 ### 2014 FY

2022-12-31 UBS USD 1610520 2023-03-06 ### 2022 FY

2021-12-31 UBS USD 1610520 2022-03-07 ### 2021 FY

2020-12-31 UBS USD 1610520 2021-03-05 ### 2020 FY

2019-12-31 UBS USD 1610520 2020-03-03 ### 2019 FY

2018-12-31 UBS CHF 1610520 2019-03-15 ### 2018 FY

2017-12-31 UBS USD 1610520 2018-03-09 ### 2017 FY

2016-12-31 UBS USD 1610520 2017-03-10 ### 2016 FY

2015-12-31 UBS USD 1610520 2016-03-18 ### 2015 FY

2014-12-31 UBS USD 1610520 2015-03-13 ### 2014 FY

UBS 2023-12-31 2023 FY 7.9351394572 7.9351394572 7.3878933258 196.56721194

UBS 2022-12-31 2022 FY 2.5315338211 2.6550474178 2.3116999505 257.04688909

UBS 2021-12-31 2021 FY 2.6062422793 2.6062422793 2.2076679851 274.07013891

UBS 2020-12-31 2020 FY 2.2380311208 2.2380311208 1.8526267724 272.05099142

UBS 2019-12-31 2019 FY 2.2247803491 2.2247803491 1.8125306834 226.882357

UBS 2018-12-31 2018 FY 1.75E+00 1.7171884693 1.3719631847 247.93043192

2023-12-31 UBS USD 1610520 2023-12-31 ### 2023 Q4

2023-09-30 UBS USD 1610520 2023-09-30 ### 2023 Q3

2023-06-30 UBS USD 1610520 2023-09-29 ### 2023 Q2

2023-03-19 UBS USD 1610520 2023-03-27 ### 2023 Q1

2022-12-31 UBS USD 1610520 2023-03-06 ### 2022 Q4

2022-09-30 UBS USD 1610520 2022-09-30 ### 2022 Q3

2022-06-30 UBS USD 1610520 2022-06-30 ### 2022 Q2

2022-03-31 UBS USD 1610520 2022-03-31 ### 2022 Q1

2021-09-30 UBS USD 1610520 2021-09-30 ### 2021 Q3

2021-06-30 UBS USD 1610520 2021-06-30 ### 2021 Q2

2021-03-31 UBS USD 1610520 2021-03-31 ### 2021 Q1

2023-09-30 UBS USD 1610520 2023-09-30 ### 2023 Q3

2023-06-30 UBS USD 1610520 2023-09-29 ### 2023 Q2

2023-03-19 UBS USD 1610520 2023-03-27 ### 2023 Q1

2022-12-31 UBS USD 1610520 2023-03-06 ### 2022 Q4

2022-09-30 UBS USD 1610520 2022-09-30 ### 2022 Q3

2022-06-30 UBS USD 1610520 2022-06-30 ### 2022 Q2

2022-03-31 UBS USD 1610520 2022-03-31 ### 2022 Q1

2021-12-31 UBS USD 1610520 2022-03-07 ### 2021 Q4

2021-09-30 UBS USD 1610520 2021-09-30 ### 2021 Q3

2021-06-30 UBS USD 1610520 2021-06-30 ### 2021 Q2

2021-03-31 UBS USD 1610520 2021-03-31 ### 2021 Q1