contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment CompanyTagList on Company {
  pageUrl
  name
  viewerIsFollowing
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    ...CompanyTagList
    id
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      defaultInstrument {
        isin
        id
      }
      id
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    id
    name
    viewerIsFollowing
    defaultInstrument {
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


united-bankers-upgrades-its-guidance-after-exit-forest-fund

__typename

title

isPremium

lang

htmlBody

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Sauli Vilén

Kasper Mellas

United Bankers is a Finnish expert on wealth management and investment markets, established in 1986. It is one of the oldest non-bank asset managers in Finland. The Group's wealth management business includes funds, discretionary portfolio management, and structured investment products. In its funds, United Bankers specialises in real asset investment solutions, focusing on forest, real estate, infrastructure, and renewable energy. The company also provides capital markets services. United Bankers' headquarters is located in Helsinki.

United Bankers

UB announced on Monday that it had sold UB Nordic Forest Fund II, founded in 2015, to the German asset management company Munich RE Group. As a result of the transaction, UB will record a huge performance fee of 18 MEUR, of which 8 MEUR has been booked for previous years and 10 MEUR will be booked for the current year.

Translation: Original comment published in Finnish on 3/5/2024 at 7:17 am EET UB announced on Monday that it had sold UB Nordic Forest Fund II, founded in 2015, to the German asset management company Munich RE Group. As a result of the transaction, UB will record a huge performance fee of 18 MEUR, of which 8 MEUR has been booked for previous years and 10 MEUR will be booked for the current year. As a result, UB also raised its guidance and now expects adjusted operating profit to increase clearly (previously to increase). The news is naturally positive for UB, and yet another strong proof of the value creation ability of its forest funds. We will update our forecasts in the coming days. The annual internal rate of return (IRR) of the UB Nordic Forest Fund II for the investor after costs is 13.3% which can be considered an excellent level in a stable asset class like forest. The transaction is yet another strong proof of the value creation ability of the company's forest funds and it helps remove uncertainty related to the performance fee outlook of forest funds. We discussed the valuations and outlook of forest funds in our last interview with the CEO in connection with the H2 report. Due to the high performance fees, the transaction has a significant impact on the operating profit of 2024, but the exit from the fund causes a short-term cut in management fees (estimated to be some 1 MEUR p.a.). However, we believe UB has excellent preconditions to recover a significant share of this capital in its other funds. In addition, we consider it possible that the excellent transaction will accelerate the fundraising of the company’s two forest funds that are currently sold. Therefore, we expect the cut in management fees to be short-term.

	2023	24e	25e
Revenue	52.1	55.3	60.3
growth-%	7.48 %	5.93 %	9.11 %
EBIT (adj.)	17.0	18.0	20.4
EBIT-% (adj.)	32.56 %	32.50 %	33.75 %
EPS (adj.)	1.23	1.23	1.40
Dividend	1.00	1.10	1.20
Dividend %	6.94 %	6.18 %	6.74 %
P/E (adj.)	11.67	14.49	12.74
EV/EBITDA	7.65	8.85	7.81

United Bankers upgrades its guidance after exit from a forest fund

United Bankers

Key Estimate Figures2024-02-17

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