Scaling mountains requires determination, skill and luck. UBS began its ascent in March, aiming to integrate its acquisition of local rival Credit Suisse. Investors had doubts whether it would succeed. Some of those concerns have dissipated like high clouds.
UBS’s shares have soared 44 per cent since June to their highest level in over 15 years. Yet, its valuation at 1.2 times its tangible book value has not surpassed recent peaks.
Sweden-based Activist Cevian Capital, which has built a €1.2bn exposure, believes UBS may be able to do better. Apparently, UBS lacks ambition on its profitability targets.
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