EVENTS:   Best Equity Short Ideas Conference Call 12 - Zach Shannon/Corto Capital Advisors & Craig Huber/Huber Research Partners & Thomas Beevers /Forensic Alpha & Ed Steele/Iron Blue Financials & Bill Campbell/Paragon Intel - 12 Nov 25   Will AI Deflate the World? Macro Lessons from Three Industrial Revolutions and China - Manoj Pradhan/Talking Heads Macro - 13 Nov 25     ROADSHOWS: Forest Products Sector Equity and Commodity Research With Expertise in Distressed Debt - Kevin Mason /ERA Research   •   London   12 - 14 Nov 25       Buyside to Buyside Forum and Expert Calls across TMT, Consumer, Healthcare and Fintech - Andrew Peters /Revelare Partners   •   London   17 - 19 Nov 25       Fundamental US Healthcare Short Ideas - Dr Elliot Favus /Favus Institutional Research   •   London   17 - 19 Nov 25      

Fortnightly Publication Highlighting Latest Insights From IRF Providers

Company Research

VP Bank (VPBN SW) Switzerland

Financials

Clear strategic focus on growth - successful implementation of the “Strategy 2021-2026” will result in a material rerating in VPBN shares and significantly narrow the discount to book value. Shares trade at a P/E 2021E of 7.9x (vs. sector: 12.3x), P/B of 0.59x (1.31x) and dividend yield of 5.5% (4.2%). A core capital ratio (CET1) of 20.8% opens up scope for acquisitions. TP CHF 147.00 (40% upside).

Edition: 122

- 29 October, 2021