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.
您已閱讀26%（608字），剩余74%（1773字）包含更多重要信息，訂閱以繼續探索完整內容，并享受更多專屬服務。