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Corporate Research (Credit/Equity)
UBS Wealth Management Research offers corporate research and analysis on individual companies and sectors.
Ratings for Equities and Bonds
Stock Recommendations System:
Analysts provide two ratings: an absolute rating and a relative rating. The absolute rating is based on the current Estimated Fair Value Range (EFVR) for the stock and the stock's recent trading price. The relative rating is based on the stock's total return potential against the total estimated return of the appropriate sector benchmark over the next year.
The EFVR is the price range within which the analyst estimates the stock to be fairly valued. The estimation of the EFVR is based on methods such as a discounted cash flow valuation or a comparison of valuation multiples. In the definition of the EFVR, analysts take into account the risk profile (predictability) of the stock.
Absolute Stock Rating System:
| Rating | Definition and Criteria |
Buy | We believe the stock is undervalued relative to current market prices |
Hold | We believe the stock's current market valuation is in a fair range |
Sell | We believe the stock is overvalued relative to current market prices |
Under review | Upon special events that require further analysis, the stock rating may be flagged as "Under review" by the analyst |
Suspended | If data is not valid anymore, the stock rating may be flagged as "Suspended" by the analyst |
Restricted | Issuing of research on a company by UBS Wealth Management Research can be restricted for legal, regulatory, or contractual reasons, or because of business practice obligations which are normally caused by UBS Investment Bank's involvement in an investment banking transaction in regard to the concerned company. |
Relative Stock Rating System:
| Rating | Definition and Criteria |
Outperform (OUT) | Expected to outperform the benchmark |
Marketperform (MKT) | Expected performance in line with the benchmark |
Underperform (UND) | Expected to underperform the benchmark |
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