Analysts’ recommendations

In 2016, the Zürcher Kantonalbank (ZKB) analyst monitored the LLB share and regularly published studies and assessments on the LLB Group. ZKB kept its rating at “market weight” throughout the reporting year and also after publication of the advance information on the 2016 annual financial statement. Analyst Javier Lodeiro entitled his update in January 2017, “LLB with positive 2016 advance financial statement”. The ZKB analyst sees upside potential for the share price in an increase in interest rates, in strategically targeted acquisitive growth, which offers synergistic potential, and in the still relatively low valuation of the LLB share.

In July 2016, Research Partners AG with analyst Rainer Skierka took up coverage of the LLB Group. He issued a buy recommendation for the LLB share, setting a twelve-month price target of CHF 49.00. Subsequent to the publication of the advance information on the annual financial statement for LLB on 19 January 2017 and after an initial revision of the estimates for 2017–2018, Rainer Skierka reaffirmed the buy recommendation and raised the twelve-month price target to CHF 53.50.

Prior to the publication of the advance information in January 2017, the private bank Mirabaud, and the analyst responsible Andreas Brun, also took up coverage of LLB. He recommended a “buy” for the LLB share and published a target price of CHF 46.20, which he raised to CHF 46.60 after publication of the advance information. His buy recommendation was based on a combination of the following factors: interest rate sensitivity to rising interest rates, attractive dividend payments, stability thanks to a broad diversification of business activities, solid capital ratios and a high return on required equity.