With a 12-month price target set at $274 (30% upside from current levels; almost 40 bucks above its $233.72 record of 1 February), UBS models…

… $20bn of added revenues to 2025 from 2021 (less than it added from 2018 to 2021); a net debt position, still at $15.2bn at the end of 2021, that turns into net cash (+$2.8bn) by 2025 and a price-to-earnings ratio that at the end of the 2021-2025 period, will be the lowest in the 2018-2025 series.

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