Firstly I note UBS uses Some of the Parts methodology whilst JP Morgan uses DCF.
Aside from that, they are just a world apart on everything, for example, revenue/EBIT for FY21 is:
JP Morgan 9,693/687
UBS 14,860/652.
Without looking further, it is bizarre that UBS's revenue is so much higher but EBIT substantially lower.
The bottom line is they use different methodologies and JP Morgan is more optimistic at the EBIT line now and in the future - a combination of all that results in substantially different valuations.
There isn't much point looking further as it's not apples for apples and someone would need the nitty-gritty detail to know who is more likely to be correct on their wildly different assumptions.
