Deutsche Bank AG

Deutsche Bank is a holding company acting as an international financial service provider. Co. offers a wide variety of investment, financial and related products and services to private individuals, corporate entities and institutional clients around the world. Co. has operations or dealings with existing or potential customers in most countries in the world. Co. is organized into the following six corporate divisions: Global Markets (GM); Corporate & Investment Banking (CIB); Private, Wealth & Commercial Clients (PW&CC); Deutsche Asset Management (Deutsche AM); Postbank (PB); and Non-core Operations Unit (NCOU).
  • Ticker514000
  • ISINDE0005140008
  • SectorBanks
  • CountryGermany

Analysts

Alex Koagne ...
  • Christophe Chaput
  • Emmanuel Matot
  • Hana Maalej
  • Harold De Decker
  • Jean Sassus
  • Jerôme Bodin

ODDO BHF Small & MIDCAP MORNING NEWS - 10/17/2018

...

Ahmed Ben Salem ...
  • Alex Koagne
  • Antoine Boivin-Champeaux
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jean-Baptiste Rouphael
  • Jerôme Bodin
  • Oussema Denguir
  • Pierre Tegner
  • Pierre Corby
  • Stephane Houri
  • Valentin Pernet
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/17/2018

...

Alex Koagne ...
  • Christophe Chaput
  • Emmanuel Matot
  • Hana Maalej
  • Harold De Decker
  • Jean Sassus
  • Jerôme Bodin

ODDO BHF Small & MIDCAP MORNING NEWS - 17/10/2018

...

Ahmed Ben Salem ...
  • Alex Koagne
  • Antoine Boivin-Champeaux
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jean-Baptiste Rouphael
  • Jerôme Bodin
  • Oussema Denguir
  • Pierre Tegner
  • Pierre Corby
  • Stephane Houri
  • Valentin Pernet
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 17/10/2018

...

Alex Koagne ...
  • Jean Sassus

ODDO : « Club des 5 US » - Résultats T3 2018 peu extrapolables à l’Europe

>Sales & Trading Equity – Extrapolation à risque - Les revenus S&T Equity sont en hausse de 8.1% sur un an. Ils étaient déjà en hausse de 15.1% au T2. Cela n’est pas dû à un effet de base favorable puisque les revenus T3 2018 sont supérieurs d’environ 34% au niveau moyen pour un troisième trimestre depuis 2010. Malgré ce signal positif, une extrapolation aux banques européennes n’est pas acquise :Le Prime Brokerage semble être le driver commun. Or les banques eur...

Philippe Lamaud

Deutsche Bank : At the end, will Deutsche win? Credit Opinion revised to Negative on profitability issues and strategic challenges. Recommendations maintained

Football fans all know Gary Lineker’s quote about football being “a simple game: 22 men chase a ball for 90 minutes and at the end, the Germans always win”. While the Word Cup is approaching and Germany is among the favourites, Deutsche Bank’s (DB) performance has been less impressive on the banking field than the ones of the Mannschaft on the pitches, and the outcome of DB’s strategic adjustments is far less certain than the one of a football game, as suggested by Gary Lineker....

Philippe Lamaud

Deutsche Bank : At the end, will Deutsche win? Credit Opinion revised to Negative on profitability issues and strategic challenges. Recommendations maintained

Football fans all know Gary Lineker’s quote about football being “a simple game: 22 men chase a ball for 90 minutes and at the end, the Germans always win”. While the Word Cup is approaching and Germany is among the favourites, Deutsche Bank’s (DB) performance has been less impressive on the banking field than the ones of the Mannschaft on the pitches, and the outcome of DB’s strategic adjustments is far less certain than the one of a football game, as suggested by Gary Lineker....

Deutsche Bank AG: Q1 2017 Results Commentary: Stronger Capital Combined with Recovering Client Confidence and Profits are Credit Positive

FINANCIAL INSTITUTIONS ISSUER COMMENT 27 April 2017 Contacts Peter E. Nerby, CFA 212-553-3782 Senior Vice President peter.nerby@moodys.com Ross J Hampson 44-20-7772-1440 Associate Analyst ross.hampson@moodys.com Laurie Mayers 44-20-7772-5582 Associate Managing Director laurie.mayers@moodys.com Deutsche Bank AG Q1 2017 Results Commentary: Stronger Capital Combined with Recovering Client Confidence

Philippe Lamaud

Deutsche Bank : Initiating coverage: Buy Tier 2, Reduce AT1

>Strengths/Opportunities - The EUR8bn capital increase announced by Deutsche Bank (DB) in early March is set to boost the fully-loaded (FL) CET1 ratio by more than 200bp to 14.1% on a pro-forma basis at end-2016, a level far more commensurate with the bank’s risk profile, expected RWA inflation and modest internal capital generation in the medium term. The partial IPO of the asset management subsidiary and asset disposals will also contribute strengthening capital, supporting the bank’s new objective of a FL CET1 FL “comfortably above” 13%. The revision of the 2020 strategy announced alongside...

Philippe Lamaud

Deutsche Bank : Initiation de couverture : Achat Tier 2, Alléger AT1

>Forces / Opportunités - L’augmentation de capital de 8 mds EUR annoncée par DB début mars va renforcer de plus de 200bp son ratio CET1 fully-loaded et le placer à un niveau solide (14.1% à fin 2016 pro-forma), beaucoup plus adéquat au profil de risque de la banque, à l’évolution de la réglementation (hausses de RWA), ainsi qu’à une modeste génération interne de capital à moyen terme. L’IPO partielle de la filiale d’asset management et des cessions d’actifs vont contribuer à renforcer encore le capital et permettre à DB de maintenir le ratio CET1 « confortablement au-dessus » de 13%, nouvel ob...

Alex Koagne ...
  • Jean Sassus

ODDO : « Club des 5 US » - Résultats T3 2018 peu extrapolables à l’Europe

>Sales & Trading Equity – Extrapolation à risque - Les revenus S&T Equity sont en hausse de 8.1% sur un an. Ils étaient déjà en hausse de 15.1% au T2. Cela n’est pas dû à un effet de base favorable puisque les revenus T3 2018 sont supérieurs d’environ 34% au niveau moyen pour un troisième trimestre depuis 2010. Malgré ce signal positif, une extrapolation aux banques européennes n’est pas acquise :Le Prime Brokerage semble être le driver commun. Or les banques eur...

Alex Koagne ...
  • Jean Sassus

ODDO : Top 5 US banks - Q3 2018 results cannot really be extrapolated to Europe

>Equity sales & trading – risky to extrapolate - Equity S&T revenues were up 8.1% year-on-year. They were up 15.1% in Q2. This is not due to a favourable base effect as Q3 2018 revenues are around 34% higher than the average for Q3 since 2010. Despite this positive signal, extrapolation to European banks is not that straightforward:Prime Brokerage seems to be a common driver. But European banks are rarely major players. DBK is scaling back its positions. But UBS ...

Alex Koagne ...
  • Jean Sassus
  • Steven Gould

ODDO : Finishing touches to Basel IV: at first glance, the impact is manageable

>Rise in Tier 1 ratio of 16.7% - The EBA (European Banking Authority) yesterday evening published its report estimating the impact on banks linked to the adjustments of the regulatory framework (final version of Basel III, also called Basel IV) for the calculation of capital requirements. The calculations integrate the adjustments in terms of credit risk, operating risk but also the introduction of a “floor output” and the fundamental review of trading books (FRTB). T...

Alex Koagne ...
  • Jean Sassus
  • Steven Gould

ODDO : Finalisation de Bâle 4: à première vue, l’impact est gérable

>Hausse du ratio Tier 1 de 16,7% - L’Autorité Bancaire Européenne a publié hier soir son rapport estimant l’impact sur les banques des ajustements du cadre réglementaire (version finale de Bâle 3, aussi appelée Bâle 4) pour le calcul des besoins en fonds propres. Les calculs intègrent ainsi les ajustements en matière de risque de crédit, de risque opérationnel mais aussi l’introduction de « l’output floor » et de la revue fondamentale des portefeuilles de trading (FRT...

Derya Guzel

Morningstar | DBK Updated Forecasts and Estimates from 27 Jul 2018

No-moat Deutsche Bank reported net income of EUR 521 million for the first half of 2018. Reported net income was stronger than our expectations, mainly owing to better-than-expected interest income and lower-than-anticipated loan losses. We increase our full-year net income estimate to EUR 946 million from EUR 414 million previously. The increase may seem drastic, but we remind investors that Deutsche Bank has significant operational leverage due to its high cost/income ratio, which significantly magnifies any changes in revenue or loan-loss provisions. We maintain our fair value estimate at E...

1 director bought

A director at Deutsche Bank Ag bought 20,000 shares at 12.384USD and the significance rating of the trade was 72/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The name...

Alex Koagne ...
  • Christophe Chaput
  • Emmanuel Matot
  • Hana Maalej
  • Harold De Decker
  • Jean Sassus
  • Jerôme Bodin

ODDO BHF Small & MIDCAP MORNING NEWS - 10/17/2018

...

Ahmed Ben Salem ...
  • Alex Koagne
  • Antoine Boivin-Champeaux
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jean-Baptiste Rouphael
  • Jerôme Bodin
  • Oussema Denguir
  • Pierre Tegner
  • Pierre Corby
  • Stephane Houri
  • Valentin Pernet
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/17/2018

...

Alex Koagne ...
  • Christophe Chaput
  • Emmanuel Matot
  • Hana Maalej
  • Harold De Decker
  • Jean Sassus
  • Jerôme Bodin

ODDO BHF Small & MIDCAP MORNING NEWS - 17/10/2018

...

Ahmed Ben Salem ...
  • Alex Koagne
  • Antoine Boivin-Champeaux
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jean-Baptiste Rouphael
  • Jerôme Bodin
  • Oussema Denguir
  • Pierre Tegner
  • Pierre Corby
  • Stephane Houri
  • Valentin Pernet
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 17/10/2018

...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Bruno Cavalier
  • Delphine Brault
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Harald Eggeling
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Léopold Authié
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas Kieffer
  • Nicolas David
  • Olivier Lebrun
  • Oussema Denguir
  • Pierre Corby
  • Rémi Adam, CFA
  • Salma Bouraoui
  • Stephane Houri
  • Steven Gould
  • Veysel Taze
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/23/2018

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DEUTSCHE BANK AG sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of DEUTSCHE BANK AG (DE), a company active in the Money Center Banks industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date September 21, 2018, the closing price was EUR 10.50 and its potential was estimated at EUR 11.50.

ValuEngine Rating and Forecast Report for DB

ValuEngine Rating and Forecast Report for DB

ValuEngine Rating and Forecast Report for DB

ValuEngine Rating and Forecast Report for DB

ValuEngine Rating and Forecast Report for DB

ValuEngine Rating and Forecast Report for DB

ValuEngine Rating and Forecast Report for DB

ValuEngine Rating and Forecast Report for DB

Expert Corporate Governance Service (ECGS)

Proxy Report - 24/05/2018

General: Supervisory Board member Prof. Dr. Stefan Simon is a member of the AdvisoryCommittee of DSW, the local partner of ECGS. This report has been prepared usingstandard ECGS guidelines. Item 2: We recommend to oppose the distribution of a dividend. The dividend again isnot covered by earnings and the Company has to report a loss for the third consecutiveyear. We therefore consider a dividend payment inappropriate at this time. Item 4: We recommend opposing the discharge of Supervisory Board Chairman Dr. Paul Achleitner. Dr. Achleitner has again changed the Management Board team by releas...

Valérie GASTALDY

Analyse court terme - DEUTSCHE BANK : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 9,451 €. La tendance de fond serait remise en cause en cas de franchissement de 12,077 €.

Valérie GASTALDY

Short term view - DEUTSCHE BANK : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €9.451. The background trend would be questioned should prices rise above €12.077.

Valérie GASTALDY

Analyse moyen terme - DEUTSCHE BANK : Le mouvement se poursuit.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 8,650 €, puis 7,750 €. Le franchissement de 12,085 € remettrait en cause la suite de la baisse.

Valérie GASTALDY

Medium term view - DEUTSCHE BANK : The movement goes on.

The background trend is clearly bearish. The movement goes on. The next target is at €8.650, then €7.750. Passing €12.085 would question the continuation of the fall.

Valérie GASTALDY

Short term view - DEUTSCHE BANK : The trend is uncertain.

The trend is uncertain. Prices have recovered and they are starting to display convincing strength. A new bullish trend is attempting to emerge.

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