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

Philippe Lamaud

Deutsche Bank : Recommendations lowered to ‘Reduce’ on increasing uncertainties and downside risks

Credit opinion already negative, gloomier outlook - >We revised our credit opinion on Deutsche Bank (DB) to Negative from Stable in May to reflect the strategic challenges facing the bank, its weak performance and uncertainties that its profitability targets would be achieved. Since then, nothing has in our view allayed any of these concerns and litigation risks have resurfaced (money laundering in Germany, role in the Danske case). Authorities are likely to take...

Philippe Lamaud

Deutsche Bank : Recommendations lowered to ‘Reduce’ on increasing uncertainties and downside risks

Credit opinion already negative, gloomier outlook - >We revised our credit opinion on Deutsche Bank (DB) to Negative from Stable in May to reflect the strategic challenges facing the bank, its weak performance and uncertainties that its profitability targets would be achieved. Since then, nothing has in our view allayed any of these concerns and litigation risks have resurfaced (money laundering in Germany, role in the Danske case). Authorities are likely to take...

Ahmed Ben Salem ...
  • Benoit Valleaux
  • Bruno Cavalier
  • Igor Kim
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Matthias Desmarais
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 12/10/2018

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Jean Sassus ...
  • Steven Gould

ODDO : Consolidation – an affair of national industrial policy

>Political concerns at the heart of the process - The German press has reported there is speculation that the German government is steering the merger between Deutsche Bank and Commerzbank. This has confirmed concerns about at least three aspects of industrial policy:The German banking system’s “offering” is insufficient: in terms of supporting companies, the German banking system is in a situation of undercapacity (see following pages). A portion of German corpo...

Ahmed Ben Salem ...
  • Benoit Valleaux
  • Bruno Cavalier
  • Igor Kim
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Matthias Desmarais
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 10/12/2018

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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...

Jean Sassus ...
  • Steven Gould

ODDO : Consolidation – an affair of national industrial policy

>Political concerns at the heart of the process - The German press has reported there is speculation that the German government is steering the merger between Deutsche Bank and Commerzbank. This has confirmed concerns about at least three aspects of industrial policy:The German banking system’s “offering” is insufficient: in terms of supporting companies, the German banking system is in a situation of undercapacity (see following pages). A portion of German corpo...

Jean Sassus ...
  • Steven Gould

ODDO : Consolidation – Une affaire de politique industrielle nationale

>Les préoccupations politiques au centre du processus - Les rumeurs, relatées par la presse allemande, concernant un pilotage du rapprochement DBK+CBK par le gouvernement confirme les préoccupations de politique industrielle sur au moins trois aspects :« offre » bancaire allemande insuffisante: en matière de soutien des entreprises, le système bancaire allemand est en sous-capacité (cf. page suivante). Une partie des besoins des corporates allemands est satisfait...

Philipp Häßler, CFA

DEUTSCHE BANK - Our patience is running out: Downgrade to Neutral, new TP EUR 8.50

Alex Koagne ...
  • Benoit Valleaux
  • Bruno Cavalier
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jean-Baptiste Rouphael
  • Olfa Taamallah
  • Valentin Pernet
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/05/2018

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Alex Koagne ...
  • Jean Sassus

ODDO : 2018 stress tests - so much for them being a formality

>Key points - tightening constraints - The stress tests are hardly a non-event:CET1 adverse scenario = 10.05% (weighted average) but three banks have a CET1 below 7.0%: Barclays (6.37%); BPM (6.67%); Lloyds (6.80%).CET1 adverse scenario vs SREP: 8 out of 14 of the stocks in our universe subject to the stress tests show an adverse CET1 that is below their SREP: DBK (-361bp), SG (-189bp), BNPP (-111bp), ING (-105bp), CBK (-82bp), UCI (-66bp), BBVA (-45bp), Sa...

1 director bought

A director at Deutsche Bank Ag bought 20,000 shares at 9.990USD and the significance rating of the trade was 68/100. 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 names of bo...

Ahmed Ben Salem ...
  • Benoit Valleaux
  • Bruno Cavalier
  • Igor Kim
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Matthias Desmarais
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 12/10/2018

...

Ahmed Ben Salem ...
  • Benoit Valleaux
  • Bruno Cavalier
  • Igor Kim
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Matthias Desmarais
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 10/12/2018

...

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

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

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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

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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

ValuEngine Rating and Forecast Report for DB

ValuEngine Rating and Forecast Report for DB

Philippe Lamaud

Deutsche Bank : Recommendations lowered to ‘Reduce’ on increasing uncertainties and downside risks

Credit opinion already negative, gloomier outlook - >We revised our credit opinion on Deutsche Bank (DB) to Negative from Stable in May to reflect the strategic challenges facing the bank, its weak performance and uncertainties that its profitability targets would be achieved. Since then, nothing has in our view allayed any of these concerns and litigation risks have resurfaced (money laundering in Germany, role in the Danske case). Authorities are likely to take...

Philippe Lamaud

Deutsche Bank : Recommendations lowered to ‘Reduce’ on increasing uncertainties and downside risks

Credit opinion already negative, gloomier outlook - >We revised our credit opinion on Deutsche Bank (DB) to Negative from Stable in May to reflect the strategic challenges facing the bank, its weak performance and uncertainties that its profitability targets would be achieved. Since then, nothing has in our view allayed any of these concerns and litigation risks have resurfaced (money laundering in Germany, role in the Danske case). Authorities are likely to take...

MarketLine Department

Macquarie Group Ltd - Strategy, SWOT and Corporate Finance Report

Macquarie Group Ltd - Strategy, SWOT and Corporate Finance Report Summary Macquarie Group Ltd - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Macquarie Group Ltd (Macquarie) is a provider of diverse financial solutions such as banking, finance and asset management, advisory, and risk and capital solutions across various asset classes. It acts as an investment i...

MarketLine Department

BNP Paribas SA - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

BNP Paribas SA - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments Summary Marketline's BNP Paribas SA Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by BNP Paribas SA since January2007. Synopsis Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inor...

MarketLine Department

Natixis SA - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Natixis SA - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments Summary Marketline's Natixis SA Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Natixis SA since January2007. Synopsis Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth...

MarketLine Department

Barclays Plc - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Barclays Plc - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments Summary Marketline's Barclays Plc Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Barclays Plc since January2007. Synopsis Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic ...

MarketLine Department

UniCredit S.p.A - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

UniCredit S.p.A - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments Summary Marketline's UniCredit S.p.A Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by UniCredit S.p.A since January2007. Synopsis Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and i...

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...

Matthieu DRIOL

Short term view - DEUTSCHE BANK : The background trend is clearly bearish.

The background trend is clearly bearish. The movement goes on. The next target is at €8.000, then €7.358. Passing €11.284 would question the continuation of the fall.

Matthieu DRIOL

Analyse court terme - DEUTSCHE BANK : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 8,000 €, puis 7,358 €. Le franchissement de 11,284 € remettrait en cause la suite de la baisse.

Matthieu DRIOL

Analyse court terme - DEUTSCHE BANK : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 8,000 €, puis 7,358 €. Le franchissement de 11,284 € remettrait en cause la suite de la baisse.

Matthieu DRIOL

Short term view - DEUTSCHE BANK : The background trend is clearly bearish.

The background trend is clearly bearish. The movement goes on. The next target is at €8.000, then €7.358. Passing €11.284 would question the continuation of the fall.

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.

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