Commerzbank AG

Commerzbank operates through five segments: Private Customers, which comprises the Private Customers, Direct Banking and Commerz Real divisions; Mittelstandsbank, which include the Mittelstand Germany, Corporate Banking & International and Financial Institutions divisions; Central and Eastern Europe, which consists of the universal and regional banking and direct banking activities; Corporates and Markets, which consists the Equity Markets & Commodities, Fixed Income & Currencies, Corporate Finance and Credit Portfolio Management divisions; as well as Non-Core Assets, which includes the operations of CRE Banking Germany, CRE Banking International, Public Finance and Deutsche Schiffsbank.
  • TickerCBK100
  • ISINDE000CBK1001
  • SectorBanks
  • CountryGermany

Analysts

Christophe Chaput ...
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Steven Gould
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/03/2019

The de-rating visible since end-September 2018 largely integrates the areas of uncertainty hanging over the stock. It is now time to focus on Thales’ strengths and the levers that the integration of Gemalto will offer. Buy, target price of € 130 vs € 126. - ...

Christophe Chaput ...
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Steven Gould
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 03/07/2019

Le de-rating visible depuis fin septembre 2018 intègre désormais largement les incertitudes qui entourent le titre. Il est temps de se tourner vers les atouts de Thales et les leviers que va offrir l’intégration de Gemalto. Achat – OC de 130 € vs. 126 €. - - ...

Jean Sassus ...
  • Steven Gould

ODDO : Nouvelle étude d’impact “Bâle 4” de l’EBA : pas de changement majeur

>Etude d’impact « Bâle 4 » mise à jour - L’EBA publie une nouvelle étude sur l’impact de « Bâle 4 » (version finale de Bâle 3). Comme pour la précédente, (mars 2019), les hypothèses sont conservatrices :Application des règles 2027 aux bilans arrêtés à fin juin 2018 en excluant toute adaptation sur la période.Exclusion des aménagements propres à la transposition en droit européen.Risques de marché calculés avec la version de décembre 2016 au lieu de la d...

Jean Sassus ...
  • Steven Gould

ODDO : New “Basel IV” impact study from the EBA: no major changes

>Basel IV impact study updated - The EBA has published a new study on the impact of “Basel IV” (final version of Basel III). As with the preceding study (March 2019), the assumptions are conservative:Application of 2027 rules to the balance sheets at end-June 2018 and excluding any adaptation over the period.Exclusion of adjustments specific to the transposition into European law.Market risks calculated with the December 2016 version instead of the late...

Philippe Lamaud

Commerzbank : Focus Emission

CMZB has announced its inaugural AT1 issuance, with roadshows scheduled from Thursday 27 June to Monday 1 July, and issuance subjected to market conditions. The instrument will be denominated in USD and have a size of at least USD500m. It will have a first call date in April 2025 and includes a temporary write-down if the CET1 ratio drops below 5.125% (low trigger). The governing law is the German law.>...

Philippe Lamaud

Commerzbank : Issuance Focus

CMZB has announced its inaugural AT1 issuance, with roadshows scheduled from Thursday 27 June to Monday 1 July, and issuance subjected to market conditions. The instrument will be denominated in USD and have a size of at least USD500m. It will have a first call date in April 2025 and includes a temporary write-down if the CET1 ratio drops below 5.125% (low trigger). The governing law is the German law.>...

Philippe Lamaud

Commerzbank : Initiating coverage: Buy Tier 2, Reduce Senior; A certain sense for Commerz

>Strengths / Opportunities - Good franchise in Germany, particularly with Mittelstand, the backbone of the domestic economy. Healthy asset quality in the ‘core’ segments and now reduced size of legacy assets (particularly shipping). Total NPL ratio of 3% based on our calculations.Structurally abundant liquidity in the retail segment in Germany supports a liquid balance sheet and limited reliance on confidence-sensitive debt capital markets for funding needs.Good risk-weighted solvency ratios with a fully-loaded CET1 ratio of 13% at the end of June, i. e. the minimum level targeted by managemen...

Philippe Lamaud

Commerzbank : Initiation de couverture : Achat Tier 2, Alléger Senior ; Un certain sens pour Commerz

>Forces / Opportunités - Bon fonds de commerce sur différents segments de clientèles en Allemagne, particulièrement sur le Mittelstand, ossature du tissu économique domestique. Qualité d’actifs saine dans les segments ‘core’ et taille désormais réduite des actifs ‘legacy’ (notamment shipping). Ratio de NPL total de 3% d’après notre estimation.Abondante liquidité structurelle du segment retail en Allemagne soutenant celle du bilan de la banque et limitant la dépendance aux marchés de capitaux pour son refinancement.Bons ratios de solvabilité en risques pondérés avec à fin juin un ratio CET1 ful...

Commerzbank AG: Key facts and statistics - Q1 2017

FINANCIAL INSTITUTIONS ISSUER PROFILE 18 July 2017 TABLE OF CONTENTS Company overview 1 Financial highlights 2 Business description 3 Distribution channels 4 Ownership structure 5 Subsidiaries 5 Government support programme 5 Company management 6 Company history

Christophe Chaput ...
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Steven Gould
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/03/2019

The de-rating visible since end-September 2018 largely integrates the areas of uncertainty hanging over the stock. It is now time to focus on Thales’ strengths and the levers that the integration of Gemalto will offer. Buy, target price of € 130 vs € 126. - ...

Christophe Chaput ...
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Steven Gould
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 03/07/2019

Le de-rating visible depuis fin septembre 2018 intègre désormais largement les incertitudes qui entourent le titre. Il est temps de se tourner vers les atouts de Thales et les leviers que va offrir l’intégration de Gemalto. Achat – OC de 130 € vs. 126 €. - - ...

Jean Sassus ...
  • Steven Gould

ODDO : Nouvelle étude d’impact “Bâle 4” de l’EBA : pas de changement majeur

>Etude d’impact « Bâle 4 » mise à jour - L’EBA publie une nouvelle étude sur l’impact de « Bâle 4 » (version finale de Bâle 3). Comme pour la précédente, (mars 2019), les hypothèses sont conservatrices :Application des règles 2027 aux bilans arrêtés à fin juin 2018 en excluant toute adaptation sur la période.Exclusion des aménagements propres à la transposition en droit européen.Risques de marché calculés avec la version de décembre 2016 au lieu de la d...

Jean Sassus ...
  • Steven Gould

ODDO : New “Basel IV” impact study from the EBA: no major changes

>Basel IV impact study updated - The EBA has published a new study on the impact of “Basel IV” (final version of Basel III). As with the preceding study (March 2019), the assumptions are conservative:Application of 2027 rules to the balance sheets at end-June 2018 and excluding any adaptation over the period.Exclusion of adjustments specific to the transposition into European law.Market risks calculated with the December 2016 version instead of the late...

Jean Sassus ...
  • Steven Gould

ODDO : More than ever it is capital that dictates the sector

In this study, we present the state of play of the European banking sector with regards to the core issue of solvency (regulatory impact, etc.). Our analysis reveals to what extent this: 1/ is a significantly differentiating factor and 2/ should determine strategic direction within the sector. Lastly, it establishes a hierarchy that contains no major surprises and which underpins our preference for CASA (Buy, target price € 15.5). - >Generating surplus capital and solvency...

Alain William ...
  • Alexandre Iatrides
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Harald Eggeling
  • Jean Sassus
  • Johanna Jourdain
  • Laurence Hofmann
  • Louis Boujard
  • Matthias Desmarais
  • Nicolas David
  • Olivier Lebrun
  • Philippe Ourpatian
  • Rémi Adam
  • Samantha Jeary
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/09/2019

...

Alain William ...
  • Alexandre Iatrides
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Harald Eggeling
  • Jean Sassus
  • Johanna Jourdain
  • Laurence Hofmann
  • Louis Boujard
  • Matthias Desmarais
  • Nicolas David
  • Olivier Lebrun
  • Philippe Ourpatian
  • Rémi Adam
  • Samantha Jeary
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/05/2019

...

Aurelien Sivignon ...
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Jean Sassus
  • Jeremy Garnier
  • Nicolas David
  • Salma Bouraoui
  • Steven Gould

ODDO BHF Small & MIDCAP MORNING NEWS - 18/03/2019

...

Alfred Glaser ...
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Manuel Martin
  • Michael Foundoukidis
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Thomas Effler
  • Valentin Pernet
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/08/2019

An objective examination of the growth drivers of indices (macroeconomic growth expectations, EPS momentum, monetary conditions and the cost of capital) leads us to believe that the momentum observed since the start of the year cannot be maintained in the short term. In short, the market (Stoxx 600) is ahead of its transition times and should enter a fluctuation band that we estimate at between 355 and 384 points. Consequently, the most rational attitude consists in a total or partial...

Alfred Glaser ...
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Manuel Martin
  • Michael Foundoukidis
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Thomas Effler
  • Valentin Pernet
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/03/2019

Un examen objectif des moteurs de progression des indices (anticipations de croissance macroéconomique, dynamique des BPA, évolution des conditions monétaires et coût du capital) nous amène à penser que la dynamique observée depuis le début de l’année ne peut se maintenir à court terme. Bref, le marché (Stoxx 600) est en avance sur ses temps de passage et devrait entrer dans une bande de fluctuation que nous estimons comprise entre 355 et 384 points. En conséquence, l’attitude la plus...

Ibrahim Firdaus

Commerzbank

Ibrahim Firdaus

Commerzbank

Thanks to a better fundamental star rating, COMMERZBANK AG sees an upgrade to Neutral

The independent financial analyst theScreener just awarded an improved star rating to COMMERZBANK AG (DE), active in the Money Center Banks industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 4 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date March 1, 2019, the closing price was EUR 7.36 and its expected value was estimated at EUR 6.55.

Ibrahim Firdaus

Commerzbank

Ibrahim Firdaus

Commerzbank

Philippe Lamaud

Commerzbank : No material credit impact expected from our scenario of the acquisition of Deutsche Bank’s German retail operations; Recommendations maintained

Acquisition of Deutsche Bank’s German retail operations as favoured scenario in a combination with Commerzbank - >We published a Special Comment on 14 December discussing potential developments for Deutsche Bank (DB) with a focus on an increasingly likely combination with Commerzbank (CMZB) based on scenarios developed by our equity analyst.In his opinion, the most likely deal would be a takeover of DB’s German retail operations by CMZB as it would meet politici...

Philippe Lamaud

Commerzbank : No material credit impact expected from our scenario of the acquisition of Deutsche Bank’s German retail operations; Recommendations maintained

Acquisition of Deutsche Bank’s German retail operations as favoured scenario in a combination with Commerzbank - >We published a Special Comment on 14 December discussing potential developments for Deutsche Bank (DB) with a focus on an increasingly likely combination with Commerzbank (CMZB) based on scenarios developped by our equity analyst.In his opinion, the most likely deal would be a takeover of DB’s German retail operations by CMZB as it would meet politici...

Philippe Lamaud

Commerzbank : The benefits of the doubts: Stable credit opinion and market recommendations maintained

Commerzbank (CMZB) has reported some albeit limited improvement in its big challenge to enhance profitability metrics in executing its ‘Commerzbank 4.0’ strategy. Arguably headwinds from low interest rates (expected to continue), frontloading IT investments and customer acquisition costs are not helping, but the benign economic environment does. In addition, profitability improvement essentially derived from CMZB’s retail segment owing to higher lending volume and the transfer of...

Philippe Lamaud

Commerzbank : The benefits of the doubts: Stable credit opinion and market recommendations maintained

Commerzbank (CMZB) has reported some albeit limited improvement in its big challenge to enhance profitability metrics in executing its ‘Commerzbank 4.0’ strategy. Arguably headwinds from low interest rates (expected to continue), frontloading IT investments and customer acquisition costs are not helping, but the benign economic environment does. In addition, profitability improvement essentially derived from CMZB’s retail segment owing to higher lending volume and the transfer of...

MarketLine Department

Landesbank Baden-Wurttemberg - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Landesbank Baden-Wurttemberg 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 Landesbank Baden-Wurttemberg since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its compe...

MarketLine Department

Bayerische Landesbank - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Bayerische Landesbank 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 Bayerische Landesbank since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advanta...

Expert Corporate Governance Service (ECGS)

Commerzbank - AGM 22 May 2019

General: On 17 March 2019, Commerzbank and Deutsche Bank published that they had agreed to start discussions with an open outcome on a potential merger. However, on 25 April 2019, the Management Boards of both Commerzbank and Deutsche Bank announced that a combination would not have created sufficient benefits to offset the additional execution risks, restructuring costs and capital requirements associated with such a large-scale integration. As a result, the two banks decided to discontinue discussions. Agenda: We have no concerns over this year's agenda.

Commerzbank – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Etude de l'AG du 03/05/2017

Item 2: At the end of 2016, Commerzbank reported a fully-loaded CET 1 ratio of 12.3% (up from 12% in 2015) above the minimum 7-8% level typically required of systematically important financial institutions (SIFIs). This was largely due to increases in profitability. The EBA stress test in 2016 revealed that the CET 1 ratio would decline to 7.42% (on a fully-loaded basis) under the 2018 adverse case scenario, making Commerzbank one of five European SIFIs with CET 1 ratios that would fall below 8% (Deutsche Bank, Société Générale, Barclays, and UniCredit). In this regard, we welcome the bank’s d...

Jérôme VINERIER

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

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 7,900 €. La tendance de fond serait remise en cause en cas de franchissement de 9,800 €.

Jérôme VINERIER

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

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €7.900. The background trend would be questioned should prices rise above €9.800.

Jérôme VINERIER

Analyse court terme - COMMERZBANK : 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 7,900 €, puis 6,975 €. Le franchissement de 9,800 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

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

The background trend is clearly bearish. The movement goes on. The next target is at €7.900, then €6.975. Passing €9.800 would question the continuation of the fall.

Valérie GASTALDY

Analyse moyen terme - COMMERZBANK : Le mouvement se poursuit.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 6,965 €, puis 5,157 €. Le franchissement de 10,000 € remettrait en cause la suite de la baisse.

ResearchPool Subscriptions

Get the most out of your insights

Get in touch