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

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

...

Jean Sassus ...
  • Steven Gould

Commerzbank : Little to be expected from these results

>Q1 results should prompt no upward revision to consensus forecasts - Commerzbank beat forecasts but for reasons that are unlikely to prompt the consensus to an upward revision:Top-down: whilst the group beat forecasts in terms of operating profit at +13.5%, this represents only € 29m. However of this total, € 22m stems from provision that were below forecast at € 78m. Nonetheless, Commerzbank is cautiously maintaining its 2019 forecast for at least € 550m.B...

Jean Sassus ...
  • Steven Gould

Commerzbank : Peu de choses à attendre des résultats

>Les résultats T1 ne tireront pas le consensus à la hausse - CBK dépasse les attentes mais pour des raisons qui ne feront pas remonter le consensus :Top-down: le « beat » au niveau du résultat d’exploitation ressort à +13.5% mais n’est que de 29 M€. Or sur ce total, 22 M€ proviennent de provisions inférieures aux attentes à 78 M€. Pourtant, CBK maintient prudemment sa prévision 2019 à au moins 550 M€.Bottom-up: le Retail est inférieur aux attentes de -28 M€ ...

Derya Guzel

Morningstar | Commerzbank's 1Q Results Bring No Surprises

With merger talks between Deutsche Bank and Commerzbank off the table for the next couple of years, Commerzbank find itself back in day-to-day operations trying to pull itself up by its bootstraps. First-quarter results brought no surprises, and we maintain our EUR 10 fair value estimate and no-moat rating. Cost targets are on track; however, we believe the larger task in the bank's quest for profitability lies in its ability to increase revenue. Pretax profits for the first quarter came in 25% lower at EUR 225 million as a result of lower income as well as higher compulsory contributions com...

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

Commerzbank AG

    ISSUER COMMENT  BANKING   JULY 3, 2017    Commerzbank’s Lower Restructuring Charges  and Higher Capital Ratio Are Credit Positive  From  Credit Outlook   On 23 June,  Commerzbank AG  (A2/Baa1 stable, baa3 1 )  announced  that it will book approxi

Commerzbank AG: Semiannual update

FINANCIAL INSTITUTIONS CREDIT OPINION 9 June 2017 Update RATINGS Commerzbank AG Domicile Frankfurt am Main, Germany Long Term Debt Baa1 Type Senior Unsecured - Fgn Curr Outlook Stable Long Term Deposit A2 Type LT Bank Deposits - Fgn Curr Outlook Stable Please see the 

Jean Sassus ...
  • Steven Gould

Commerzbank : Little to be expected from these results

>Q1 results should prompt no upward revision to consensus forecasts - Commerzbank beat forecasts but for reasons that are unlikely to prompt the consensus to an upward revision:Top-down: whilst the group beat forecasts in terms of operating profit at +13.5%, this represents only € 29m. However of this total, € 22m stems from provision that were below forecast at € 78m. Nonetheless, Commerzbank is cautiously maintaining its 2019 forecast for at least € 550m.B...

Jean Sassus ...
  • Steven Gould

Commerzbank : Peu de choses à attendre des résultats

>Les résultats T1 ne tireront pas le consensus à la hausse - CBK dépasse les attentes mais pour des raisons qui ne feront pas remonter le consensus :Top-down: le « beat » au niveau du résultat d’exploitation ressort à +13.5% mais n’est que de 29 M€. Or sur ce total, 22 M€ proviennent de provisions inférieures aux attentes à 78 M€. Pourtant, CBK maintient prudemment sa prévision 2019 à au moins 550 M€.Bottom-up: le Retail est inférieur aux attentes de -28 M€ ...

Derya Guzel

Morningstar | Commerzbank's 1Q Results Bring No Surprises

With merger talks between Deutsche Bank and Commerzbank off the table for the next couple of years, Commerzbank find itself back in day-to-day operations trying to pull itself up by its bootstraps. First-quarter results brought no surprises, and we maintain our EUR 10 fair value estimate and no-moat rating. Cost targets are on track; however, we believe the larger task in the bank's quest for profitability lies in its ability to increase revenue. Pretax profits for the first quarter came in 25% lower at EUR 225 million as a result of lower income as well as higher compulsory contributions com...

Derya Guzel

Commerzbank's 1Q Results Bring No Surprises

With merger talks between Deutsche Bank and Commerzbank off the table for the next couple of years, Commerzbank find itself back in day-to-day operations trying to pull itself up by its bootstraps. First-quarter results brought no surprises, and we maintain our EUR 10 fair value estimate and no-moat rating. Cost targets are on track; however, we believe the larger task in the bank's quest for profitability lies in its ability to increase revenue. Pretax profits for the first quarter came in 25% ...

Jean Sassus ...
  • Steven Gould

ODDO : Problematic and not so straightforward merger

A simple merger does not solve Deutsche Bank’s CIB problem and would mean direct exposure to these risks for the German government and the commercial banking business of Commerzbank, which has only just sold these activities. Only a break-up of Deutsche Bank, to Commerzbank’s benefit, would adequately address the political, regulatory and financial constraints. Commerzbank’s valuation would reach € 9.6 in this case. Pending a decision on the arrangement chosen, we think it prefer...

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...

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

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

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. 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

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