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

Derya Guzel

Morningstar | CBK Updated Forecasts and Estimates from 17 Jan 2019

A quick glance at nine-month results at Commerzbank is visually pleasing. Net interest income was up 10% to EUR 3.4 billion owing to higher interest income and lower interest expenses, net commission income was slightly down (3%), and consolidated profits came in at EUR 832 million versus EUR 120 million last year. However, the comparable period last year included EUR 807 million in restructuring expenses, which makes this year’s performance appear stronger than it is. Excluding restructuring charges, pretax profits were 10% lower, largely due to higher operating expenses and lower other net i...

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

...

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

...

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...

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 

Derya Guzel

Morningstar | CBK Updated Forecasts and Estimates from 17 Jan 2019

A quick glance at nine-month results at Commerzbank is visually pleasing. Net interest income was up 10% to EUR 3.4 billion owing to higher interest income and lower interest expenses, net commission income was slightly down (3%), and consolidated profits came in at EUR 832 million versus EUR 120 million last year. However, the comparable period last year included EUR 807 million in restructuring expenses, which makes this year’s performance appear stronger than it is. Excluding restructuring charges, pretax profits were 10% lower, largely due to higher operating expenses and lower other net i...

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...

Alex Koagne ...
  • Jean Sassus

Commerzbank : Some improvement, but not yet a cure-all

>Neutral recommendation maintained - For Q3 2018, Commerzbank has published a good set of results which beat our forecasts and those of the consensus. In light of these figures we have revised up our forecasts for 2018-2021e EPS by an average of 4% to factor in stronger pre-tax profit growth and lower operating charges. Granted, Commerzbank’s balance sheet has improved and clearly poses fewer difficulties. However, profitability remains weak and the prospect of improv...

Alex Koagne ...
  • Jean Sassus

Commerzbank : Mieux mais pas encore la panacée

>Nous maintenons notre opinion Neutre sur la valeur - Au titre du T3 2018, CBK a publié des résultats de bonne facture et supérieurs à nos attentes et ceux du consensus. Dans la dynamique de ces chiffres nous avons révisé à la hausse nos prévisions de BPA 2018/2021e de 4% en moyenne pour prendre en compte une meilleure croissance du PNB et moins de charges d’exploitation. Certes le bilan de CBK s’améliore et semble clairement poser moins de difficultés. Pour autant, l...

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 ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Hela Zarrouk
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Léopold Authié
  • Louis Boujard
  • Matthias Desmarais
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Rémi Adam
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/09/2018

...

Alex Koagne ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Bruno Cavalier
  • Christophe Chaput
  • Delphine Brault
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Hela Zarrouk
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Léopold Authié
  • Louis Boujard
  • Matthias Desmarais
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Rémi Adam
  • Roland Pfaender
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/11/2018

...

Jean Sassus ...
  • Oussema Denguir
  • Pierre Corby
  • Steven Gould
  • Valentin Pernet

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/29/2018

Opel Vauxhall’s recovery is well under way, probably more rapidly than expected. PCD’s momentum is showing no signs of flagging with, logically, a further improvement in the H1 and, possibly, full-year 2018 operating margin. The valuation remains attractive: € 25 at end-2018, to which must be added +€ 3.5 in 2020 and +€ 5.8 in 2026 linked to Opel Vauxhall’s recovery. - ...

Increased risk weighs on COMMERZBANK AG, penalising its rating down to Slightly Negative

The independent financial analyst theScreener just lowered the general evaluation of COMMERZBANK AG (DE), active in the Money Center Banks industry. As regards its fundamental valuation, the title still shows 2 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Slightly Negative. As of the analysis date November 30, 2018, the closing price was EUR 7.62 and its target price was estimated at EUR 7.06.

Ibrahim Firdaus

Commerzbank

Ibrahim Firdaus

Commerzbank

Ibrahim Firdaus

Commerzbank

Ibrahim Firdaus

Commerzbank

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...

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