Commerzbank : Q3 2024 adds a little more credibility to the solid MT outlook (standalone)
>Outperform rating upheld – TP raised to € 18.5 (vs € 17.3) - CBK’s reassuring underlying operating momentum (i.e. excluding legal risks for FX loans in Poland) in 9M 2024 and its confirmed/improved guidance (for 2024 and the medium term) lend support to our Outperform rating. We have upped our TP to € 18.5 (vs € 17.3) after raising our net income forecasts (by +2% on average for 2024-2026e) and our CoE, and after factoring in more fully the potential for shareholder ...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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