Transferring Coverage of Commerzbank; Maintaining No-Moat Rating, While FVE Reduced to EUR 9
We're transferring coverage on Commerzbank with a no-moat rating and a stable moat trend rating. We're reducing our fair value estimate by 10% to EUR 9 per share, which offers 16% upside at current levels. We believe Commerzbank’s restructuring program is much needed, if rather late. With Commerzbank 4.0, the bank is mainly targeting cost-cutting, scaling back from trading and sales activities, focusing on its private and SME client base, and last but not least, becoming a digital platform.Alt...
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.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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