Transferring Coverage on Deutsche Bank With No-Moat Rating and EUR 16.60 FVE; Shares Fairly Valued
We transfer analyst coverage of Deutsche Bank and reaffirm our no-moat rating, while slightly upgrading our fair value estimate to EUR 16.60 per share. At current prices, shares look fairly valued. The success or failure of Deutsche Bank will depend on its execution of its ambitious Strategy 2020 plan. While our base case assumes that Deutsche Bank will make some important progress in the transformation process between 2016 and 2020, we believe the 2020 Strategy will not be fully realised until ...Deutsche Bank is a holding company acting as an international financial service provider. Co. offers a wide variety of investment, financial and related products and services to private individuals, corporate entities and institutional clients around the world. Co. has operations or dealings with existing or potential customers in most countries in the world. Co. is organized into the following six corporate divisions: Global Markets (GM); Corporate & Investment Banking (CIB); Private, Wealth & Commercial Clients (PW&CC); Deutsche Asset Management (Deutsche AM); Postbank (PB); and Non-core Operations Unit (NCOU).
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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.
We have operations in 27 countries.
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