We Relaunch Coverage of Deutsche Bank; the New Restructuring Plan Looks Ambitious to Us
We are relaunching coverage of Deutsche Bank with a fair value estimate of EUR 9 per share and no-moat, stable trend rating. With a price/fair value of just below 0.8, shares trade in 4-star territory considering our very high uncertainty rating for Deutsche. Our no-moat rating is based on the high competition and low profitability in Germany, Deutsche’s home market, and the absence of intangibles or network effects in its investment bank as potential moat sources.Deutsche’s new restructuring p...
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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