Commerzbank : A broadly solid performance in Q1 2023
>Neutral recommendation confirmed - target price lifted to € 12.5 (vs € 11.5) - We reiterate our Neutral recommendation after the Q1 2023 publication. CBK delivered a broadly solid performance at the underlying operating and solvency level, with an update to guidance (2023) that was positive overall (even if the upgrade on NII merely brought the group in line with the current consensus’ forecast). We naturally factor this into our estimates for net income (+9% on aver...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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