Commerzbank : Correction du marché vs expositions à risque (Russie/Ukraine)
>Opinion Neutre maintenue - La correction du titre CBK depuis le début de la crise ukrainienne apparait significative (~26% vs -24% pour le SX7E depuis la mi-février) malgré une exposition relativement contenue à la Russie (0.4% de l’EAD Groupe soit ~1.3 Md€ + 0.6 Md€ de financement pré-export de MP). Notre analyse des effets indirects de la situation sur les performances opérationnelles de la banque suggère un 1er ajustement de 6% à la baisse de notre objectif de cou...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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