Commerzbank : Le marché valorise les espoirs restructurations mais ignore les contraintes
>Contraintes et limites mal anticipées - Le cours anticipe déjà des perspectives plus ambitieuses que le consensus et que les objectifs du plan en vigueur (RoTE 2023 > 4%) mais encore loin de la moyenne du secteur, voire du CoE. Nous restons pourtant réservés sur plusieurs points :L’ampleur des transformations nécessaires pour atteindre un RoTE proche de la moyenne du secteur (2022e ˜ 7%) laisse perplexe, dans un contexte pourtant moins favorable que pour le plan...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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