Commerzbank : Le S1 2024 conforte l’essentiel… la perspective de hausse du retour à l’actionnaire !
>Opinion Surperformance réitérée. OC ramené à 17.3 € (vs 17.7 €) - Le S1 2024 vient globalement rassurer sur l’opérationnel underlying (i.e. notamment hors litiges FX en Pologne) de CBK et in fine sur la crédibilité des perspectives d’amélioration significative du retour à l’actionnaire dès cette année. Nous réitérons notre opinion Surperformance tout en ramenant légèrement notre OC à 17.3 € (vs 17.7 €) après un ajustement à la baisse de nos anticipations de RN (-2% e...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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