Commerzbank : Les anticipations de marché pourraient être déçues
>Anticipations de marché très favorables - CBK fait partie des rares valeurs dont l’objectif de cours du consensus (5.1 €) fait ressortir un potentiel de baisse. Le cours actuel implique un PE 2022 d’environ 10.0x à comparer à une médiane de 8.2x pour les valeurs de notre couverture. Sachant qu’il est difficile d’attribuer une prime au titre CBK en regard de ses qualités fondamentales (ROTE 2022e = 2.7%), le cours actuel reflète, selon nous, des hypothèses a minima pr...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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