Commerzbank : Market expectations could be disappointed
>Highly favourable market expectations - Commerzbank is one of the few stocks for which the consensus share price (€ 5.1) implies downside. The current share price implies a 2022e P/E of around 10.0x compared with a median of 8.2x for the stocks in our universe of coverage. Bearing in mind that it is difficult to attribute a premium to the Commerzbank stock in light of its fundamental qualities (2022e = 2.7%), the current share price reflects, in our view, assumptions...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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