Commerzbank : Outlook for shareholder returns still credible...and undervalued
>Outperform recommendation - Target price lifted to € 15.8 (vs € 15.0) - FY 2023 confirmed Commerzbank’s recovery on both the operational (underlying) and balance sheet (notably capital) fronts, and helped to underpin the credible prospect of a significant improvement in shareholder returns in the short and medium terms (main focus of our investment case). We therefore reiterate our Outperform recommendation but have slightly raised our target price to € 15.8 (vs € 15...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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