Commerzbank : Performance globalement solide au T1 2023
>Opinion Neutre confirmée – OC porté à 12.5 € (vs 11.5 €) - Nous réitérons notre opinion Neutre après le T1 2023. CBK a délivré une copie plutôt solide sur l’opérationnel underlying et la solvabilité, avec un update sur les guidances (2023) globalement positif (même si l’upgrade sur les NII ne fait que s’aligner sur l’actuelle anticipation du consensus). Nous l’intégrons logiquement dans nos estimations de RN (+9% en moyenne sur 2023-25) et portons mécaniquement notre...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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