Commerzbank : Q4 2022 & 2023 results driven by NII, but all this is already priced in!
>Neutral opinion reiterated – Target price raised to € 11.5 (vs € 10.1) - We reiterate our Neutral opinion on the stock following Q4 2022 results. The group broadly reassured us about underlying operating and capital ratio trends, while the update to 2023 guidance is fairly positive – in both cases mainly thanks to the stronger-than-expected momentum of interest income. We are factoring this into our net profit estimates (+8% on average over 2023-2025). That said, the...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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