Commerzbank : Solid Q3 2023 results, reassuring medium-term update … and more attractive multiples, at last!
>Rating raised to Outperform (vs Neutral)– target price upped to € 15.0 (vs € 14.0) - The overall picture remains positive for the group both from an underlying operating perspective and balance sheet-wise (particularly capital) in Q3 2023. We have upgraded our rating to Outperform (vs Neutral), factoring in this positive momentum, the updated 2023 guidance (net income estimates raised by an average of 5% for 2023-25), and the confirmed improvement in shareholder retu...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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