Commerzbank : T2 2023 globalement solide vs valorisation tendue
>Opinion Neutre réitérée – OC porté à 13.2 € (vs 12.5 €) - Le T2 2023 vient valider l’évolution globalement rassurante de Commerzbank tant sur le plan opérationnel (underlying) que bilanciel (notamment capital). Nous maintenons notre opinion Neutre, même après avoir logiquement intégré ce momentum positif ainsi que l’update des guidances 2023 avec des estimations de RN relevées en moyenne de 5% sur 2023/2025. Le redressement opérationnel (exécution du plan stratégique...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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