Commerzbank : T3 2023 solide, update stratégique MT rassurant… et valorisation (enfin) plus attractive !
>Opinion relevée à Surperformance (vs Neutre) – OC porté à 15.0 € (vs 14.0 €) - L’évolution reste globalement favorable tant sur le plan opérationnel (underlying) que bilanciel (notamment capital) au T3 2023 pour le groupe. Nous relevons notre opinion à Surperformance (vs Neutre), après intégration de ce momentum positif, de l’update des guidances 2023 (estimations de RN relevées en moyenne de 5% sur 2023-25), et de l’amélioration confirmée du retour à l’actionnaire à...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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