Commerzbank : The market prices in hopes for restructuring but ignores the constraints
>Poorly anticipated constraints and limitations - The share price already integrates more ambitious prospects than the consensus and the targets of the current plan (2023 RoTE > 4%) but still far from the average for the sector, or even the CoE. We have reservations on a number of points:The extent of the transformations needed to achieve an RoTE close to the sector average (2022e ˜ 7%) leaves us perplexed as, in a context less favourable than for the plan underw...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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