Commerzbank : Un bon T2 2022 mais des perspectives MT à risque
>Opinion Neutre maintenue – OC porté à 9.0 € (vs 8.0 €) - Nous laissons inchangée notre approche sur le dossier suite aux résultats T2 2022. L’évolution de l’opérationnel est solide et la confirmation des guidances 2022 est rassurante à ce stade quoique tributaire de l’évolution macro/géopolitique préoccupante (notamment la dépendance de l’économie allemande au gaz russe) et de l’évolution des charges en Pologne (prêts CHF, mesures Gvt…). Nous continuons d’estimer que...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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