Report
Steven Gould

DWS : Market rebound inflates upside

>Buy vs Neutral – Rating upgrade triggered by upward revision to forecasts - The upgrade to our rating is mainly the mechanical result of our upward revision to our target price which implies upside of close to 20%. The increase in our forecasts is itself very largely dependent on the upward revision of market effects on the valuation of assets under management. Barring a downturn, DWS should therefore be able to achieve a C/I of 65% in 2021, compared with around 73% ...
Underlying
DWS Group GmbH & Co. KGaA

DWS Group GmbH & Co KgaA is a Germany-based company that provides integrated investment solutions. The Company offers active, passive and alternative investments across a wide range of asset classes, including Hedge Funds, Sustainable Investments, Private Equity, Liquid Real Assets, Real Estate, Equities and Fixed Income. It invests primarily in the areas of environmental, social and governance. The Company's clients include corporations, central banks, insurers, pension funds, public institutions, financial institution, not-for-profit organizations, as well as private investors. The Company is active in around 22 countries in Europe. Deutsche Bank AG is a majority shareholder of the Company.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Steven Gould

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