DWS : Organic growth potential masked by the Q1 2021 results
>Conclusion – fundamental outlook undervalued - The market seems to have focused on the difficulty of extrapolating certain Q1 2021 revenues. Yet they support our Outperform rating.The higher-than-expected assets under management base and reduced share of cash products should support revenues in future quarters, independently of performance fees.DWS is ahead of schedule on its cost/income targets. What is more, we estimate that the C/I ratio excluding the US...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.
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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