DWS : Consolidation less likely but signs of recovery in Q1 2019
>The market continues to bet on consolidation - The market applies a speculative premium: on the basis of the consensus data, DWS’s 2020e PER is the same as that of Amundi (11.5x) whilst a discount would be logical. At € 32.6, the average consensus target price integrates a strong probability of an offer for DWS with a 2020e PER of 12.5x targeted. Assuming an offer with a premium of 35% to our target price and a probability of 50%, the theoretical valuation would stan...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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