Deutsche Bank
Financials research: Deutsche Bank
23/03/18 Deutsche Bank (Neutral, target price EUR13.8 from EUR15.7) EPS cut after CFO’s comments Catalyst: during a conference in London yesterday Deutsche Bank’s CFO (former Citigroup treasurer) highlighted that […]
EUR8bn capital increase
Deutsche Bank (Neutral, TP EUR15.8) Deutsche Bank intends to increase its capital by issuing new shares with proceeds expected to be around EUR8bn. The bank expects to […]
EPS17E/EPS18E cut by 2%, target lowered to EUR15.8
Deutsche Bank (Neutral, TP EUR15.8, from EUR16) Investment catalyst: Q4 2016 net loss was of EUR1840m (EUR2.125bn loss in Q4 2015) weaker than our estimate […]
Better results on one-offs
Deutsche Bank (Neutral, TP EUR16) Q316 net profit was Eur256m better than consensus and our estimate of Eur450m loss, mainly driven by: 1/ Other income line that […]
Under pressure
Deutsche Bank (Neutral, TP EUR16) Deutsche Bank stock came under intense pressure late last week. In our view, the most urgent market concerns derive from […]
Revenue pressure: reserves, derivatives and state aid plan
Deutsche Bank stock came under intense pressure late last week. Investment catalysts: IB revenues under pressure: some US hedge funds (Millenium Partners, Capula Investment Management, […]
Update following recent pressure
Deutsche Bank (Neutral, TP EUR16) Investment Catalysts: Yesterday Credit Suisse CEO warned of a challenging Q3 2016, said the equities business at Credit Suisse’s investment bank […]
Potential merger with Commerzbank
Deutsche Bank (Neutral, from Sell, TP EUR9.3) Manager Magazin suggested on 31 August that Deutsche Bank may be considering a merger with Commerzbank. It cannot […]
Weaker than expected
Deutsche Bank (Sell, TP EUR9.3) Q2 2016 net profit was Eur20m vs our estimate of Eur150m and consensus of Eur290m. Revenues reached EUR 7.38bn vs […]