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Commerzbank AG CBK

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Commerzbank's Third Quarter Is Supported by Low Loan Losses; Lift Fair Value Estimate to EUR 7.60

Niklas Kammer, CFA Equity Analyst

Analyst Note

| Niklas Kammer, CFA |

No-moat Commerzbank reported third-quarter operating profit of EUR 472 million, ahead of the EUR 364 million the bank polled from analysts prior to its earnings release. We raise our fair value estimate to EUR 7.60 per share from EUR 6 previously. The lion’s share of our fair value estimate change comes from lower operating cost assumptions, after Commerzbank has shown good initial progress in its restructuring program as well as the time value of money since our last model update. As a result of our changes, our midcycle return on tangible on equity for Commerzbank increases to about 4% from 3% previously.

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Company Profile

Business Description

Commerzbank operates primarily in Europe. Germany, the group’s home country, contributes about 70% to total income. The bank operates two business segments: private and small-business customers as well as corporate clients. In its private and small-business segment, the group runs its branch business, a mobile bank with a focus on the Polish market, an online broker, and an asset manager for physical assets. Its corporate client business provides cash management and trade finance solutions to small and medium-size enterprises and large corporates.

Frankfurt, 60261, Germany
T +49 6913620
Sector Financial Services
Industry Banks - Regional
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 38,432