DWS' third-quarter net income was EUR 230 million, up 5% year on year, missing company-compiled consensus by 5% on weaker-than-expected performance fees and other revenue. Management fees and operating costs were in line. Net client inflows were EUR 32 billion, nearly double what consensus expected.
DWS is a leader in the attractive German retail market with a 25%-plus share. Outside of Deutsche Bank, DWS has other long-term distribution agreements, some of which give it full or partial exclusivity.
DWS' move toward passive strategies makes it more reliant on a highly competitive and less differentiated part of asset management.
Metric | DWS | AMUN |
|---|---|---|
Price/Earnings (Normalized) | 12.82 | 14.87 |
Price/Book Value | 1.82 | 1.57 |
Price/Sales | 2.66 | 2.88 |
Price/Cash Flow | 15.80 | 13.95 |
Metric | DWS | AMUN |
|---|---|---|
Quick Ratio | 0.52 | 1.29 |
Current Ratio | 0.52 | 2.23 |
Interest Coverage | — | 12.58 |
Metric | DWS | AMUN |
|---|---|---|
Return on Assets (Normalized) | 7.05% | 3.82% |
Return on Equity (Normalized) | 11.24% | 12.10% |
Return on Invested Capital (Normalized) | 10.96% | 10.96% |
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