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DWS Group GmbH & Co KGaA DWS

Morningstar Rating
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Stock XFRA Rating as of
€33.76 +1.34 (4.13%)
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As of Delayed Price Closed
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Company Report

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DWS Earnings: Despite Significant Outflows the 2024 Outlook Remains Positive; Fair Value Unchanged

Johann Scholtz,

The second quarter of 2024 was challenging for no-moat DWS, marred by EUR 19 billion of client outflows. Nevertheless, net income grew by just over 10% quarter over quarter and year over year. Despite the outflows, management provided improved guidance for 2024 and remains optimistic about meeting its 2025 target. Client retention is an indicator that clients face switching costs. DWS’ patchy client retention history does not provide us with enough confidence that DWS benefits from sufficient switching costs to justify an economic moat rating. We maintain our fair value estimate of EUR 50/share.

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Price vs Fair Value

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DWS is trading at a 553% premium.
Price
€33.76
Fair Value
€45.00
Uncertainty
High
1-Star Price
€93.30
5-Star Price
€57.00
Economic Moat
Vrvxr
Capital Allocation
Yqx

Bulls Say, Bears Say

Bulls

DWS is a market leader in the attractive German retail market, with a 25%-plus market share. Outside of Deutsche Bank, DWS has other long-term distribution agreements, some of which gives it exclusivity/partial exclusivity.

Bears

DWS has been poorly managed, creating an uncertain environment leading to many talented employees leaving. Lack of strategic direction from Deutsche Bank has been part of the problem.

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Trading Information

Previous Close Price
€32.42
Day Range
€32.96–33.76
52-Week Range
€17.06–44.40
Bid/Ask
€0.00 / €0.00
Market Cap
€6.75 Bil
Volume/Avg
1,847 / 154,066

Key Statistics

Price/Earnings (Normalized)
9.51
Price/Sales
1.53
Dividend Yield (Trailing)
6.22%
Dividend Yield (Forward)
6.22%
Total Yield
6.22%

Company Profile

Until 2018, DWS was fully owned by Deutsche Bank, which retains a 79% interest in DWS. DWS' home German market remains important—contributing roughly 40% of assets under management—the EMEA region in total accounts for 70% of AUM, and the Americas contributes nearly all of the balance, with a small Asian presence. Assets from institutional clients make up 55% of overall AUM.
Sector
Financial Services
Industry
Asset Management
Stock Style Box
Mid Value
Total Number of Employees
4,414
Website
https://www.dws.com

Competitors

Valuation

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Metric
DWS
AMUN
SDR
Price/Earnings (Normalized)
 9.5110.9510.95
Price/Book Value
 0.961.191.36
Price/Sales
 1.532.432.10
Price/Cash Flow
 12.2510.5013.26
Price/Earnings
DWS
AMUN
SDR

Financial Strength

Metric
DWS
AMUN
SDR
Quick Ratio
 0.570.786.59
Current Ratio
 0.572.046.66
Interest Coverage
 —14.43—
Quick Ratio
DWS
AMUN
SDR

Profitability

Metric
DWS
AMUN
SDR
Return on Assets (Normalized)
 4.37%3.73%2.71%
Return on Equity (Normalized)
 6.65%11.07%13.27%
Return on Invested Capital (Normalized)
 6.49%9.54%11.61%
Return on Assets
DWS
AMUN
SDR
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