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Deutsche Bank AG DB

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Morningstar’s Analysis

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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Deutsche Bank Posts Good First Quarter As Investment Bank Continues To Shine

Niklas Kammer, CFA Equity Analyst

Analyst Note

| Niklas Kammer, CFA |

Deutsche Bank reported a good first-quarter 2021. Revenue increased 14% to EUR 7.2 billion, driven by another strong performance in its investment banking division as well as strong growth in asset management. At the same time, operating expenses were held in check, down 1% to EUR 5.6 billion. This resulted in a 43% boost to preprovision profits versus the same period last year. We raise our fair value estimate to EUR 10.30 from EUR 9 per share after adjusting our revenue expectations upward as well as the time value of money since our last model update. Our no moat and stable trend ratings are unchanged.

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Company Profile

Business Description

In July 2019, Deutsche Bank announced another restructuring plan hoping to revitalize revenue, reduce costs, and return to profitability. The largest moving pieces of the new plan is the full exit of global equity sales & trading, the scaling back of its fixed income business, as well as 18,000 FTE reductions until 2022. The remaining core business segments include private banking, corporate banking, asset management, and investment banking.

Contact
Taunusanlage 12
Frankfurt am Main, HE, 60325, Germany
T +49 6991000
Sector Financial Services
Industry Banks - Regional
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 84,389

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