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Deutsche Bank AG DB

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Deutsche Bank Reports Decent Third-Quarter Results; Shares Fairly Valued

Niklas Kammer, CFA Equity Analyst

Analyst Note

| Niklas Kammer, CFA |

No-moat Deutsche Bank reported third-quarter profit before tax of EUR 554 million, ahead of the EUR 459 million consensus estimate collected by Deutsche Bank. The slightly better-than-expected result was due to its investment bank performing ahead of anticipations, more than offsetting higher operating expenses. We updated our model with various minor changes to revenue and cost assumptions, and lift our fair value estimate to EUR 11 per share from EUR 10.30, previously. The change in our fair value estimate is however, driven primarily by time value of money since our last model update.

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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.

Taunusanlage 12
Frankfurt am Main, HE, 60325, Germany
T +49 6991000
Sector Financial Services
Industry Banks - Regional
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 84,512