Commerzbank AG
CBK: XETR (DEU)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
€91.60 | Hrn | Hbks |
Commerzbank Earnings: Higher Rates Continue to Drive Good Results
Commerzbank had a good first half of 2023. Return on tangible equity of 8% was a strong showing considering the bank’s struggle to show any signs of structural profitability for the better part of the last decade. We maintain our EUR 11.60 per share fair value estimate and no-moat rating.