Deutsche Bank AG
DBK: XETR (DEU)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
€61.00 | Vthk | Fwwx |
Deutsche Bank Earnings: Investment Bank Stands Out Positively
Deutsche Bank reported a good first quarter. Profit before tax rose 10% to EUR 2 billion, while return on average tangible equity came in at 8.7%. The cost/income ratio improved to 68% from 71% last year. The improved efficiency was due to good revenue retention and cost improvements. We maintain our EUR 13 per share fair value estimate and no-moat rating.