View ValuationCommerzbank 将来の成長Future 基準チェック /36Commerzbank利益と収益がそれぞれ年間14.7%と7.1%増加すると予測されています。EPS は年間 増加すると予想されています。自己資本利益率は 3 年後に14.2% 17.4%なると予測されています。主要情報14.7%収益成長率17.42%EPS成長率Banks 収益成長8.2%収益成長率7.1%将来の株主資本利益率14.18%アナリストカバレッジGood最終更新日19 May 2026今後の成長に関する最新情報更新なしすべての更新を表示Recent updatesDeclared Dividend • May 20Dividend of €1.10 announcedShareholders will receive a dividend of €1.10. Ex-date: 21st May 2026 Payment date: 26th May 2026 Dividend yield will be 0.008%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is covered by earnings (51% payout ratio) and is expected to be covered in 3 years' time (51% forecast payout ratio). The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 62% over the next 3 years, which should provide support to the dividend and adequate earnings cover.お知らせ • Apr 11Commerzbank AG, Annual General Meeting, May 20, 2026Commerzbank AG, Annual General Meeting, May 20, 2026, at 10:00 W. Europe Standard Time.お知らせ • Apr 09UniCredit S.p.A. (BIT:UCG) cancelled the acquisition of remaining 73.98% stake in Commerzbank AG (XTRA:CBK).UniCredit S.p.A. (BIT:UCG) made a voluntary public takeover offer to acquire remaining 73.98% stake in Commerzbank AG (XTRA:CBK) for €25.7 billion on March 16, 2026. Subject to the offer conditions in the offer document, the Bidder intends to offer the minimum consideration prescribed under German law, which will finally be determined by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) and which the Bidder expects to be 0.485 new ordinary shares in UniCredit (UniCredit Offer Shares) for each tendered Commerzbank Share. The consummation of the Offer will be subject to certain closing conditions to be further detailed in the offer document. These will include merger control, foreign investment control, and EU foreign subsidies clearances, regulatory clearances (including, but not limited to, clearance by the European Central Bank and German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) in Germany) as well as other customary offer conditions. The Offer is expected to be formally launched at the beginning of May with an offer period of 4 weeks. Subject to the fulfilment or waiver by UniCredit of the conditions to the Offer, settlement is expected to be completed by the first half of 2027 after having obtained all necessary regulatory clearances, as will be further detailed in the offer document. As of April 7, 2026, Commerzbank currently sees no basis for a mutually agreed value-accretive transaction after interactions with UniCredit which did not demonstrated sufficient value upside potential for its shareholders beyond the current standalone strategy. UniCredit has also shown no willingness to offer Commerzbank shareholders a necessary adequate premium. Commerzbank will continue to focus on the successful implementation of its standalone strategy. Commerzbank remains open to discussions and proposals that create concrete value for its shareholders and stakeholders. UniCredit S.p.A. (BIT:UCG) cancelled the acquisition of remaining 73.98% stake in Commerzbank AG (XTRA:CBK) on April 7, 2026.Buy Or Sell Opportunity • Mar 31Now 21% undervalued after recent price dropOver the last 90 days, the stock has fallen 15% to Ft11,895. The fair value is estimated to be Ft15,149, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years. Earnings per share has grown by 20%. For the next 3 years, revenue is forecast to grow by 6.7% per annum. Earnings are also forecast to grow by 12% per annum over the same time period.Reported Earnings • Mar 26Full year 2025 earnings releasedFull year 2025 results: Revenue: €11.5b (up 9.9% from FY 2024). Net income: €2.63b (up 6.5% from FY 2024). Profit margin: 23% (in line with FY 2024). Cost-to-income ratio: 54.8% (down from 56.2% in FY 2024). Non-performing loans: 1.99% (up from 1.94% in FY 2024). Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Banks industry in Europe.New Risk • Mar 18New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hungarian stocks, typically moving 7.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.3% average weekly change).お知らせ • Mar 16UniCredit S.p.A. (BIT:UCG) made a voluntary public takeover offer to acquire remaining 73.98% stake in Commerzbank AG (XTRA:CBK) for €25.7 billion.UniCredit S.p.A. (BIT:UCG) made a voluntary public takeover offer to acquire remaining 73.98% stake in Commerzbank AG (XTRA:CBK) for €25.7 billion on March 16, 2026. Subject to the offer conditions in the offer document, the Bidder intends to offer the minimum consideration prescribed under German law, which will finally be determined by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) and which the Bidder expects to be 0.485 new ordinary shares in UniCredit (UniCredit Offer Shares) for each tendered Commerzbank Share. The consummation of the Offer will be subject to certain closing conditions to be further detailed in the offer document. These will include merger control, foreign investment control, and EU foreign subsidies clearances, regulatory clearances (including, but not limited to, clearance by the European Central Bank and German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) in Germany) as well as other customary offer conditions. The Offer is expected to be formally launched at the beginning of May with an offer period of 4 weeks. Subject to the fulfilment or waiver by UniCredit of the conditions to the Offer, settlement is expected to be completed by the first half of 2027 after having obtained all necessary regulatory clearances, as will be further detailed in the offer document.Buy Or Sell Opportunity • Mar 12Now 20% undervalued after recent price dropOver the last 90 days, the stock has fallen 11% to Ft11,810. The fair value is estimated to be Ft14,827, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.7% over the last 3 years. Earnings per share has grown by 22%. For the next 3 years, revenue is forecast to grow by 6.8% per annum. Earnings are also forecast to grow by 10% per annum over the same time period.Reported Earnings • Feb 13Full year 2025 earnings releasedFull year 2025 results: Revenue: €11.5b (up 9.9% from FY 2024). Net income: €2.63b (up 6.5% from FY 2024). Profit margin: 23% (in line with FY 2024). Cost-to-income ratio: 57.0% (up from 56.2% in FY 2024). Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Banks industry in Europe.Declared Dividend • Feb 12Dividend of €1.10 announcedShareholders will receive a dividend of €1.10. Ex-date: 21st May 2026 Payment date: 25th May 2026 Dividend yield will be 0.008%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is well covered by earnings (31% payout ratio) and is expected to be well covered in 3 years' time (47% forecast payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 64% over the next 3 years, which should provide support to the dividend and adequate earnings cover.お知らせ • Feb 12Commerzbank Ag Announces Resignation of Bernd Spalt as Chief Risk OfficerCommerzbank AG announced that Bernd Spalt, Chief Risk Officer will fulfil his current contract running until the end of 2026, but has decided, for personal reasons, not to seek an extension. He has informed the Supervisory Board about his decision in the meeting on 10 February. Bernd Spalt joined Commerzbank on 1 January 2024. He has established the risk function as a reliable partner supporting Commerzbank's strategic goals.お知らせ • Feb 11Commerzbank AG announces Annual dividend, payable on May 25, 2026Commerzbank AG announced Annual dividend of EUR 1.1000 per share payable on May 25, 2026, ex-date on May 21, 2026 and record date on May 22, 2026.Buy Or Sell Opportunity • Dec 13Now 20% overvalued after recent price riseOver the last 90 days, the stock has risen 3.3% to Ft13,330. The fair value is estimated to be Ft11,101, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.2% over the last 3 years. Earnings per share has grown by 28%. For the next 3 years, revenue is forecast to grow by 6.5% per annum. Earnings are also forecast to grow by 15% per annum over the same time period.お知らせ • Dec 10Commerzbank AG to Report Fiscal Year 2025 Final Results on Mar 25, 2026Commerzbank AG announced that they will report fiscal year 2025 final results on Mar 25, 2026Buy Or Sell Opportunity • Nov 26Now 24% overvaluedThe stock has been flat over the last 90 days, currently trading at Ft12,965. The fair value is estimated to be Ft10,425, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.2% over the last 3 years. Earnings per share has grown by 28%. For the next 3 years, revenue is forecast to grow by 6.5% per annum. Earnings are also forecast to grow by 15% per annum over the same time period.Buy Or Sell Opportunity • Nov 10Now 23% overvaluedOver the last 90 days, the stock has fallen 9.1% to Ft12,925. The fair value is estimated to be Ft10,510, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.2% over the last 3 years. Earnings per share has grown by 28%. For the next 3 years, revenue is forecast to grow by 6.5% per annum. Earnings are also forecast to grow by 15% per annum over the same time period.Reported Earnings • Nov 08Third quarter 2025 earnings released: EPS: €0.51 (vs €0.53 in 3Q 2024)Third quarter 2025 results: EPS: €0.51. Revenue: €2.66b (up 9.6% from 3Q 2024). Net income: €846.0m (up 1.2% from 3Q 2024). Profit margin: 32% (down from 34% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Banks industry in Europe.お知らせ • Oct 01Commerzbank AG (XTRA:CBK) commences an Equity Buyback Plan for 67,011,368 shares, representing 5.66% of its issued share capital, under the authorization approved on May 15, 2025.Commerzbank AG (XTRA:CBK) commences share repurchases on September 25, 2025, under the program mandated by the shareholders in the Annual General Meeting held on May 15, 2025. As per the mandate, the company is authorized to repurchase up to 67,011,368 shares, representing 5.66% of its issued share capital, such that the company’s holding in treasury does not exceed 10% of its issued share capital. The highest price at which the company may buy its own shares may not be more than 10% higher than the average value for the share price (closing auction prices or similar successor prices for the share in XETRA trading or a similar successor system to the XETRA system on the Frankfurt Stock Exchange) on the last three trading days prior to the purchase. The lowest price at which the company may buy its shares may not be more than 20% lower than the average value for the share price (closing auction prices or similar successor prices for the share in XETRA trading or a similar successor system to the XETRA system on the Frankfurt Stock Exchange) on the last three trading days prior to the purchase. The repurchased shares can be resold; can be used as consideration for the purpose of acquiring companies, parts of companies or participations in companies as well as other assets; used for a grant of a subscription right for holders of conversion rights or warrants issued or still be issued by the company or companies in which the company directly or indirectly holds a majority stake, which such holders would have after exercising the conversion right or the warrant or after fulfilling a corresponding duty to convert or exercise the warrant; or can be used as employee shares issued to employees of the company and companies in which the company directly or indirectly holds a majority stake; or can be used as a component in the compensation by granting shares to members of the Board of Managing Directors, members of senior management of employees of the above-mentioned companies; or will be cancelled. The authority will be valid till May 14, 2030. As of April 4, 2025, the company had 1,184,669,009 shares outstanding and 57,172,814 shares in treasury. On September 24, 2025, the company announces a share repurchase program. Under the program, the company will repurchase up to €1,000 million worth of its shares. The repurchased shares will be redeemed. The program has been approved by the European Central Bank (ECB) and the German Finance Agency. The program will begin on September 25, 2025, and will be conducted for a period until February 10, 2026. On the same day, the company also announced that it will repurchase up to €15.5 million worth of its shares. The purpose of the program is to use the repurchased shares for the planned employee share program.お知らせ • Sep 05Commerzbank CEO Reportedly Rules Out UniCredit S.p.A. TakeoverCommerzbank AG's (XTRA:CBK) CEO Bettina Orlopp has confirmed that Italy’s UniCredit SpA (BIT:UCG) will not acquire the German lender, emphasizing that any potential deal rests with shareholders, Reuters reported on September 3, 2025. Speaking at a banking conference, Orlopp stressed Commerzbank’s independence, noting that any transaction would only proceed if it creates clear value, the media said. "Our shareholders will decide, and that's where the decision belongs," she was cited as saying. UniCredit has built a 26% stake in Commerzbank over the past year and has been pushing for a complete merger. It recently confirmed it does not plan to seek board representation and that it will closely monitor the German bank’s efforts to strengthen its business and generate shareholder value. Commerzbank and the German government, holding around 12% of the local bank, have consistently resisted the bid.お知らせ • Aug 08+ 3 more updatesCommerzbank AG to Report Q1, 2026 Results on May 08, 2026Commerzbank AG announced that they will report Q1, 2026 results on May 08, 2026お知らせ • May 17+ 1 more updateCommerzbank AG Approves Dividend for the 2024 Financial YearCommerzbank AG at its AGM held on 15 May 2025 approved the dividend for the 2024 financial year in the amount of 65 cents per share. The total dividend payment therefore amounts to €733 million.お知らせ • Apr 07+ 1 more updateCommerzbank AG, Annual General Meeting, May 15, 2025Commerzbank AG, Annual General Meeting, May 15, 2025, at 10:00 W. Europe Standard Time.Buy Or Sell Opportunity • Apr 03Now 22% undervaluedOver the last 90 days, the stock has risen 33% to Ft8,650. The fair value is estimated to be Ft11,048, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.1% over the last 3 years. Earnings per share has grown by 45%. For the next 3 years, revenue is forecast to grow by 7.2% per annum. Earnings are also forecast to grow by 11% per annum over the same time period.Reported Earnings • Mar 28Full year 2024 earnings released: EPS: €2.08 (vs €1.63 in FY 2023)Full year 2024 results: EPS: €2.08 (up from €1.63 in FY 2023). Revenue: €10.4b (up 5.1% from FY 2023). Net income: €2.47b (up 21% from FY 2023). Profit margin: 24% (up from 21% in FY 2023). Cost-to-income ratio: 56.2% (down from 57.4% in FY 2023). Non-performing loans: 1.94% (up from 1.76% in FY 2023). Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 45% per year whereas the company’s share price has increased by 49% per year.お知らせ • Feb 26German Regulator Reportedly Assesses UniCredit Bid for Stake in CommerzbankItalian lender UniCredit S.p.A. (BIT:UCG) has reported its planned acquisition of a 29.99% minority stake in Germany's Commerzbank AG (XTRA:CBK) to the German Cartel Office for assessment, a spokesperson for the regulator said. The application, dated February 24, 2025, appears on a list of current merger control proceedings on the office's website. The German authority has up to one month to decide whether the purchase is problematic in a first-phase assessment procedure. UniCredit announced an initial 9% stake in Commerzbank in September, angering the Berlin government and the German lender, which has described the move as hostile and unilateral. The Italian bank has not backed down, however, and it is also awaiting European Central Bank approval for the stake it has built, largely using derivatives. UniCredit CEO Andrea Orcel has said he wanted to wait until a new government was in place in Berlin after Sunday's election before making an offer for the rest of Commerzbank. The planned stake reported to the German regulator sits just below the 30% threshold that would trigger a mandatory takeover offer under German rules. Orcel said this month that a decision on what to do with the Commerzbank stake would be taken in three to five quarters.Reported Earnings • Feb 14Full year 2024 earnings releasedFull year 2024 results: Revenue: €10.4b (up 4.5% from FY 2023). Net income: €2.68b (up 32% from FY 2023). Profit margin: 26% (up from 21% in FY 2023). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Banks industry in Europe.お知らせ • Feb 01Commerzbank AG Plans to Propose A DividendBased on the strong results, Commerzbank AG plans to propose a dividend of €0.65 per share (previous year: €0.35) to the Annual General Meeting.お知らせ • Dec 13Commerzbank AG to Report Fiscal Year 2024 Results on Mar 26, 2025Commerzbank AG announced that they will report fiscal year 2024 results on Mar 26, 2025お知らせ • Aug 06Commerzbank AG to Report Q1, 2025 Results on May 09, 2025Commerzbank AG announced that they will report Q1, 2025 results on May 09, 2025お知らせ • Mar 22Commerzbank AG (XTRA:CBK) acquired 18% stake in Nixdorf Kapital AG.Commerzbank AG (XTRA:CBK) acquired an 18% stake in Nixdorf Kapital AG on March 21, 2024. Tim Oliver Brandi, Fabian Pfuhl, Kerstin Neighbour, Heiko Gemmel and Christine Borries of Hogan Lovells acted as legal advisor for Commerzbank.Commerzbank AG (XTRA:CBK) completed the acquisition of an 18% stake in Nixdorf Kapital AG on March 21, 2024.業績と収益の成長予測BUSE:COMMERZBANK - アナリストの将来予測と過去の財務データ ( )EUR Millions日付収益収益フリー・キャッシュフロー営業活動によるキャッシュ平均アナリスト数12/31/202815,1834,514N/AN/A1012/31/202714,2123,875N/AN/A1212/31/202613,2683,300N/AN/A113/31/202611,5972,395N/AN/AN/A12/31/202511,4712,316-7,874-6,727N/A9/30/202511,3202,427N/AN/AN/A6/30/202511,0862,417-31,031-29,885N/A3/31/202510,7012,533N/AN/AN/A12/31/202410,4232,446-21,442-20,296N/A9/30/20249,8492,127N/AN/AN/A6/30/202410,0402,16920,70521,703N/A3/31/20249,9882,197N/AN/AN/A12/31/20239,9152,03019,28420,282N/A9/30/20239,9052,111N/AN/AN/A6/30/20239,0221,618-19,926-19,251N/A3/31/20238,9381,527N/AN/AN/A12/31/20228,6681,24525,18425,859N/A9/30/20228,3551,244N/AN/AN/A6/30/20228,5081,402-1,418-445N/A3/31/20228,001455N/AN/AN/A12/31/20218,003290-25,234-24,261N/A9/30/20217,567-2,731N/AN/AN/A6/30/20217,340-3,27723,36424,262N/A3/31/20217,372-2,480N/AN/AN/A12/31/20206,561-2,94832,77833,676N/A9/30/20207,071-27729,11229,811N/A6/30/20207,4792616,81617,515N/A3/31/20207,601133-4,659-3,960N/A12/31/20198,185603N/A-10,787N/A9/30/20198,123806N/A-2,358N/A6/30/20198,062734N/A11,070N/A3/31/20198,156776N/A8,780N/A12/31/20188,253872N/A-402N/A9/30/20188,018717N/A1,934N/A6/30/20188,346956N/A1,341N/A3/31/20188,14937N/A6,526N/A1/1/20188,19632N/A20,397N/A9/30/20178,630236N/A38,217N/A6/30/20178,456-519N/A44,538N/A3/31/20178,678336N/A32,668N/A12/31/20168,664279N/A7,251N/A9/30/20168,725289N/A-9,734N/A6/30/20168,734812N/A-29,459N/A3/31/20168,790915N/A-11,722N/A12/31/20159,2351,084N/A2,822N/A9/30/20158,633632N/A33,203N/A6/30/20158,527622N/A49,019N/Aもっと見るアナリストによる今後の成長予測収入対貯蓄率: COMMERZBANKの予測収益成長率 (年間14.7% ) は 貯蓄率 ( 6.7% ) を上回っています。収益対市場: COMMERZBANKの収益 ( 14.7% ) はHungarian市場 ( 12.3% ) よりも速いペースで成長すると予測されています。高成長収益: COMMERZBANKの収益は増加すると予測されていますが、大幅には増加しません。収益対市場: COMMERZBANKの収益 ( 7.1% ) Hungarian市場 ( 2.3% ) よりも速いペースで成長すると予測されています。高い収益成長: COMMERZBANKの収益 ( 7.1% ) 20%よりも低い成長が予測されています。一株当たり利益成長率予想将来の株主資本利益率将来のROE: COMMERZBANKの 自己資本利益率 は、3年後には低くなると予測されています ( 14.2 %)。成長企業の発掘7D1Y7D1Y7D1YBanks 業界の高成長企業。View Past Performance企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/05/25 11:02終値2026/05/20 00:00収益2026/03/31年間収益2025/12/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレーク本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋Commerzbank AG 12 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。32 アナリスト機関Tomasz GrzelakBaader Helvea Equity ResearchChristian WeizBaader Helvea Equity ResearchJesús Gómez DominguezBanco Santander29 その他のアナリストを表示
Declared Dividend • May 20Dividend of €1.10 announcedShareholders will receive a dividend of €1.10. Ex-date: 21st May 2026 Payment date: 26th May 2026 Dividend yield will be 0.008%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is covered by earnings (51% payout ratio) and is expected to be covered in 3 years' time (51% forecast payout ratio). The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 62% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
お知らせ • Apr 11Commerzbank AG, Annual General Meeting, May 20, 2026Commerzbank AG, Annual General Meeting, May 20, 2026, at 10:00 W. Europe Standard Time.
お知らせ • Apr 09UniCredit S.p.A. (BIT:UCG) cancelled the acquisition of remaining 73.98% stake in Commerzbank AG (XTRA:CBK).UniCredit S.p.A. (BIT:UCG) made a voluntary public takeover offer to acquire remaining 73.98% stake in Commerzbank AG (XTRA:CBK) for €25.7 billion on March 16, 2026. Subject to the offer conditions in the offer document, the Bidder intends to offer the minimum consideration prescribed under German law, which will finally be determined by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) and which the Bidder expects to be 0.485 new ordinary shares in UniCredit (UniCredit Offer Shares) for each tendered Commerzbank Share. The consummation of the Offer will be subject to certain closing conditions to be further detailed in the offer document. These will include merger control, foreign investment control, and EU foreign subsidies clearances, regulatory clearances (including, but not limited to, clearance by the European Central Bank and German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) in Germany) as well as other customary offer conditions. The Offer is expected to be formally launched at the beginning of May with an offer period of 4 weeks. Subject to the fulfilment or waiver by UniCredit of the conditions to the Offer, settlement is expected to be completed by the first half of 2027 after having obtained all necessary regulatory clearances, as will be further detailed in the offer document. As of April 7, 2026, Commerzbank currently sees no basis for a mutually agreed value-accretive transaction after interactions with UniCredit which did not demonstrated sufficient value upside potential for its shareholders beyond the current standalone strategy. UniCredit has also shown no willingness to offer Commerzbank shareholders a necessary adequate premium. Commerzbank will continue to focus on the successful implementation of its standalone strategy. Commerzbank remains open to discussions and proposals that create concrete value for its shareholders and stakeholders. UniCredit S.p.A. (BIT:UCG) cancelled the acquisition of remaining 73.98% stake in Commerzbank AG (XTRA:CBK) on April 7, 2026.
Buy Or Sell Opportunity • Mar 31Now 21% undervalued after recent price dropOver the last 90 days, the stock has fallen 15% to Ft11,895. The fair value is estimated to be Ft15,149, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years. Earnings per share has grown by 20%. For the next 3 years, revenue is forecast to grow by 6.7% per annum. Earnings are also forecast to grow by 12% per annum over the same time period.
Reported Earnings • Mar 26Full year 2025 earnings releasedFull year 2025 results: Revenue: €11.5b (up 9.9% from FY 2024). Net income: €2.63b (up 6.5% from FY 2024). Profit margin: 23% (in line with FY 2024). Cost-to-income ratio: 54.8% (down from 56.2% in FY 2024). Non-performing loans: 1.99% (up from 1.94% in FY 2024). Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Banks industry in Europe.
New Risk • Mar 18New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hungarian stocks, typically moving 7.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.3% average weekly change).
お知らせ • Mar 16UniCredit S.p.A. (BIT:UCG) made a voluntary public takeover offer to acquire remaining 73.98% stake in Commerzbank AG (XTRA:CBK) for €25.7 billion.UniCredit S.p.A. (BIT:UCG) made a voluntary public takeover offer to acquire remaining 73.98% stake in Commerzbank AG (XTRA:CBK) for €25.7 billion on March 16, 2026. Subject to the offer conditions in the offer document, the Bidder intends to offer the minimum consideration prescribed under German law, which will finally be determined by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) and which the Bidder expects to be 0.485 new ordinary shares in UniCredit (UniCredit Offer Shares) for each tendered Commerzbank Share. The consummation of the Offer will be subject to certain closing conditions to be further detailed in the offer document. These will include merger control, foreign investment control, and EU foreign subsidies clearances, regulatory clearances (including, but not limited to, clearance by the European Central Bank and German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) in Germany) as well as other customary offer conditions. The Offer is expected to be formally launched at the beginning of May with an offer period of 4 weeks. Subject to the fulfilment or waiver by UniCredit of the conditions to the Offer, settlement is expected to be completed by the first half of 2027 after having obtained all necessary regulatory clearances, as will be further detailed in the offer document.
Buy Or Sell Opportunity • Mar 12Now 20% undervalued after recent price dropOver the last 90 days, the stock has fallen 11% to Ft11,810. The fair value is estimated to be Ft14,827, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.7% over the last 3 years. Earnings per share has grown by 22%. For the next 3 years, revenue is forecast to grow by 6.8% per annum. Earnings are also forecast to grow by 10% per annum over the same time period.
Reported Earnings • Feb 13Full year 2025 earnings releasedFull year 2025 results: Revenue: €11.5b (up 9.9% from FY 2024). Net income: €2.63b (up 6.5% from FY 2024). Profit margin: 23% (in line with FY 2024). Cost-to-income ratio: 57.0% (up from 56.2% in FY 2024). Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Banks industry in Europe.
Declared Dividend • Feb 12Dividend of €1.10 announcedShareholders will receive a dividend of €1.10. Ex-date: 21st May 2026 Payment date: 25th May 2026 Dividend yield will be 0.008%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is well covered by earnings (31% payout ratio) and is expected to be well covered in 3 years' time (47% forecast payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 64% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
お知らせ • Feb 12Commerzbank Ag Announces Resignation of Bernd Spalt as Chief Risk OfficerCommerzbank AG announced that Bernd Spalt, Chief Risk Officer will fulfil his current contract running until the end of 2026, but has decided, for personal reasons, not to seek an extension. He has informed the Supervisory Board about his decision in the meeting on 10 February. Bernd Spalt joined Commerzbank on 1 January 2024. He has established the risk function as a reliable partner supporting Commerzbank's strategic goals.
お知らせ • Feb 11Commerzbank AG announces Annual dividend, payable on May 25, 2026Commerzbank AG announced Annual dividend of EUR 1.1000 per share payable on May 25, 2026, ex-date on May 21, 2026 and record date on May 22, 2026.
Buy Or Sell Opportunity • Dec 13Now 20% overvalued after recent price riseOver the last 90 days, the stock has risen 3.3% to Ft13,330. The fair value is estimated to be Ft11,101, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.2% over the last 3 years. Earnings per share has grown by 28%. For the next 3 years, revenue is forecast to grow by 6.5% per annum. Earnings are also forecast to grow by 15% per annum over the same time period.
お知らせ • Dec 10Commerzbank AG to Report Fiscal Year 2025 Final Results on Mar 25, 2026Commerzbank AG announced that they will report fiscal year 2025 final results on Mar 25, 2026
Buy Or Sell Opportunity • Nov 26Now 24% overvaluedThe stock has been flat over the last 90 days, currently trading at Ft12,965. The fair value is estimated to be Ft10,425, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.2% over the last 3 years. Earnings per share has grown by 28%. For the next 3 years, revenue is forecast to grow by 6.5% per annum. Earnings are also forecast to grow by 15% per annum over the same time period.
Buy Or Sell Opportunity • Nov 10Now 23% overvaluedOver the last 90 days, the stock has fallen 9.1% to Ft12,925. The fair value is estimated to be Ft10,510, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.2% over the last 3 years. Earnings per share has grown by 28%. For the next 3 years, revenue is forecast to grow by 6.5% per annum. Earnings are also forecast to grow by 15% per annum over the same time period.
Reported Earnings • Nov 08Third quarter 2025 earnings released: EPS: €0.51 (vs €0.53 in 3Q 2024)Third quarter 2025 results: EPS: €0.51. Revenue: €2.66b (up 9.6% from 3Q 2024). Net income: €846.0m (up 1.2% from 3Q 2024). Profit margin: 32% (down from 34% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Banks industry in Europe.
お知らせ • Oct 01Commerzbank AG (XTRA:CBK) commences an Equity Buyback Plan for 67,011,368 shares, representing 5.66% of its issued share capital, under the authorization approved on May 15, 2025.Commerzbank AG (XTRA:CBK) commences share repurchases on September 25, 2025, under the program mandated by the shareholders in the Annual General Meeting held on May 15, 2025. As per the mandate, the company is authorized to repurchase up to 67,011,368 shares, representing 5.66% of its issued share capital, such that the company’s holding in treasury does not exceed 10% of its issued share capital. The highest price at which the company may buy its own shares may not be more than 10% higher than the average value for the share price (closing auction prices or similar successor prices for the share in XETRA trading or a similar successor system to the XETRA system on the Frankfurt Stock Exchange) on the last three trading days prior to the purchase. The lowest price at which the company may buy its shares may not be more than 20% lower than the average value for the share price (closing auction prices or similar successor prices for the share in XETRA trading or a similar successor system to the XETRA system on the Frankfurt Stock Exchange) on the last three trading days prior to the purchase. The repurchased shares can be resold; can be used as consideration for the purpose of acquiring companies, parts of companies or participations in companies as well as other assets; used for a grant of a subscription right for holders of conversion rights or warrants issued or still be issued by the company or companies in which the company directly or indirectly holds a majority stake, which such holders would have after exercising the conversion right or the warrant or after fulfilling a corresponding duty to convert or exercise the warrant; or can be used as employee shares issued to employees of the company and companies in which the company directly or indirectly holds a majority stake; or can be used as a component in the compensation by granting shares to members of the Board of Managing Directors, members of senior management of employees of the above-mentioned companies; or will be cancelled. The authority will be valid till May 14, 2030. As of April 4, 2025, the company had 1,184,669,009 shares outstanding and 57,172,814 shares in treasury. On September 24, 2025, the company announces a share repurchase program. Under the program, the company will repurchase up to €1,000 million worth of its shares. The repurchased shares will be redeemed. The program has been approved by the European Central Bank (ECB) and the German Finance Agency. The program will begin on September 25, 2025, and will be conducted for a period until February 10, 2026. On the same day, the company also announced that it will repurchase up to €15.5 million worth of its shares. The purpose of the program is to use the repurchased shares for the planned employee share program.
お知らせ • Sep 05Commerzbank CEO Reportedly Rules Out UniCredit S.p.A. TakeoverCommerzbank AG's (XTRA:CBK) CEO Bettina Orlopp has confirmed that Italy’s UniCredit SpA (BIT:UCG) will not acquire the German lender, emphasizing that any potential deal rests with shareholders, Reuters reported on September 3, 2025. Speaking at a banking conference, Orlopp stressed Commerzbank’s independence, noting that any transaction would only proceed if it creates clear value, the media said. "Our shareholders will decide, and that's where the decision belongs," she was cited as saying. UniCredit has built a 26% stake in Commerzbank over the past year and has been pushing for a complete merger. It recently confirmed it does not plan to seek board representation and that it will closely monitor the German bank’s efforts to strengthen its business and generate shareholder value. Commerzbank and the German government, holding around 12% of the local bank, have consistently resisted the bid.
お知らせ • Aug 08+ 3 more updatesCommerzbank AG to Report Q1, 2026 Results on May 08, 2026Commerzbank AG announced that they will report Q1, 2026 results on May 08, 2026
お知らせ • May 17+ 1 more updateCommerzbank AG Approves Dividend for the 2024 Financial YearCommerzbank AG at its AGM held on 15 May 2025 approved the dividend for the 2024 financial year in the amount of 65 cents per share. The total dividend payment therefore amounts to €733 million.
お知らせ • Apr 07+ 1 more updateCommerzbank AG, Annual General Meeting, May 15, 2025Commerzbank AG, Annual General Meeting, May 15, 2025, at 10:00 W. Europe Standard Time.
Buy Or Sell Opportunity • Apr 03Now 22% undervaluedOver the last 90 days, the stock has risen 33% to Ft8,650. The fair value is estimated to be Ft11,048, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.1% over the last 3 years. Earnings per share has grown by 45%. For the next 3 years, revenue is forecast to grow by 7.2% per annum. Earnings are also forecast to grow by 11% per annum over the same time period.
Reported Earnings • Mar 28Full year 2024 earnings released: EPS: €2.08 (vs €1.63 in FY 2023)Full year 2024 results: EPS: €2.08 (up from €1.63 in FY 2023). Revenue: €10.4b (up 5.1% from FY 2023). Net income: €2.47b (up 21% from FY 2023). Profit margin: 24% (up from 21% in FY 2023). Cost-to-income ratio: 56.2% (down from 57.4% in FY 2023). Non-performing loans: 1.94% (up from 1.76% in FY 2023). Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 45% per year whereas the company’s share price has increased by 49% per year.
お知らせ • Feb 26German Regulator Reportedly Assesses UniCredit Bid for Stake in CommerzbankItalian lender UniCredit S.p.A. (BIT:UCG) has reported its planned acquisition of a 29.99% minority stake in Germany's Commerzbank AG (XTRA:CBK) to the German Cartel Office for assessment, a spokesperson for the regulator said. The application, dated February 24, 2025, appears on a list of current merger control proceedings on the office's website. The German authority has up to one month to decide whether the purchase is problematic in a first-phase assessment procedure. UniCredit announced an initial 9% stake in Commerzbank in September, angering the Berlin government and the German lender, which has described the move as hostile and unilateral. The Italian bank has not backed down, however, and it is also awaiting European Central Bank approval for the stake it has built, largely using derivatives. UniCredit CEO Andrea Orcel has said he wanted to wait until a new government was in place in Berlin after Sunday's election before making an offer for the rest of Commerzbank. The planned stake reported to the German regulator sits just below the 30% threshold that would trigger a mandatory takeover offer under German rules. Orcel said this month that a decision on what to do with the Commerzbank stake would be taken in three to five quarters.
Reported Earnings • Feb 14Full year 2024 earnings releasedFull year 2024 results: Revenue: €10.4b (up 4.5% from FY 2023). Net income: €2.68b (up 32% from FY 2023). Profit margin: 26% (up from 21% in FY 2023). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Banks industry in Europe.
お知らせ • Feb 01Commerzbank AG Plans to Propose A DividendBased on the strong results, Commerzbank AG plans to propose a dividend of €0.65 per share (previous year: €0.35) to the Annual General Meeting.
お知らせ • Dec 13Commerzbank AG to Report Fiscal Year 2024 Results on Mar 26, 2025Commerzbank AG announced that they will report fiscal year 2024 results on Mar 26, 2025
お知らせ • Aug 06Commerzbank AG to Report Q1, 2025 Results on May 09, 2025Commerzbank AG announced that they will report Q1, 2025 results on May 09, 2025
お知らせ • Mar 22Commerzbank AG (XTRA:CBK) acquired 18% stake in Nixdorf Kapital AG.Commerzbank AG (XTRA:CBK) acquired an 18% stake in Nixdorf Kapital AG on March 21, 2024. Tim Oliver Brandi, Fabian Pfuhl, Kerstin Neighbour, Heiko Gemmel and Christine Borries of Hogan Lovells acted as legal advisor for Commerzbank.Commerzbank AG (XTRA:CBK) completed the acquisition of an 18% stake in Nixdorf Kapital AG on March 21, 2024.