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CBK

Commerzbank XTRA:CBK Stock Report

Last Price

€7.33

Market Cap

€9.2b

7D

-6.7%

1Y

17.2%

Updated

26 Jun, 2022

Data

Company Financials +
CBK fundamental analysis
Snowflake Score
Valuation3/6
Future Growth3/6
Past Performance2/6
Financial Health5/6
Dividends0/6

CBK Stock Overview

Commerzbank AG provides banking and capital market services to private and small business customers, multinational groups, financial service providers, and institutional clients worldwide.

Commerzbank Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Commerzbank
Historical stock prices
Current Share Price€7.33
52 Week High€9.51
52 Week Low€5.01
Beta1.74
1 Month Change-9.31%
3 Month Change0.95%
1 Year Change17.15%
3 Year Change15.97%
5 Year Change-29.74%
Change since IPO-94.08%

Recent News & Updates

Shareholder Returns

CBKDE BanksDE Market
7D-6.7%2.0%-0.1%
1Y17.2%-12.7%-22.0%

Return vs Industry: CBK exceeded the German Banks industry which returned -12.7% over the past year.

Return vs Market: CBK exceeded the German Market which returned -22% over the past year.

Price Volatility

Is CBK's price volatile compared to industry and market?
CBK volatility
CBK Average Weekly Movement7.7%
Banks Industry Average Movement4.5%
Market Average Movement5.6%
10% most volatile stocks in DE Market10.2%
10% least volatile stocks in DE Market2.9%

Stable Share Price: CBK is more volatile than 75% of German stocks over the past 3 months, typically moving +/- 8% a week.

Volatility Over Time: CBK's weekly volatility (8%) has been stable over the past year, but is still higher than 75% of German stocks.

About the Company

FoundedEmployeesCEOWebsite
187038,706Manfred Knofhttps://www.commerzbank.com

Commerzbank AG provides banking and capital market services to private and small business customers, multinational groups, financial service providers, and institutional clients worldwide. It operates through two segments, Private and Small-Business Customers, and Corporate Clients. The company offers accounts, commercial payments, payment enabling, clearing and custody, and other services; trade services, including documentary collection, letters of credit, guarantees, trade facilitation, supply chain financing, buyer’s credit, and forfaiting services; and bilateral loans, club deals, Schuldschein instruments, syndicated loans, bonds, private placements, other debt instruments, and Islamic financing services.

Commerzbank Fundamentals Summary

How do Commerzbank's earnings and revenue compare to its market cap?
CBK fundamental statistics
Market Cap€9.18b
Earnings (TTM)€455.00m
Revenue (TTM)€8.01b

20.2x

P/E Ratio

0.3x

P/B Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
CBK income statement (TTM)
Revenue€8.01b
Cost of Revenue€0
Gross Profit€8.01b
Other Expenses€7.56b
Earnings€455.00m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

Aug 03, 2022

Earnings per share (EPS)0.36
Gross Margin100.00%
Net Profit Margin5.68%
Debt/Equity Ratio130.0%

How did CBK perform over the long term?

See historical performance and comparison
We’ve recently updated our valuation analysis.

Valuation

Is CBK undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CBK?

Other financial metrics that can be useful for relative valuation.

CBK key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenuen/a
Enterprise Value/EBITDAn/a
PEG Ratio1x

Price to Earnings Ratio vs Peers

How does CBK's PE Ratio compare to its peers?

CBK PE Ratio vs Peers
The above table shows the PE ratio for CBK vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average14.3x
UBK UmweltBank
31.4xn/a€607.7m
PCZ ProCredit Holding KGaA
3.4x47.5%€212.0m
MBK Merkur PrivatBank KgaA
13.1x5.9%€119.8m
BAP Credicorp
9.3x9.8%US$9.9b
CBK Commerzbank
20.2x20.6%€9.2b

Price-To-Earnings vs Peers: CBK is expensive based on its Price-To-Earnings Ratio (20.2x) compared to the peer average (14.3x).


Price to Earnings Ratio vs Industry

How does CBK's PE Ratio compare vs other companies in the European Banks Industry?

Price-To-Earnings vs Industry: CBK is expensive based on its Price-To-Earnings Ratio (20.2x) compared to the European Banks industry average (8.9x)


Price to Earnings Ratio vs Fair Ratio

What is CBK's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CBK PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio20.2x
Fair PE Ratio13.4x

Price-To-Earnings vs Fair Ratio: CBK is expensive based on its Price-To-Earnings Ratio (20.2x) compared to the estimated Fair Price-To-Earnings Ratio (13.4x).


Share Price vs Fair Value

What is the Fair Price of CBK when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: CBK (€7.33) is trading below our estimate of fair value (€14.29)

Significantly Below Fair Value: CBK is trading below fair value by more than 20%.


Price to Earnings Growth Ratio

PEG Ratio: CBK is good value based on its PEG Ratio (1x)


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Future Growth

How is Commerzbank forecast to perform in the next 1 to 3 years based on estimates from 12 analysts?

Future Growth Score

3/6

Future Growth Score 3/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


20.6%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CBK's forecast earnings growth (20.6% per year) is above the savings rate (-0.05%).

Earnings vs Market: CBK's earnings (20.6% per year) are forecast to grow faster than the German market (8.3% per year).

High Growth Earnings: CBK's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: CBK's revenue (1.4% per year) is forecast to grow slower than the German market (4.8% per year).

High Growth Revenue: CBK's revenue (1.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: CBK's Return on Equity is forecast to be low in 3 years time (6%).


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Past Performance

How has Commerzbank performed over the past 5 years?

Past Performance Score

2/6

Past Performance Score 2/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-45.9%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: CBK has a large one-off loss of €628.0M impacting its March 31 2022 financial results.

Growing Profit Margin: CBK became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: CBK has become profitable over the past 5 years, growing earnings by -45.9% per year.

Accelerating Growth: CBK has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: CBK has become profitable in the last year, making it difficult to compare its past year earnings growth to the Banks industry (33.3%).


Return on Equity

High ROE: CBK's Return on Equity (1.8%) is considered low.


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Financial Health

How is Commerzbank's financial position? (This company is analysed differently as a bank or financial institution)

Financial Health Score

5/6

Financial Health Score 5/6

  • Asset Level

  • Allowance for Bad Loans

  • Low Risk Liabilities

  • Loan Level

  • Low Risk Deposits

  • Level of Bad Loans

Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet


Financial Institutions Analysis

Asset Level: CBK's Assets to Equity ratio (17.6x) is moderate.

Allowance for Bad Loans: CBK has a low allowance for bad loans (68%).

Low Risk Liabilities: 71% of CBK's liabilities are made up of primarily low risk sources of funding.

Loan Level: CBK has an appropriate level of Loans to Assets ratio (50%).

Low Risk Deposits: CBK's Loans to Deposits ratio (75%) is appropriate.

Level of Bad Loans: CBK has an appropriate level of bad loans (1.5%).


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Dividend

What is Commerzbank current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Future Dividend Coverage


5.77%

Forecast Dividend Yield

Dividend Yield vs Market

Notable Dividend: Unable to evaluate CBK's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate CBK's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if CBK's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if CBK's dividend payments have been increasing.


Current Payout to Shareholders

Earnings Coverage: CBK is not paying a notable dividend for the German market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of CBK's dividend in 3 years as they are not forecast to pay a notable one for the German market.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

1.4yrs

Average management tenure


CEO

Manfred Knof (56 yo)

1.42yrs

Tenure

€3,927,000

Compensation

Dr. Manfred Knof has been Chairman of the Board, Managing Director and Chief Executive Officer at Commerzbank AG since January 1, 2021. Dr. Knof serves as the Head of Retail Division for Deutsche Bank. He...


CEO Compensation Analysis

Compensation vs Market: Manfred's total compensation ($USD4.14M) is about average for companies of similar size in the German market ($USD5.63M).

Compensation vs Earnings: Insufficient data to compare Manfred's compensation with company performance.


Leadership Team

Experienced Management: CBK's management team is not considered experienced ( 1.4 years average tenure), which suggests a new team.


Board Members

Experienced Board: CBK's board of directors are considered experienced (4.1 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Commerzbank AG's employee growth, exchange listings and data sources


Key Information

  • Name: Commerzbank AG
  • Ticker: CBK
  • Exchange: XTRA
  • Founded: 1870
  • Industry: Diversified Banks
  • Sector: Banks
  • Implied Market Cap: €9.177b
  • Shares outstanding: 1.25b
  • Website: https://www.commerzbank.com

Number of Employees


Location

  • Commerzbank AG
  • Kaiserplatz
  • Frankfurt am Main
  • Hessen
  • 60311
  • Germany

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/06/26 00:00
End of Day Share Price2022/06/24 00:00
Earnings2022/03/31
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.