XTRA:COM

Stock Analysis Report

Executive Summary

comdirect bank AG, together with its subsidiaries, engages in direct banking and online securities businesses in Germany.


Snowflake Analysis

Excellent balance sheet second-rate dividend payer.

Share Price & News

How has comdirect bank's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: COM has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

1.6%

COM

-1.3%

DE Banks

0.3%

DE Market


1 Year Return

37.6%

COM

-15.8%

DE Banks

13.8%

DE Market

Return vs Industry: COM exceeded the German Banks industry which returned -4.5% over the past year.

Return vs Market: COM exceeded the German Market which returned 17.1% over the past year.


Shareholder returns

COMIndustryMarket
7 Day1.6%-1.3%0.3%
30 Day5.3%-1.7%1.7%
90 Day6.3%-1.2%5.7%
1 Year41.0%37.6%-13.1%-15.8%17.4%13.8%
3 Year51.5%41.2%-25.3%-29.0%15.9%5.7%
5 Year83.3%57.3%-8.2%-28.5%27.9%10.6%

Price Volatility Vs. Market

How volatile is comdirect bank's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is comdirect bank undervalued compared to its fair value and its price relative to the market?

45.21x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: COM (€13.56) is trading above our estimate of fair value (€13.56)

Significantly Below Fair Value: COM is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: COM is poor value based on its PE Ratio (44.1x) compared to the Banks industry average (17x).

PE vs Market: COM is poor value based on its PE Ratio (44.1x) compared to the German market (20.6x).


Price to Earnings Growth Ratio

PEG Ratio: COM's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: COM is overvalued based on its PB Ratio (2.5x) compared to the DE Banks industry average (0.9x).


Next Steps

Future Growth

How is comdirect bank forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

-26.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: COM's earnings are forecast to decline over the next 3 years (-30.1% per year).

Earnings vs Market: COM's earnings are forecast to decline over the next 3 years (-30.1% per year).

High Growth Earnings: COM's earnings are forecast to decline over the next 3 years.

Revenue vs Market: COM's revenue (6.5% per year) is forecast to grow faster than the German market (4.8% per year).

High Growth Revenue: COM's revenue (6.5% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: COM's Return on Equity is forecast to be low in 3 years time (9.9%).


Next Steps

Past Performance

How has comdirect bank performed over the past 5 years?

-11.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: COM has high quality earnings.

Growing Profit Margin: COM's current net profit margins (12.3%) are lower than last year (15.4%).


Past Earnings Growth Analysis

Earnings Trend: COM's earnings have declined by -11% per year over the past 5 years.

Accelerating Growth: COM's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: COM had negative earnings growth (-15.7%) over the past year, making it difficult to compare to the Banks industry average (3.9%).


Return on Equity

High ROE: COM's Return on Equity (5.8%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

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


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: COM has a low level of unsold assets or inventory.

Debt Coverage by Assets: COM's debt is covered by short term assets (assets are 14401.5x debt).


Financial Institutions Analysis

Asset Level: COM's level of assets compared to its equity is very high.

Allowance for Bad Loans: COM has a sufficient allowance for bad loans.

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

Loan Level: COM has an acceptable proportion of non-loan assets held.

Low Risk Deposits: COM's loans are broadly funded by customer deposits.

Level of Bad Loans: COM has an appropriate level of bad loans (0.47%)


Next Steps

Dividend

What is comdirect bank's current dividend yield, its reliability and sustainability?

1.81%

Current Dividend Yield


Dividend Yield vs Market

company1.8%marketbottom25%1.3%markettop25%3.6%industryaverage3.7%forecastin3Years2.0%

Current dividend yield vs market & industry

Notable Dividend: COM's dividend (1.85%) is higher than the bottom 25% of dividend payers in the German market (1.38%).

High Dividend: COM's dividend (1.85%) is low compared to the top 25% of dividend payers in the German market (3.53%).


Stability and Growth of Payments

Stable Dividend: COM's dividend payments have been volatile in the past 10 years.

Growing Dividend: COM's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (81.7%), COM's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: COM's dividends in 3 years are forecast to be covered by earnings (50.7% payout ratio).


Next Steps

Management

What is the CEO of comdirect bank's salary, the management and board of directors tenure and is there insider trading?

3.5yrs

Average management tenure


CEO

Frauke Hegemann (43yo)

0yrs

Tenure

0

Ms. Frauke Hegemann has been the Chief Executive Officer at comdirect bank AG since January 1, 2020 and its Chairman of Management Board. She had been Chief Operating Officer of comdirect bank AG since Apr ...


Management Age and Tenure

3.5yrs

Average Tenure

46yo

Average Age

Experienced Management: COM's management team is considered experienced (3.5 years average tenure).


Board Age and Tenure

5.7yrs

Average Tenure

53yo

Average Age

Experienced Board: COM's board of directors are considered experienced (5.7 years average tenure).


Insider Trading

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.


Management Team

  • Lutz Brunke

    Head of Information Security & Outsourcing

    • Dietmar Gabor

      Head of Legal Affairs & Compliance

      • Tenure: 14.4yrs
    • Simone Glass

      Head of Investor Relations

      • Daniel Schneider

        Head of Brokerage in Product Management

        • Dietmar von Blücher (46yo)

          CFO, CIO & Member of the Board of Managing Directors

          • Tenure: 3.5yrs
          • Compensation: €435.00k
        • Matthias Hach (54yo)

          Chief Marketing Officer & Member of the Board of Managing Directors

          • Tenure: 2yrs
          • Compensation: €370.20k
        • Frauke Hegemann (43yo)

          CEO & Chairman of Management Board

          • Annette Siragusano

            Head of Corporate Communications


            Board Members

            • Ralph Mandel (53yo)

              Member of Supervisory Board

              • Tenure: 3.7yrs
            • Sabine Schmittroth (54yo)

              Member of the Supervisory Board

              • Tenure: 7.7yrs
              • Compensation: €39.00k
            • Delius Pausder

              Co-Chairman of the supervisory board

              • Sandra Persiehl

                Member of the Supervisory Board

                • Tenure: 5.7yrs
                • Compensation: €33.00k
              • Jochen Sutor (46yo)

                Chairman of the Supervisory Board

                • Henning Seeler (53yo)

                  Member of Supervisory Board

                  Company Information

                  comdirect bank AG's company bio, employee growth, exchange listings and data sources


                  Key Information

                  • Name: comdirect bank AG
                  • Ticker: COM
                  • Exchange: XTRA
                  • Founded: 1994
                  • Industry: Diversified Banks
                  • Sector: Banks
                  • Market Cap: €1.954b
                  • Shares outstanding: 141.22m
                  • Website: https://www.comdirect.de

                  Number of Employees


                  Location

                  • comdirect bank AG
                  • Pascalkehre 15
                  • Quickborn
                  • Schleswig-Holstein
                  • 25451
                  • Germany

                  Listings

                  TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
                  A255FJDB (Deutsche Boerse AG)NPV (ASD 06/12/2019 COMMERZDEEURNo data
                  COMDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJun 2000
                  0N7OLSE (London Stock Exchange)YesOrdinary SharesGBEURJun 2000
                  COMXTRA (XETRA Trading Platform)YesOrdinary SharesDEEURJun 2000
                  COMDBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURJun 2000
                  COMDSWX (SIX Swiss Exchange)YesOrdinary SharesCHCHFJun 2000

                  Biography

                  comdirect bank AG, together with its subsidiaries, engages in direct banking and online securities businesses in Germany. It offers brokerage, banking, and advisory services to private customers. The company was founded in 1994 and is headquartered in Quickborn, Germany. comdirect bank AG is a subsidiary of Commerzbank Inlandsbanken Holding GmbH. 


                  Company Analysis and Financial Data Status

                  All financial data provided by Standard & Poor's Capital IQ.
                  DataLast Updated (UTC time)
                  Company Analysis2020/01/25 21:17
                  End of Day Share Price2020/01/24 00:00
                  Earnings2019/09/30
                  Annual Earnings2018/12/31


                  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.