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

Adequate balance sheet with proven track record.

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

-1.2%

COM

-2.0%

DE Banks

2.2%

DE Market


1 Year Return

25.9%

COM

-37.6%

DE Banks

-17.2%

DE Market

Return vs Industry: COM exceeded the German Banks industry which returned -37.6% over the past year.

Return vs Market: COM exceeded the German Market which returned -17.2% over the past year.


Shareholder returns

COMIndustryMarket
7 Day-1.2%-2.0%2.2%
30 Day-8.3%-25.3%-15.7%
90 Day-4.1%-27.3%-24.0%
1 Year29.0%25.9%-35.7%-37.6%-14.9%-17.2%
3 Year45.3%35.4%-43.2%-45.9%-16.4%-23.3%
5 Year56.2%34.0%-41.6%-53.6%-16.5%-27.8%

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?

32.24x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: COM (€12.74) is trading above our estimate of fair value (€12.7)

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 (32.2x) compared to the Banks industry average (15.7x).

PE vs Market: COM is poor value based on its PE Ratio (32.2x) compared to the German market (16.8x).


Price to Earnings Growth Ratio

PEG Ratio: COM is poor value based on its PEG Ratio (2.4x)


Price to Book Ratio

PB vs Industry: COM is overvalued based on its PB Ratio (2.3x) compared to the DE Banks industry average (0.8x).


Next Steps

Future Growth

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

13.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: COM's forecast earnings growth (13.4% per year) is above the savings rate (-0.4%).

Earnings vs Market: COM's earnings (13.4% per year) are forecast to grow slower than the German market (14.5% per year).

High Growth Earnings: COM's earnings are forecast to grow, but not significantly.

Revenue vs Market: COM's revenue (5.6% per year) is forecast to grow faster than the German market (4.1% per year).

High Growth Revenue: COM's revenue (5.6% 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 (11.3%).


Next Steps

Past Performance

How has comdirect bank performed over the past 5 years?

-12.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: COM has high quality earnings.

Growing Profit Margin: COM's current net profit margins (15.4%) are higher than last year (11.7%).


Past Earnings Growth Analysis

Earnings Trend: COM's earnings have declined by -12% per year over the past 5 years.

Accelerating Growth: COM's earnings growth over the past year (43%) exceeds its 5-year average (-12% per year).

Earnings vs Industry: COM earnings growth over the past year (43%) exceeded the Banks industry 0.7%.


Return on Equity

High ROE: COM's Return on Equity (7.3%) is considered low.


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 4424x 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 low 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 (0.22%)


Next Steps

Dividend

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

2.75%

Current Dividend Yield


Upcoming Dividend Payment


Dividend Yield vs Market

Notable Dividend: COM's dividend (2.75%) is higher than the bottom 25% of dividend payers in the German market (1.65%).

High Dividend: COM's dividend (2.75%) is low compared to the top 25% of dividend payers in the German market (4.87%).


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 (88.6%), 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 (51.1% payout ratio).


Next Steps

Management

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

3.0yrs

Average management tenure


CEO

Frauke Hegemann (43yo)

0.25

Tenure

€292,000

Compensation

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 ...


CEO Compensation Analysis

Compensation vs Market: Frauke's total compensation ($USD320.88K) is below average for companies of similar size in the German market ($USD1.85M).

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


Leadership Team

NamePositionTenureCompensationOwnership
Frauke Hegemann
CEO & Chairman of Management Board0.25yr€292.00kno data
Dietmar von Blücher
CFO, CIO & Member of the Board of Managing Directors3.75yrs€502.00kno data
Matthias Hach
Chief Marketing Officer & Member of the Board of Managing Directors2.25yrs€456.00kno data
Simone Glass
Head of Investor Relationsno datano datano data
Dietmar Gabor
Head of Legal Affairs & Compliance14.67yrsno datano data
Annette Siragusano
Head of Corporate Communicationsno datano datano data
Lutz Brunke
Head of Information Security & Outsourcingno datano datano data
Daniel Schneider
Head of Brokerage in Product Managementno datano datano data

3.0yrs

Average Tenure

46yo

Average Age

Experienced Management: COM's management team is considered experienced (3 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Ralph Mandel
Member of Supervisory Board3.92yrsno datano data
Sabine Schmittroth
Member of the Supervisory Board7.92yrs€42.00kno data
Verena Pausder
Co-Chairman of the supervisory boardno data€29.00kno data
Sandra Persiehl
Member of the Supervisory Board5.92yrs€35.00kno data
Jochen Sutor
Chairman of the Supervisory Boardno data€59.00kno data
Heiko Drüker
Member of Supervisory Board0.083yrno datano data

4.9yrs

Average Tenure

53yo

Average Age

Experienced Board: COM's board of directors are considered experienced (4.9 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

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: €1.799b
  • 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 Analysis2020/04/01 01:15
End of Day Share Price2020/03/31 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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.