Announcement • Aug 05
DWS Launches Three New Xtrackers Fixed Income ETFs Benchmarked To ICE Indices DWS has launched three new Xtrackers fixed income ETFs benchmarked to ICE Indices. The three new ETFs track the performance of global corporate, high yield, and government bonds. Xtrackers Global Corporate Bond UCITS ETF (GOBC) tracks the daily performance of the ICE BofA Global Corporate Index, a broad measure of the world’s investment grade corporate markets, including U.S. dollar, Canadian dollar, Australian dollar, Japanese yen, Swiss franc, Sterling and Euro-denominated debt. Xtrackers Global High Yield Corporate Bond UCITS ETF (XHW0) tracks the daily performance of the ICE BofA Global High Yield Index, which measures U.S. dollar, Canadian dollar, Sterling and Euro-denominated below investment grade corporate debt. Xtrackers Eurozone Government Bond 1-10 UCITS ETF (XEZG) tracks the daily performance of the ICE BofA 1-10 Euro Government Index, which measures Euro-denominated sovereign debt with a remaining term to final maturity less than 10 years. ICE is a provider of indices, with over $2 trillion total assets under management benchmarked to ICE Indices, and a deep expertise administering and publishing indices used throughout global markets. Its broad offering includes over 8,000 global equity, fixed income, commodity and foreign exchange indices to support benchmarking and performance measurement by investors, backed by a 50-year track record. Reported Earnings • Jul 30
Second quarter 2026 earnings: EPS misses analyst expectations Second quarter 2026 results: EPS: €1.19 (up from €1.08 in 2Q 2025). Revenue: €1.57b (up 8.8% from 2Q 2025). Net income: €237.0m (up 11% from 2Q 2025). Profit margin: 15% (in line with 2Q 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.5%. Revenue is expected to decline by 10% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Germany are expected to grow by 2.5%. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 09
DWS Group Announces Appointment of JB Park to Head of Alternatives Client Coverage for Asia Pacific DWS Group had appointed JB Park as its head of alternatives client coverage for Asia Pacific. Park joined the firm as a managing director and was based in Singapore. He had more than 20 years of experience in regional fundraising and cross-border transactions across real estate, private equity and alternative investments. In the role, he oversaw the delivery of DWS's alternatives investment offerings to clients across the Asia Pacific region. He also managed a sales and investor relations team spanning Singapore, Hong Kong, Korea and Japan, covering real estate, infrastructure and private credit strategies. Park joined DWS from LaSalle Investment Management, where he worked for more than 15 years in senior investor relations, client-facing and investment positions. Most recently, he served as head of investor relations for Asia Pacific at LaSalle. In that role, $1.8bn of new capital was raised from investors in Japan, Australia and Korea through multiple vehicles as part of the company's global fundraising efforts. He also held the position of head of global partner solutions Asia Pacific, where he oversaw indirect investment opportunities and completed five platform transactions. Earlier in his time at the firm, he led investor relations in Korea after serving as head of Korean real estate acquisitions. Before joining LaSalle, Park was head of alternative investments for Korea at Standard Chartered Bank. Announcement • Jul 08
Dws Appoints Nilesh Parmar as Head of Xtrackers Sales Middle East & Africa DWS announced the appointment of Nilesh Parmar as Head of Xtrackers Sales Middle East & Africa as the firm continued to expand its presence in the region and strengthen its Xtrackers ETF platform. Nilesh will be based in Abu Dhabi and will be responsible for driving Xtrackers sales across the Middle East, focusing on building and deepening relationships. He will work closely with DWS’s global sales and product teams to deliver tailored ETF solutions and support the continued growth of the platform in the region. Nilesh brings more than 20 years of experience across ETFs, asset management and investment banking, with a strong track record in building client relationships, driving distribution and developing new business. He previously spent over five years with DWS’s Xtrackers business, contributing to the growth of the ETF franchise in the UK and Ireland, before joining WisdomTree as Director, ETF Sales for the UK and Ireland, where he helped establish the firm’s presence and deliver strong net new business growth. He has also held roles at the World Gold Council and Deutsche Bank, working with institutional clients across Europe. Nilesh’s appointment builds on the continued expansion of DWS’s presence in Abu Dhabi following the establishment of its office in ADGM in October 2025. The branch strengthens the firm’s ability to engage more closely with regional clients and partners, while supporting access to global investment capabilities as the Gateway to Europe for investors in a market of increasing strategic importance. Declared Dividend • May 20
Dividend increased to €3.00 Dividend of €3.00 is 36% higher than last year. Ex-date: 4th June 2026 Payment date: 8th June 2026 Dividend yield will be 5.0%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (65% earnings payout ratio) but not covered by cash flows (114% cash payout ratio). The dividend has increased by an average of 12% per year over the past 7 years and payments have been stable during that time. EPS is expected to grow by 16% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 23
DWS Group GmbH & Co. KGaA, Annual General Meeting, Jun 03, 2026 DWS Group GmbH & Co. KGaA, Annual General Meeting, Jun 03, 2026, at 10:00 W. Europe Standard Time. Announcement • Mar 11
DWS Group Launches Xtrackers Europe Market Leaders ETF DWS announced the launch of the Xtrackers Europe Market Leaders ETF. The Fund seeks investment results that correspond generally to the performance of the STOXX® Europe Total Market Leaders Index, which seeks to capture the performance of European companies considered to be global leaders in their respective market segments. The Fund’s portfolio of 40 European stocks is selected through a multi-pronged screening process that evaluates, among other things, a company’s market share leadership, competitive advantage, and profitability. Gateway to Europe: Why Global Leaders Matter Now. European equities staged a strong comeback in 2025, attracting record inflows and outperforming expectations. Moreover, Europe’s sector mix is currently less dominated by mega-cap tech companies than the U.S. and is more balanced across sectors, such as healthcare and industrials. Although Europe has rebounded, growth remains uneven, underscoring the need for a selective approach focused on global leaders. “European equities combine attractive valuations, diversification benefits, and growth potential driven by fiscal stimulus and policy changes,” said Salvador Gomez, Head of Xtrackers Sales Americas. “As U.S. markets hit 30-year highs in mega-cap concentration, Europe’s global leaders provide a strategic tool to mitigate risk.” “Market leaders in Europe experience strong outperformance and benefit from sizable market share, competitive advantages, and historically consistent profitability,” said Henry Wu, Head of Xtrackers Products U.S. “For investors with portfolios tilted towards U.S. stocks, the Fund offers a potential beneficial international allocation to Europe’s market leaders.” “We are pleased to once again partner with DWS in building an ETF comprised of sector-leading European companies that draws on STOXX’s demonstrated ability to design and implement such tailored and curated investment vehicles,” said Axel Lomholt, General Manager of STOXX. “This latest launch further showcases STOXX’s proven capabilities in index customization as leading institutions, like DWS, seek to expand their suite of ETF and other related offerings.” Effective December 23, 2025, the Fund is available for trading on CBOE. It is competitively priced with a net/gross expense ratio of 0.35%. Announcement • Jan 30
DWS Group GmbH & Co. KGaA announces Annual dividend, payable on June 08, 2026 DWS Group GmbH & Co. KGaA announced Annual dividend of EUR 3.0000 per share payable on June 08, 2026, ex-date on June 04, 2026 and record date on June 05, 2026. Announcement • Dec 11
Antins Flagship Fund V, managed by Antin Infrastructure Partners SAS (ENXTPA:ANTIN) and the management team of NorthC Group B.V. agreed to acquire NorthC Group B.V. from DWS Group GmbH & Co. KGaA (XTRA:DWS) and other minority shareholders. Antins Flagship Fund V, managed by Antin Infrastructure Partners SAS (ENXTPA:ANTIN) and the management team of NorthC Group B.V. agreed to acquire NorthC Group B.V. from DWS Group GmbH & Co. KGaA (XTRA:DWS) and other minority shareholders on December 11, 2025. Antin will invest alongside CEO Alexandra Schless and the management team of NorthC Group B.V.
The transaction remains subject to regulatory approvals and is expected to close in H1 2026.
Evercore Inc. and Torch Partners Corporate Finance Inc. acted as financial advisors for NorthC Group B.V. Latham & Watkins B.V. acted as legal advisor for NorthC Group B.V. Guggenheim Securities, LLC acted as financial advisor for Antin Infrastructure Partners SAS. Simpson Thacher & Bartlett LLP and Clifford Chance France acted as legal advisors for Antin Infrastructure Partners SAS. Announcement • Jul 24
DWS Announces the Launch of the Xtrackers S&P 500 Diversified Sector Weight ETF DWS announced the launch of the Xtrackers S&P 500 Diversified Sector Weight ETF (the "Fund"), expanding its suite of innovative, rules-based ETFs designed to address modern portfolio construction requirements. The ETF is available for trading on NASDAQ starting July 24, 2025. The Fund seeks investment results that correspond generally to the performance of the S&P 500 D diversified Sector Weight Index, which is designed to track the performance of the S& P 500 Index reweighted to mitigate concentration risk and address sector imbalances. This reweighting approach is intended to provide a return more representative of all the business opportunities inherent to the S&P 500, rather than a return tied principally to the business opportunities represented by the S&P 500's larger constituent companies. The Index's reweighting approach utilizes the Functional Information System (FIS ®?) framework developed by Syntax LLC ("Sy Syntax LLC"), a financial data and technology company that works directly with S&P Dow Jones Indices. The Fund is competitively priced with net/gross expense ratios of 0.09%. Xtrackers by DWS is a large and established provider of high-quality exchange traded funds (ETFs) and exchange traded commodities (ETCs). Providing efficient "passive" exposure to diversified indices or to single commodities, Xtrackers ETFs and ETCs provide a comprehensive set of dependable investment tools for effective portfolio allocation. The addition of the S&P500 Diversified Sector Weight ETF expands the Xtrackers U.S. productsuite to 41 funds, and as of June 30, 2025, approximately USD 27 billion in assets under management. Xtrackers globally now consists of over 170 UCITS ETFs as of July 16, 2025, with approximately EUR 250 billion in assets under management. Announcement • May 15
DWS Group GmbH & Co. KGaA (XTRA:DWS) agreed to acquire Portfolio of 155 Residential Units in Berlin, Düsseldorf, and Munich from Pandion AG. DWS Group GmbH & Co. KGaA (XTRA:DWS) agreed to acquire Portfolio of 155 Residential Units in Berlin, Düsseldorf, and Munich from Pandion AG on May 14, 2025. Under the terms, The DWS Group, a leading asset manager in Europe with global reach, has acquired a high-quality residential portfolio with a total of 155 apartments in a forward purchase transaction from PANDION AG. The units are part of larger district developments in Berlin, D?sseldorf, and Munich.
DWS acquired 65 residential units and 28 underground parking spaces in the fourth and final construction phase.In D?sseldorf-Heerdt, the sale concerns 22 residential units and 17 underground parking spaces within the PANDION Albertussee district, in which around 750 apartments will be gradually built by 2028. Completion of the sold units is scheduled for summer. Planned for 2025.In Munich, too, a partial sale is taking place: The PANDION Verde 2 project in Munich-Neuperlach will feature a total of 133 condominiums.
All units are currently in the final construction phase and will be completed in the course of 2025. Announcement • May 01
DWS Group GmbH & Co. KGaA, Annual General Meeting, Jun 13, 2025 DWS Group GmbH & Co. KGaA, Annual General Meeting, Jun 13, 2025, at 10:00 W. Europe Standard Time. Announcement • Apr 29
Urban Interest acquired Dutch Residential Portfolio from DWS pan-European open-ended fund Europe II, managed by DWS Group GmbH & Co. KGaA (XTRA:DWS) for €95 million. Urban Interest acquired Dutch Residential Portfolio from DWS pan-European open-ended fund Europe II, managed by DWS Group GmbH & Co. KGaA (XTRA:DWS) for €95 million on April 28, 2025. The portfolio comprises 497 apartments spread across four centres in Rijswijk, Voorburg, and two locations in Zoetermeer.
Urban Interest completed the acquisition of Dutch Residential Portfolio from DWS pan-European open-ended fund Europe II, managed by DWS Group GmbH & Co. KGaA (XTRA:DWS) on April 28, 2025. Reported Earnings • Oct 24
Third quarter 2024 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2024 results: EPS: €0.83. Revenue: €684.0m (up 2.7% from 3Q 2023). Net income: €166.0m (up 13% from 3Q 2023). Profit margin: 24% (up from 22% in 3Q 2023). Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to decline by 3.3% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Oct 01
DWS Announces management Changes DWS announced the appointment of Hepsen Uzcan as Americas CEO, effective December 1, 2024. She will succeed and report to Dirk Goergen, who will continue to hold the responsibility for the region at the DWS Executive Board level in addition to his continued role as the DWS Global Head of Client Coverage Division. As CEO of the Americas, Ms. Uzcan will take operational responsibility for DWS’s U.S. region, further strengthening the positioning of the firm. Ms. Uzcan will also oversee the Americas Leadership Council. Ms. Uzcan joined DWS in 2003 and has developed an in-depth knowledge of DWS’s business in the Americas. In her current role as Head of Americas CEO Office, she is instrumental in the regional governance, including relationships to regulators. She is also responsible for the DWS’s U.S. mutual fund business as President and CEO of the DWS Funds, and regional oversight of the Americas Product Division. Ms. Uzcan also serves on the boards of ICI Mutual, DWS USA Corporation, and certain DWS closed-end Funds, namely: The Central and Eastern Europe Fund Inc., The European EquityFund Inc., and The New Germany Fund Inc. DWS provides institutional and retail investors access to liquid and illiquid asset classes. Announcement • Aug 29
Dws Infrastruktur Europa managed by DWS Group GmbH & Co. KGaA (XTRA:DWS) acquired Heather Wind Ab from Octopus Renewables Infrastructure Trust plc (LSE:ORIT). Dws Infrastruktur Europa managed by DWS Group GmbH & Co. KGaA (XTRA:DWS) acquired Heather Wind Ab from Octopus Renewables Infrastructure Trust plc (LSE:ORIT) on August 28, 2024.
Dws Infrastruktur Europa managed by DWS Group GmbH & Co. KGaA (XTRA:DWS) completed the acquisition of Heather Wind Ab from Octopus Renewables Infrastructure Trust plc (LSE:ORIT) on August 28, 2024. Announcement • Aug 28
Dws Infrastruktur Europa, managed by DWS Group GmbH & Co. KGaA completed the acquisition of 48 MW wind farm in Sweden from Octopus Renewables Infrastructure Trust plc (LSE:ORIT) for €73.7 million. Dws Infrastruktur Europa, managed by DWS Group GmbH & Co. KGaA agreed to acquire 48 MW wind farm in Sweden from Octopus Renewables Infrastructure Trust plc (LSE:ORIT) for approximately €74 million on July 18, 2024.
The transaction is subject to foreign direct investment approval by the Swedish Inspectorate for Strategic Products, which is expected later this year. Newsec Energy Transition AB acted as financial advisor to ORIT. Jonas Frii of Setterwalls Advokatbyrå Ab acted as sell-side legal counsel to Octopus Renewables Infrastructure Trust plc.
Dws Infrastruktur Europa, managed by DWS Group GmbH & Co. KGaA completed the acquisition of 48 MW wind farm in Sweden from Octopus Renewables Infrastructure Trust plc (LSE:ORIT) for €73.7 million on August 28, 2024. The proceeds of the transaction will predominantly be used to partially repay the Octopus' short-term debt facility. Announcement • Aug 14
DWS Appoints Jay Dewaltoff as Head of U.S. Real Estate Debt Team DWS announced that Jay DeWaltoff has joined the firm as Head of U.S. Real Estate Debt to accelerate the growth of its existing U.S. real estate credit business and expand its global private credit platform. He will be based in the firm’s New York City office and report directly to Todd Henderson, Co-Global Head of Real Estate and Head of Real Estate for the Americas. Mr. DeWaltoff brings over two decades of origination and structuring experience to the role. Prior to joining DWS, he was the Head of the Commercial Mortgage Loan Group at J.P. Morgan Asset Management within its Alternatives platform, where he was directly responsible for capital raising, constructing tailored portfolios to meet investor objectives, and approving all new investments. During his 11-year tenure, Mr. DeWaltoff successfully led the team in building a dynamic commercial mortgage lending platform, growing commitments from less than $2 billion to over $13 billion. He has also held previous roles at Citigroup Global Markets and Cushman & Wakefield. In addition to the appointment of Mr. DeWaltoff, Daniel Sang, Catherine Millane, and Khrystyna Bazlyak, join DWS. All three join from J.P. Morgan Asset Management. The new joiners will bolster the strength of DWS’s existing team which has a longstanding track record of success in real estate credit. Announcement • Aug 07
OMERS Infrastructure and unknown funds managed by DWS Group GmbH & Co. KGaA (XTRA:DWS) agreed to acquire Grandi Stazioni Rail SpA from Antin Infrastructure Partners SAS (ENXTPA:ANTIN), Borletti Group S.C.A. and ICAMAP Sarl. OMERS Infrastructure and unknown funds managed by DWS Group GmbH & Co. KGaA (XTRA:DWS) agreed to acquire Grandi Stazioni Rail SpA from Antin Infrastructure Partners SAS (ENXTPA:ANTIN), Borletti Group S.C.A. and ICAMAP Sarl on August 6, 2024. The transaction is expected to be completed by the end of the year, subject to certain customary closing conditions and regulatory approvals.
UBS Securities France S.A. acted as financial advisor for Antin Infrastructure Partners SAS. Intesa Sanpaolo S.p.A. acted as financial advisor for Antin Infrastructure Partners SAS. Cassiopea Partners Srl acted as financial advisor for Antin Infrastructure Partners SAS. Bonelli Erede Pappalardo Studio Legale acted as legal advisor for Antin Infrastructure Partners SAS. Announcement • Aug 06
DWS Group Launches Artificial Intelligence and Big Data ETF XAIX DWS Group announced the launch of the Xtrackers Artificial Intelligence and Big Data ETF. This fund aims to provide investors with targeted exposure to companies actively positioning themselves to be the producers of Artificial Intelligence (AI) innovation and Big Data technologies of the future. The Nasdaq Global Artificial Intelligence and Big Data™? Index is designed to track the performance of companies that are most active in filing patents related to Deep Learning, Natural Language Processing, Image Recognition,ech Recognition & Chatbots, Cloud Computing, Cybersecurity, and Big Data. The new fund complements the Xtrackers Thematic fund universe that currently spans U.S. Critical Technology, U.S. Green Infrastructure, Semiconductors, Cybersecurity, and Natural Resources. The addition of XAIX expands the Xtrackers U.S. product suite to 40 funds, and as of June 30, 2024, approximately USD 21 billion in assets under management. Xtrackers globally now comprises over 200 UCITS ETFs as of June 30, 2022, with approximately EUR 291 billion in assets under management. Reported Earnings • Jul 25
Second quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2024 results: EPS: €0.81 (up from €0.72 in 2Q 2023). Revenue: €1.37b (up 5.7% from 2Q 2023). Net income: €162.0m (up 13% from 2Q 2023). Profit margin: 12% (in line with 2Q 2023). Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) missed analyst estimates by 3.0%. Revenue is expected to decline by 6.0% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Germany are expected to grow by 1.9%. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 6% per year. Announcement • Jul 20
A German unknown buyer agreed to acquire 48 MW wind farm in Sweden from Octopus Renewables Infrastructure Trust plc (LSE:ORIT) for approximately €74 million. A German unknown buyer agreed to acquire 48 MW wind farm in Sweden from Octopus Renewables Infrastructure Trust plc (LSE:ORIT) for approximately €74 million on July 18, 2024.
The transaction is subject to foreign direct investment approval by the Swedish Inspectorate for Strategic Products, which is expected later this year. Newsec Energy Transition AB acted as financial advisor to ORIT. Announcement • Jul 06
Xtrackers by DWS Group GmbH & Co. KGaA Announces Product Update to Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (HDAW) Xtrackers by DWS (DWS Group GmbH & Co. KGaA) announced plans to close Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (HDAW), a U.S.-listed exchange traded fund (ETF) (the “Fund”) effective July 22, 2024, and to liquidate the Fund effective August 1, 2024. The Fund currently trades on the NYSE Arca Exchange (the “Exchange”). After the close of business on July 22, 2024, the Fund will no longer accept creation orders and trading will cease. Proceeds of the liquidation are currently scheduled to be sent to shareholders on or about August 1, 2024. When the Fund commences liquidation of its portfolio securities, it may hold cash and securities that may not be consistent with its investment objective and strategy. During this period, the Fund is likely to incur a higher tracking error than is typical for the Fund. Furthermore, during the time between market open on July 23, 2024, and market close on August 1, 2024, because shares will not be traded on the Exchange, DWS cannot assure investors that there will be a market for their shares. Shareholders may sell their holdings of the Fund on the Exchange until the market close on July 22, 2024, and may incur typical transaction fees from their broker-dealer. If a shareholder still holds shares on August 1, 2024, the Fund will automatically redeem those shares for cash at the current net asset value as of the close of business on that date. Shareholders generally will recognize a capital gain or loss on the redemptions. The Fund may or may not pay one or more dividends or other distributions prior to or along with the redemption payments. Investors should consult with their personal tax advisor about the potential tax consequences. Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €35.80, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Capital Markets industry in Germany. Total returns to shareholders of 22% over the past three years. Upcoming Dividend • May 31
Upcoming dividend of €6.10 per share Eligible shareholders must have bought the stock before 07 June 2024. Payment date: 11 June 2024. Payout ratio and cash payout ratio are on the higher end at 76% and 90% respectively. Trailing yield: 5.0%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (2.8%). Announcement • May 10
Xtrackers byDWS Plans to Close Its Xtrackers S&P 600 SmallCap ESG ETF Xtrackers byDWS announced plans to close its Xtrackers S&P 600 SmallCap ESG ETF, a U.S.-listed exchange traded fund (ETF) (the “Fund”) effective May 24, 2024, and to liquidate the Fund effective June 5, 2024. The Fund currently trades on the NYSE Arca exchange (the “Exchange”). After the close of business on May 24, 2024, the Fund will no longer accept creation orders and the final day of trading will be May 24, 2024. Proceeds of the liquidation are currently scheduled to be sent to shareholders on or about June 5, 2024. When the Fund commences liquidation of its portfolio securities, it may hold cash and securities that may not be consistent with its investment objective and strategy. During this period, the Fund is likely to incur a higher tracking error than is typical for the Fund. Furthermore, during the time between market open on May 28, 2024, and June 5, 2024, because shares will not be traded on the Exchange, DWS cannot assure investors that there will be a market for their shares. Shareholders may sell their holdings of the Fund on the Exchange until the market close on May 24, 2024, and may incur typical transaction fees from their broker-dealer. If a shareholder still holds shares on June 5, 2024, the Fund will automatically redeem those shares for cash at the current net asset value as of the close of business on that date. Shareholders generally will recognize a capital gain or loss on the redemptions. The Fund may or may not pay one or more dividends or other distributions prior to or along with the redemption payments. Investors should consult with their personal tax advisor about the potential tax consequences. Reported Earnings • Apr 28
First quarter 2024 earnings: EPS misses analyst expectations First quarter 2024 results: EPS: €0.73. Revenue: €653.0m (up 4.6% from 1Q 2023). Net income: €146.0m (up 5.8% from 1Q 2023). Profit margin: 22% (in line with 1Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 6.6%. Revenue is expected to decline by 8.2% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Germany are expected to grow by 1.7%. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Reported Earnings • Mar 19
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: €2.76 (down from €2.97 in FY 2022). Revenue: €3.88b (down 3.0% from FY 2022). Net income: €552.0m (down 7.1% from FY 2022). Profit margin: 14% (in line with FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.0%. Revenue is expected to decline by 7.3% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Germany are expected to grow by 3.6%. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Reported Earnings • Feb 04
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: €2.83 (down from €2.97 in FY 2022). Revenue: €2.61b (down 35% from FY 2022). Net income: €567.0m (down 4.5% from FY 2022). Profit margin: 22% (up from 15% in FY 2022). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.0%. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Capital Markets industry in Germany. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Declared Dividend • Jan 28
Dividend increased to €6.10 Dividend of €6.10 is 198% higher than last year. Ex-date: 7th June 2024 Payment date: 11th June 2024 Dividend yield will be 16%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (77% earnings payout ratio) but not covered by cash flows (105% cash payout ratio). The dividend has increased by an average of 8.4% per year over the past 5 years and payments have been stable during that time. EPS is expected to grow by 44% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Dec 06
DWS Group GmbH & Co. KGaA Announces Management Changes DWS Group GmbH & Co. KGaA announced that starting on 1 January 2024, Rafael Otero will work for DWS as COO. He will be under the supervision of chief financial officer Markus Kobler, who will take over board responsibility for the chief operating officer in the interim. During her time at DWS, Angela has focused on optimising information technology governance and regulatory compliance and preparing for an enhanced IT and data architecture. Maragkopoulou joined DWS in January 2023. She has extensive experience creating future IT strategies in the areas of cloud technology, data management, and artificial intelligence. Maragkopoulou held a variety of national and international leadership positions at Vodafone for 19 years before joining Deutsche Telekom IT GmbH. The dates of both appointments are set for 15 February 2024. Reported Earnings • Jul 27
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €1.30b (down 2.3% from 2Q 2022). Net income: €144.0m (down 7.7% from 2Q 2022). Profit margin: 11% (in line with 2Q 2022). Revenue is forecast to decline by 7.8% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 1% per year. Upcoming Dividend • Jun 09
Upcoming dividend of €2.05 per share at 6.5% yield Eligible shareholders must have bought the stock before 16 June 2023. Payment date: 20 June 2023. Payout ratio is a comfortable 69% and the cash payout ratio is 83%. Trailing yield: 6.5%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (3.0%). Reported Earnings • Mar 21
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: €2.97 (down from €3.90 in FY 2021). Revenue: €4.00b (flat on FY 2021). Net income: €594.0m (down 24% from FY 2021). Profit margin: 15% (down from 20% in FY 2021). Funds under management (FUM) Beginning of period: €928.0b End of period: €821.0b Net inflows/outflows: €20.0b outflow Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) missed analyst estimates by 12%. Revenue is expected to decline by 10% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Germany are expected to grow by 1.8%. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 13% per year. Announcement • Jan 23
DWS Group GmbH & Co. KGaA (XTRA:DWS) acquired 1,763 Plan Vive homes in Madrid from Culmia for €250 million. DWS Group GmbH & Co. KGaA (XTRA:DWS) acquired 1,763 Plan Vive homes in Madrid from Culmia for €250 million on January 21, 2023.DWS Group GmbH & Co. KGaA (XTRA:DWS) completed the acquisition of 1,763 Plan Vive homes in Madrid from Culmia on January 21, 2023. Announcement • Jan 19
FLE SICAV FIS, A Fund managed by FLE GmbH acquired Kopernik Office Buildings in Warsaw from DWS. FLE SICAV FIS, A Fund managed by FLE GmbH acquired Kopernik Office Buildings in Warsaw from DWS from January 18, 2023. Knight Frank advising the FLE GmbH and Colliers representing the seller. Allen & Overy LLP acted as legal advisor to FLE GmbH. TPA Poland acted as Tax advisor to FLE GmbH. Avison Young acted as Technical consultant to FLE GmbH.
FLE SICAV FIS, A Fund managed by FLE GmbH completed the acquisition of Kopernik Office Buildings in Warsaw from DWS on January 18, 2023. Announcement • Jan 14
Capreon Limited acquired Three office buildings in Edinburgh from DWS Group GmbH & Co. KGaA (XTRA:DWS) for £36.8 million. Capreon Limited acquired Three office buildings in Edinburgh from DWS Group GmbH & Co. KGaA (XTRA:DWS) for £36.8 million on January 12, 2023.
Capreon Limited completed the acquisition Three office buildings in Edinburgh from DWS Group GmbH & Co. KGaA (XTRA:DWS) on January 12, 2023. Reported Earnings • Jul 29
Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2022 results: EPS: €0.78 (down from €0.85 in 2Q 2021). Revenue: €1.33b (up 9.4% from 2Q 2021). Net income: €156.0m (down 8.8% from 2Q 2021). Profit margin: 12% (down from 14% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) missed analyst estimates by 8.1%. Over the next year, revenue is expected to shrink by 36% compared to a 8.1% decline forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Price Target Changed • Jul 13
Price target decreased to €36.11 Down from €39.01, the current price target is an average from 12 analysts. New target price is 40% above last closing price of €25.80. Stock is down 34% over the past year. The company is forecast to post earnings per share of €3.54 for next year compared to €3.90 last year. Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €27.52, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 12x in the Capital Markets industry in Germany. Total returns to shareholders of 9.0% over the past three years. Upcoming Dividend • Jun 03
Upcoming dividend of €2.00 per share Eligible shareholders must have bought the stock before 10 June 2022. Payment date: 14 June 2022. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 6.4%. Within top quartile of German dividend payers (4.2%). Higher than average of industry peers (2.9%). Reported Earnings • May 03
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: €0.93. Revenue: €689.0m (up 8.7% from 1Q 2021). Net income: €186.0m (up 10% from 1Q 2021). Profit margin: 27% (in line with 1Q 2021). Revenue exceeded analyst estimates by 3.7%. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is expected to shrink by 34% compared to a 7.5% decline forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 13
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: €3.90 (up from €2.78 in FY 2020). Revenue: €3.98b (up 19% from FY 2020). Net income: €780.0m (up 40% from FY 2020). Profit margin: 20% (up from 17% in FY 2020). The increase in margin was driven by higher revenue. Funds under management (FUM) Beginning of period: €793.0b End of period: €928.0b Net inflows/outflows: €48.0b inflow Revenue exceeded analyst estimates by 5.3%. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is expected to shrink by 32% compared to a 5.4% decline forecast for the funds industry in Germany. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jan 30
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: €2.72b (down 19% from FY 2020). Net income: €782.0m (up 41% from FY 2020). Profit margin: 29% (up from 17% in FY 2020). The increase in margin was driven by lower expenses. Funds under management (FUM) Beginning of period: €793.0b End of period: €928.0b Net inflows/outflows: €47.7b inflow Revenue exceeded analyst estimates by 4.7%. Over the next year, revenue is forecast to stay flat compared to a 7.6% decline forecast for the funds industry in Germany. Reported Earnings • Oct 31
Third quarter 2021 earnings released: EPS €0.91 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: €664.0m (up 19% from 3Q 2020). Net income: €182.0m (up 21% from 3Q 2020). Profit margin: 27% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 29
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €1.21b (up 22% from 2Q 2020). Net income: €171.0m (up 41% from 2Q 2020). Profit margin: 14% (up from 12% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 15% per year. Upcoming Dividend • Jun 03
Upcoming dividend of €1.81 per share Eligible shareholders must have bought the stock before 10 June 2021. Payment date: 14 June 2021. Trailing yield: 4.6%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (2.3%). Reported Earnings • May 02
First quarter 2021 earnings released: EPS €0.84 The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €634.0m (up 21% from 1Q 2020). Net income: €169.0m (up 40% from 1Q 2020). Profit margin: 27% (up from 23% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 14
Full year 2020 earnings released: EPS €2.78 (vs €2.56 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: €3.35b (down 3.5% from FY 2019). Net income: €556.0m (up 8.8% from FY 2019). Profit margin: 17% (up from 15% in FY 2019). The increase in margin was driven by lower expenses. Funds under management (FUM) Beginning of period: €767.0b End of period: €793.0b Net inflows/outflows: €30.0b inflow Is New 90 Day High Low • Mar 10
New 90-day high: €36.92 The company is up 8.0% from its price of €34.05 on 10 December 2020. The German market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €71.40 per share. Reported Earnings • Feb 07
Full year 2020 earnings released The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: €2.24b (down 36% from FY 2019). Net income: €558.0m (up 9.2% from FY 2019). Profit margin: 25% (up from 15% in FY 2019). The increase in margin was driven by lower expenses. Analyst Estimate Surprise Post Earnings • Feb 07
Revenue beats expectations Revenue exceeded analyst estimates by 1.8%. Over the next year, revenue is forecast to grow 4.8%, compared to a 14% growth forecast for the Capital Markets industry in Germany. Is New 90 Day High Low • Feb 05
New 90-day high: €36.30 The company is up 8.0% from its price of €33.55 on 06 November 2020. The German market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €69.25 per share. Is New 90 Day High Low • Jan 06
New 90-day high: €36.00 The company is up 20% from its price of €29.98 on 08 October 2020. The German market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €65.87 per share. Is New 90 Day High Low • Dec 16
New 90-day high: €35.60 The company is up 15% from its price of €31.00 on 17 September 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €63.57 per share. Is New 90 Day High Low • Nov 10
New 90-day high: €34.31 The company is up 5.0% from its price of €32.57 on 11 August 2020. The German market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €54.50 per share. Valuation Update With 7 Day Price Move • Nov 06
Market bids up stock over the past week After last week's 16% share price gain to €33.82, the stock is trading at a trailing P/E ratio of 11.8x, up from the previous P/E ratio of 10.2x. This compares to an average P/E of 14x in the Capital Markets industry in Germany. Total returns to shareholders over the past year are 12%. Reported Earnings • Oct 30
Third quarter earnings released Over the last 12 months the company has reported total profits of €575.0m, up 40% from the prior year. Total revenue was €3.40b over the last 12 months, up 49% from the prior year. 
