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Commerzbank

LSE:0RLW
Snowflake Description

Excellent balance sheet and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
0RLW
LSE
€10B
Market Cap
  1. Home
  2. GB
  3. Banks
Company description

Commerzbank Aktiengesellschaft provides banking and capital market services to private and small business customers, corporate clients, multinationals, financial service providers, and institutional clients worldwide. The last earnings update was 25 days ago. More info.


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0RLW Share Price and Events
7 Day Returns
6.5%
LSE:0RLW
1%
GB Banks
0.6%
GB Market
1 Year Returns
-24.4%
LSE:0RLW
-8.7%
GB Banks
1.1%
GB Market
0RLW Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Commerzbank (0RLW) 6.5% 17.7% 21.5% -24.4% -2.5% -35.6%
GB Banks 1% 5.4% 4.4% -8.7% 17% -11.2%
GB Market 0.6% 1.9% 6.9% 1.1% 15.6% 6.2%
1 Year Return vs Industry and Market
  • 0RLW underperformed the Banks industry which returned -8.7% over the past year.
  • 0RLW underperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned 1.1% over the past year.
Price Volatility
0RLW
Industry
5yr Volatility vs Market

Value

 Is Commerzbank undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Commerzbank to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Commerzbank.

LSE:0RLW Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 12 analysts.
= Stable Book Value * Return on Equity
= €23.93 * 3.8%
€0.92
Book Value of Equity per Share Weighted future Book Value estimates from 12 analysts. €23.93
Discount Rate (Cost of Equity) See below 13.1%
Perpetual Growth Rate 10-Year GB Government Bond Rate 1.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for LSE:0RLW
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GB Govt Bond Rate 1.2%
Equity Risk Premium S&P Global 6%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.59
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.593 (1 + (1- 30%) (872.71%))
3.154
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.23% + (2 * 5.96%)
13.15%

Discounted Cash Flow Calculation for LSE:0RLW using Excess Returns Model Model

The calculations below outline how an intrinsic value for Commerzbank is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

LSE:0RLW Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (3.8% – 13.15%) * €23.93)
€-2.23
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= €-2.23 / (13.15% - 1.23%)
€-18.68
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= €23.93 + €-18.68
€5.25
LSE:0RLW Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in LSE:0RLW represents 1.00197x of DB:CBK
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
1.00197x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 5.25 x 1.00197
€5.26
Value per share (EUR) From above. €5.26
Current discount Discount to share price of €8.13
= -1 x (€8.13 - €5.26) / €5.26
-54.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Commerzbank is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Commerzbank's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Commerzbank's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
LSE:0RLW PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €0.70
DB:CBK Share Price ** DB (2019-04-18) in EUR €8.11
United Kingdom of Great Britain and Northern Ireland Banks Industry PE Ratio Median Figure of 15 Publicly-Listed Banks Companies 10.35x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio Median Figure of 797 Publicly-Listed Companies 16.29x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Commerzbank.

LSE:0RLW PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= DB:CBK Share Price ÷ EPS (both in EUR)

= 8.11 ÷ 0.70

11.61x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Commerzbank is overvalued based on earnings compared to the GB Banks industry average.
  • Commerzbank is good value based on earnings compared to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does Commerzbank's expected growth come at a high price?
Raw Data
LSE:0RLW PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 11.61x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 15 Analysts
14.8%per year
United Kingdom of Great Britain and Northern Ireland Banks Industry PEG Ratio Median Figure of 14 Publicly-Listed Banks Companies 0.86x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio Median Figure of 564 Publicly-Listed Companies 1.48x

*Line of best fit is calculated by linear regression .

LSE:0RLW PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 11.61x ÷ 14.8%

0.78x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Commerzbank is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Commerzbank's assets?
Raw Data
LSE:0RLW PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €22.53
DB:CBK Share Price * DB (2019-04-18) in EUR €8.11
United Kingdom of Great Britain and Northern Ireland Banks Industry PB Ratio Median Figure of 16 Publicly-Listed Banks Companies 0.88x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio Median Figure of 1,367 Publicly-Listed Companies 1.51x
LSE:0RLW PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= DB:CBK Share Price ÷ Book Value per Share (both in EUR)

= 8.11 ÷ 22.53

0.36x

* Primary Listing of Commerzbank.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Commerzbank is good value based on assets compared to the GB Banks industry average.
X
Value checks
We assess Commerzbank's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check)
  5. Commerzbank has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Commerzbank expected to perform in the next 1 to 3 years based on estimates from 15 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
14.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Commerzbank expected to grow at an attractive rate?
  • Commerzbank's earnings growth is expected to exceed the low risk savings rate of 1.2%.
Growth vs Market Checks
  • Commerzbank's earnings growth is expected to exceed the United Kingdom of Great Britain and Northern Ireland market average.
  • Commerzbank's revenue growth is positive but not above the United Kingdom of Great Britain and Northern Ireland market average.
Annual Growth Rates Comparison
Raw Data
LSE:0RLW Future Growth Rates Data Sources
Data Point Source Value (per year)
LSE:0RLW Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 15 Analysts 14.8%
LSE:0RLW Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 15 Analysts 3.5%
United Kingdom of Great Britain and Northern Ireland Banks Industry Earnings Growth Rate Market Cap Weighted Average 12.7%
United Kingdom of Great Britain and Northern Ireland Banks Industry Revenue Growth Rate Market Cap Weighted Average 4.6%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate Market Cap Weighted Average 11%
United Kingdom of Great Britain and Northern Ireland Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
LSE:0RLW Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 15 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
LSE:0RLW Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 9,129 1,310 8
2020-12-31 8,937 1,270 12
2019-12-31 8,655 978 12
LSE:0RLW Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 8,254 -1,698 875
2018-09-30 8,519 1,995 854
2018-06-30 8,796 1,296 1,103
2018-03-31 8,504 6,627 191
2018-01-01 8,109 20,397 32
2017-09-30 8,630 38,217 236
2017-06-30 8,456 44,538 -519
2017-03-31 8,678 32,668 336
2016-12-31 8,664 7,251 279
2016-09-30 8,725 -9,734 289
2016-06-30 8,734 -29,459 812
2016-03-31 8,790 -11,722 915

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Commerzbank's earnings are expected to grow by 14.8% yearly, however this is not considered high growth (20% yearly).
  • Commerzbank's revenue is expected to grow by 3.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
LSE:0RLW Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 15 Analyst Estimates (S&P Global) See Below

All data from Commerzbank Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:0RLW Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 1.05 1.22 0.86 8.00
2020-12-31 1.02 1.31 0.72 14.00
2019-12-31 0.78 0.89 0.66 11.00
LSE:0RLW Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 0.70
2018-09-30 0.68
2018-06-30 0.88
2018-03-31 0.15
2018-01-01 0.03
2017-09-30 0.19
2017-06-30 -0.41
2017-03-31 0.27
2016-12-31 0.22
2016-09-30 0.23
2016-06-30 0.66
2016-03-31 0.74

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Commerzbank is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Commerzbank's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Commerzbank has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Commerzbank performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Commerzbank's growth in the last year to its industry (Banks).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Commerzbank's year on year earnings growth rate has been positive over the past 5 years.
  • Commerzbank's 1-year earnings growth exceeds its 5-year average (2459% vs 4.8%)
  • Commerzbank's earnings growth has exceeded the GB Banks industry average in the past year (2459% vs 42.2%).
Earnings and Revenue History
Commerzbank's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Commerzbank Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:0RLW Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 8,254.00 875.00 5,896.00
2018-09-30 8,519.00 854.00 6,159.00
2018-06-30 8,796.00 1,103.00 6,159.00
2018-03-31 8,504.00 191.00 6,144.00
2018-01-01 8,109.00 32.00 5,900.00
2017-09-30 8,630.00 236.00 5,436.00
2017-06-30 8,456.00 -519.00 5,436.00
2017-03-31 8,678.00 336.00 5,714.00
2016-12-31 8,664.00 279.00 6,317.00
2016-09-30 8,725.00 289.00 6,421.00
2016-06-30 8,734.00 812.00 6,421.00
2016-03-31 8,790.00 915.00 6,379.00
2015-12-31 9,235.00 1,084.00 6,471.00
2015-09-30 8,633.00 632.00 6,667.00
2015-06-30 8,527.00 622.00 6,667.00
2015-03-31 8,279.00 404.00 8,421.00
2014-12-31 7,735.00 266.00 6,403.00
2014-09-30 7,835.00 589.00 6,240.00
2014-06-30 7,559.00 439.00 6,240.00
2014-03-31 7,442.00 379.00 6,798.00
2013-12-31 7,528.00 81.00 6,216.00
2013-09-30 7,443.00 -722.00 6,951.00
2013-06-30 7,594.00 -730.00 6,951.00
2013-03-31 7,972.00 -500.00 4,029.00
2012-12-31 8,199.00 -47.00 5,183.00
2012-09-30 8,542.00 1,008.00 4,389.00
2012-06-30 7,783.00 254.00 5,603.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Commerzbank has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Commerzbank used its assets less efficiently than the GB Banks industry average last year based on Return on Assets.
  • Unable to establish if Commerzbank improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Commerzbank's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Commerzbank has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

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

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of Commerzbank's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Commerzbank Company Filings, last reported 3 months ago.

LSE:0RLW Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 29,411.00 88,649.00 87,160.00
2018-09-30 29,556.00 93,063.00 171,749.00
2018-06-30 29,138.00 93,580.00 168,237.00
2018-03-31 29,046.00 91,180.00 161,948.00
2018-01-01 28,821.00 50,775.00 101,392.00
2017-09-30 29,727.00 192,719.00 186,295.00
2017-06-30 29,375.00 187,203.00 180,836.00
2017-03-31 29,810.00 191,578.00 182,230.00
2016-12-31 29,574.00 116,793.00 94,423.00
2016-09-30 29,398.00 221,202.00 193,203.00
2016-06-30 29,682.00 235,397.00 199,736.00
2016-03-31 30,241.00 237,561.00 204,624.00
2015-12-31 30,125.00 228,597.00 196,185.00
2015-09-30 30,102.00 267,844.00 221,112.00
2015-06-30 29,810.00 264,893.00 218,638.00
2015-03-31 28,129.00 307,969.00 251,164.00
2014-12-31 27,033.00 280,735.00 198,431.00
2014-09-30 27,608.00 313,867.00 246,986.00
2014-06-30 27,316.00 302,901.00 234,931.00
2014-03-31 27,051.00 296,413.00 227,685.00
2013-12-31 26,933.00 277,402.00 193,207.00
2013-09-30 26,747.00 314,830.00 237,828.00
2013-06-30 26,477.00 353,495.00 260,857.00
2013-03-31 26,449.00 363,891.00 243,554.00
2012-12-31 26,250.00 353,838.00 245,398.00
2012-09-30 27,613.00 387,519.00 251,658.00
2012-06-30 27,117.00 382,314.00 235,348.00
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • Commerzbank has an acceptable proportion of non-loan assets held.
  • Commerzbank's liabilities are made up of primarily low risk sources of funding.
  • Loans at Commerzbank are broadly funded by customer deposits.
  • Commerzbank's level of assets compared to its equity is moderate (i.e. an appropriate level of borrowing to fund lending).
  • Unable to establish if Commerzbank has a sufficient allowance for bad loans without relevant financial data.
  • Commerzbank has an acceptable level of bad loans (less than 2%).
X
Financial health checks
We assess Commerzbank's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Commerzbank has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.47%
Current annual income from Commerzbank dividends. Estimated to be 3.53% next year.
If you bought €2,000 of Commerzbank shares you are expected to receive €49 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Commerzbank's pays a higher dividend yield than the bottom 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (2.01%).
  • Commerzbank's dividend is below the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (5.19%).
Upcoming dividend payment

Purchase Commerzbank before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
LSE:0RLW Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 15 Analyst Estimates (S&P Global) See Below
United Kingdom of Great Britain and Northern Ireland Banks Industry Average Dividend Yield Market Cap Weighted Average of 14 Stocks 4.9%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield Market Cap Weighted Average of 706 Stocks 4.2%
United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield 10th Percentile 1%
United Kingdom of Great Britain and Northern Ireland Bottom 25% Dividend Yield 25th Percentile 2%
United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield 75th Percentile 5.2%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

LSE:0RLW Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.34 11.00
2020-12-31 0.31 18.00
2019-12-31 0.22 15.00
LSE:0RLW Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-03-27 0.200 2.698
2019-02-14 0.200 2.881
2018-11-08 0.000 0.000
2018-08-07 0.000 0.000
2018-05-17 0.000 0.000
2018-05-15 0.000 0.000
2018-03-26 0.000 0.000
2016-02-23 0.200 2.675
2016-02-12 0.200 2.681
2009-11-05 0.000 0.000
2009-07-30 0.000 0.000
2009-04-30 0.000 0.000
2009-04-22 0.000 0.000

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Commerzbank has been paying a dividend for less than 10 years.
  • Commerzbank has only been paying a dividend for 3 years, and since then there has been no growth.
Current Payout to shareholders
What portion of Commerzbank's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.5x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3.1x coverage).
X
Income/ dividend checks
We assess Commerzbank's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Commerzbank afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Commerzbank has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

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

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Martin Zielke
COMPENSATION €3,107,000
AGE 55
TENURE AS CEO 2.9 years
CEO Bio

Mr. Martin Zielke has been the Chief Executive Officer of Commerzbank AG since May 1, 2016 and has been its Chairman of Board of Managing Directors since May 1, 2016. Mr. Zielke has been the Head of Group Finance of Commerzbank AG, Frankfurt/Main since May 9, 2008 and has been its Group Manager of Corporate Banking and Member of the Board of Managing Directors since November 5, 2010. He serves as a Member of Board of Managing Directors at Commerzbank AG, Paris Branch. Mr. Zielke served as a Member of the Management Board at Hypothekenbank Frankfurt Aktiengesellschaft (alternate name, Eurohypo Aktiengesellschaft ) since April 1, 2006 until June 30, 2008. From 1990 to 2000, he cooperated with Dresdner Bank AG, Regional Head of Retail Banking for Portfolio Investments in Deutsche Bank 24, Regional Head of Retail Banking Finance at Deutsche Hyp. From 1983 to 1985, he served as Bank clerk of Deutsche Bank AG, Kassel branch. He served with Dresdner Bank AG, Frankfurt am Main from 1990 to 2000. Mr. Zielke was with Deutsche Bank 24, Frankfurt am Main as Regional head of portfolio investment from May 2000 to 2001. He served for Deutsche Hyp, Frankfurt am Main Regional as Head of Financing Retail Banking from June 2001 to December 2001. He served with Commerzbank AG, Frankfurt as Main Group Manager of Retail Banking from January 1, 2002 to December 31, 2004. He served as Group Manager of Corporate Banking from January 1, 2005 to March 31, 2006. He served as Eschborn Member of the Board of Managing Directors and Chief Financial Officer of Eurohypo AG from April 1, 2006 to December 31, 2007. He was with Commerzbank AG, Frankfurt am Main Divisional as Board Member for Group Finance from January 1, 2008 to November 3, 2010. Mr. Zielke served as the Chairman of Supervisory Board at comdirect bank Aktiengesellschaft until May 12, 2016. He served as Deputy Chairman of the Supervisory Board at mBank S.A. until December 15, 2016 and served as a Member of the Supervisory Board since December 12, 2013 until December 15, 2016 where he previously served as its Member of the Supervisory Board from March 14, 2008 to March 30, 2011. He served as a Member of the Board of Managing Directors of Dresdner Bank AG since November 5, 2010. He served as a Member of the Supervisory Board at BRE Bank SA from March 14, 2008 to March 30, 2011. He served as a Member of the Supervisory Board at Public Joint Stock Company BANK FORUM. Mr. Zielke is an Economist and graduate in Business Administration at Göttingen University from 1985 to 1990 and Master's degree from Diplom-Kaufmann in 1990.

CEO Compensation
  • Martin's compensation has been consistent with company performance over the past year.
  • Martin's remuneration is about average for companies of similar size in United Kingdom of Great Britain and Northern Ireland.
Management Team Tenure

Average tenure and age of the Commerzbank management team in years:

2.9
Average Tenure
52
Average Age
  • The tenure for the Commerzbank management team is about average.
Management Team

Martin Zielke

TITLE
Chairman of Board of Managing Directors
COMPENSATION
€3M
AGE
55
TENURE
2.9 yrs

Stephan Engels

TITLE
CFO & Member of the Board of Managing Directors
COMPENSATION
€2M
AGE
56
TENURE
7 yrs

Ralph Mandel

TITLE
Member of the Board of Managing Directors
COMPENSATION
€2M
AGE
52
TENURE
2.9 yrs

Michael Reuther

TITLE
Member of the Board of Managing Directors
COMPENSATION
€2M
AGE
59
TENURE
12.5 yrs

Marcus Chromik

TITLE
Chief Risk Officer & Member of the Board of Managing Directors
COMPENSATION
€1M
AGE
46
TENURE
3.3 yrs

Bettina Orlopp

TITLE
Head of HR
COMPENSATION
€2M
AGE
48
TENURE
1.4 yrs

Jörg Hessenmüller

TITLE
COO & Member of the Board of Managing Directors
AGE
48
TENURE
0.3 yrs

Christoph Wortig

TITLE
Head of Investor Relations

Toufic Yafoui

TITLE
Head of Fixed Income Sales - Middle East

Peter Born

TITLE
Chief Representative
Board of Directors Tenure

Average tenure and age of the Commerzbank board of directors in years:

4
Average Tenure
60.5
Average Age
  • The tenure for the Commerzbank board of directors is about average.
Board of Directors

Stefan Josef Peter Schmittmann

TITLE
Supervisory Board Chairman
COMPENSATION
€248K
AGE
62
TENURE
0.9 yrs

Klaus-Peter Müller

TITLE
Honorary Chairman of Supervisory Board
COMPENSATION
€380K
AGE
74
TENURE
0.9 yrs

Nicholas Teller

TITLE
Supervisory Board Member
COMPENSATION
€186K
AGE
59
TENURE
4.9 yrs

Gertrude Tumpel-Gugerell

TITLE
Supervisory Board Member
COMPENSATION
€161K
AGE
66
TENURE
6.8 yrs

Sabine Dietrich

TITLE
Supervisory Board Member
COMPENSATION
€141K
AGE
58
TENURE
4 yrs

Tobias Guldimann

TITLE
Supervisory Board Member
COMPENSATION
€176K
AGE
57
TENURE
1.9 yrs

Uwe Tschäge

TITLE
Supervisory Board Deputy Chairman - Elected by Employees
COMPENSATION
€243K
AGE
51
TENURE
15.9 yrs

Friedrich Lürßen

TITLE
Member of Central Advisory Board
COMPENSATION
€29K

Ernst Friedrich Schröder

TITLE
Member of Central Advisory Board

Wendelin Wiedeking

TITLE
Member of Central Advisory Board
AGE
66
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Commerzbank's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Commerzbank has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Commerzbank Aktiengesellschaft provides banking and capital market services to private and small business customers, corporate clients, multinationals, financial service providers, and institutional clients worldwide. It operates through two segments, Private and Small-Business Customers and Corporate Clients segments. The company offers accounts, commercial payments, cheques, clearing and custody services, and other services; trade services, including documentary collection, letters of credit, guarantee, trade facilitation, supply chain financing, buyer's credit, and forfaiting services; and bilateral loans, syndicated loans, bonds, private placements, other debt instruments, and Islamic financing services. It also provides money market, and commodities and precious metals products, as well as interest, currency, and liquidity management services; and wealth management services. The company operates approximately 1,000 branches. Commerzbank Aktiengesellschaft was founded in 1870 and is headquartered in Frankfurt am Main, Germany.

Details
Name: Commerzbank AG
0RLW
Exchange: LSE
Founded: 1870
€10,157,872,769
1,252,357,634
Website: http://www.commerzbank.com
Address: Commerzbank AG
Kaiserplatz,
Frankfurt am Main,
Hessen, 60261,
Germany
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
DB CBK Ordinary Shares Deutsche Boerse AG DE EUR 15. May 1979
OTCPK CRZB.F Ordinary Shares Pink Sheets LLC US USD 15. May 1979
XTRA CBK Ordinary Shares XETRA Trading Platform DE EUR 15. May 1979
LSE 0RLW Ordinary Shares London Stock Exchange GB EUR 15. May 1979
SWX CBK Ordinary Shares SIX Swiss Exchange CH CHF 15. May 1979
BIT CBK Ordinary Shares Borsa Italiana IT EUR 15. May 1979
WBAG CBK Ordinary Shares Wiener Boerse AG AT EUR 15. May 1979
BUSE COMMERZBANK Ordinary Shares Budapest Stock Exchange HU HUF 15. May 1979
BMV CBK N Ordinary Shares Bolsa Mexicana de Valores MX MXN 15. May 1979
BATS-CHIXE CBKD Ordinary Shares BATS 'Chi-X Europe' GB EUR 15. May 1979
OTCPK CRZB.Y SPON ADR EA REPR 1 ORD(POST REV SPLIT) Pink Sheets LLC US USD 31. Jan 1975
BST CB94FL 4.5% NTS 19/10/2020 EUR1000 Boerse-Stuttgart DE EUR 28. Nov 2017
BST CB00DV 19% RVCV 08/04/2009 EUR1000(DEMAG) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00DW 19.5% RVCV 08/04/2009 EUR1000(DEUTZ) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00DX 9% RVCV 08/04/2009 EUR1000(DOUGL) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00DY 12% RVCV 08/04/2009 EUR1000(DEUTS) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00DZ 18.5% RVCV 08/04/2009 EUR1000(FRAPO) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00P0 21.5% RVCV 08/04/2009 EUR1000(SALZG) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00P1 20% RVCV 08/04/2009 EUR1000(SGL C) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00P2 15.5% RVCV 08/04/2009 EUR1000(STADA) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00P3 13% RVCV 08/04/2009 EUR1000(SUEDZ) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00P4 16% RVCV 08/04/2009 EUR1000(SYMRI) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00DM 17.5% RVCV 08/04/2009 EUR1000(AAREA) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00DN 15.5% RVCV 08/04/2009 EUR1000(ALTAN) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00DP 9.5% RVCV 08/04/2009 EUR1000(AMB G) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00DQ 21% RVCV 08/04/2009 EUR1000(ARCAN) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00DR 28% RVCV 08/04/2009 EUR1000(ARQUE) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00DS 12.5% RVCV 08/04/2009 EUR1000(BEIER) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00DT 19% RVCV 08/04/2009 EUR1000(BILFI) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00DU 17.5% RVCV 08/04/2009 EUR1000(CELES) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00PT 17% RVCV 08/04/2009 EUR1000(MTU A) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00PU 21% RVCV 08/04/2009 EUR1000(PFLEI) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00PV 16.5% RVCV 08/04/2009 EUR1000(PRAKT) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00PW 22.5% RVCV 08/04/2009 EUR1000(PREMI) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00PX 24% RVCV 08/04/2009 EUR1000(PROSI) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00PY 18.5% RVCV 08/04/2009 EUR1000(RHEIN) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00PZ 13.5% RVCV 08/04/2009 EUR1000(RHOEN) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00P5 18% RVCV 08/04/2009 EUR1000(TOGNU) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00P6 16% RVCV 08/04/2009 EUR1000(VOSSL) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00P7 21.5% RVCV 08/04/2009 EUR1000(WACKE) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00P8 17% RVCV 08/04/2009 EUR1000(WINCO) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00PA 15% RVCV 08/04/2009 EUR1000(FRESE) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00PB 18% RVCV 08/04/2009 EUR1000(GAGFA) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00PC 20.5% RVCV 08/04/2009 EUR1000(GEA G) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00PD 25.5% RVCV 08/04/2009 EUR1000(GILDE) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00PE 16.5% RVCV 08/04/2009 EUR1000(HAMBU) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00PF 17% RVCV 08/04/2009 EUR1000(HANNO) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00PG 23.5% RVCV 08/04/2009 EUR1000(HEIDE) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00PH 11% RVCV 08/04/2009 EUR1000(HEIDE) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00PJ 20.5% RVCV 08/04/2009 EUR1000(HOCHT) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00PK 21% RVCV 08/04/2009 EUR1000(HUGO) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00PL 19% RVCV 08/04/2009 EUR1000(IVG) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00PM 21% RVCV 08/04/2009 EUR1000(K+S) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00PN 22.5% RVCV 08/04/2009 EUR1000(KLOEC) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00PP 14.5% RVCV 08/04/2009 EUR1000(KRONE) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00PQ 17% RVCV 08/04/2009 EUR1000(KUKA) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00PR 17% RVCV 08/04/2009 EUR1000(LANXE) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00PS 16.5% RVCV 08/04/2009 EUR1000(LEONI) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB00Z9 14% RVCV 15/01/2009 EUR1000 (ADID/TUI) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB59J5 11% RVCV 15/01/2009 EUR1000 (BASKET) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB59J7 12.5% RVCV 15/01/2009 EUR1000 (BASKET) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB59J8 13% RVCV 15/01/2009 EUR1000 (BASKET) Boerse-Stuttgart DE EUR 21. Apr 2019
BST CB59J9 11% RVCV 15/01/2009 EUR1000 (BASKET) Boerse-Stuttgart DE EUR 21. Apr 2019
LSE 0W0P GENUSSSCHEINE 2005-31/12/2020 EUR50000 London Stock Exchange GB EUR 24. Jan 2007
DB ZZMR SPON ADR EA REPR 1 ORD(POST REV SPLIT) Deutsche Boerse AG DE EUR 31. Jan 1975
BST ZZMS SPON ADR EA REPR 1 ORD(POST REV SPLIT) Boerse-Stuttgart DE EUR 31. Jan 1975
Number of employees
Current staff
Staff numbers
43,412
Commerzbank employees.
Industry
Diversified Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/21 21:31
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/04/19
Last earnings filing: 2019/03/27
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.