Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on DEUTSCHE BANK AG-REGISTERED. We currently have 9 research reports from 1 professional analysts.
|02Dec16 01:19||RNS||Form 8.5 (EPT/RI) Lavendon Group Plc - AMENDMENT|
|02Dec16 01:15||RNS||Form 8.5 (EPT/RI) Lavendon Group Plc|
|02Dec16 12:01||RNS||Form 8.5 (EPT/NON-RI) London Stock Exchange Group|
|02Dec16 11:57||RNS||Form 8.5 (EPT/RI) London Stock Exchange Group Plc|
|02Dec16 11:54||RNS||Form 8.5 (EPT/RI) Deutsche Boerse AG|
|01Dec16 06:02||RNS||Form 8.3 - Deutsche Borse AG|
|01Dec16 11:44||RNS||Form 8.3 - Deutsche Borse AG|
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DEUTSCHE BANK AG-REGISTERED
DEUTSCHE BANK AG-REGISTERED
Massive cost savings with new regulations?
17 Nov 16
Will laws and new regulations force Deutsche Bank’s management to cut costs significantly? The bank has been deliberating for months regarding media speculation about whether it will sue former management (Vorstand) for compensation or use the claw-back rules regarding deferred bonus compensation. The bank might be forced to request back-paid bonus compensation to be returned from its (and former) employees in the case of group losses with regard to the new EU regulations concerning compensation. These regulations still have to be set by the German banking regulator BaFin (Institutsvergütungsverordnung) and are due to be enforced from January 2017 onwards.
Slight net profit for Q3 16 due to lower booked litigation costs
27 Oct 16
Net result attributable to shares increased from a loss of €6.0m for Q3 15 to a profit of €256m for Q3 16. Total revenues were up by 2% to €7.5bn in Q3 16 compared to Q3 15. Total expenses declined by 50% to €6.55bn in the same period and by 4% on an adjusted basis. Litigation charges were €501m for Q3 16 compared to €1.2bn for Q3 15. Restructuring costs were €45m for Q3 16 compared to €2m for Q3 15. Deutsche made a goodwill impairment of €5.8bn in Q3 15 compared a release of €49m in Q3 16. Pre-tax profit was €619m for Q3 16 compared to a pre-tax loss of €6.1bn for Q3 15. The tax ratio was 55% in Q3 16 as litigation charges and goodwill impairments are not tax deductable. The RoE was 1.7% for Q3 16 on an annualised basis. The pro forma fully-loaded Basel 3 Core Tier 1 ratio was 11.1% as at the end of September 2016 compared to 11.1% at the end of 2015. The leverage ratio (fully-loaded) was unchanged at 3.5% in the same period. Net money outflow was €17bn in Q3 16 compared to an outflow of €2bn in Q3 15.
Net loss attributable to shares of €258m for Q2 16
27 Jul 16
Net result attributable to shares decreased from a profit of €568m for Q2 15 to a loss of €258m for Q2 16. Total revenues were down by 20% to €7.4bn in Q2 16 compared to Q2 15. Total expenses declined by 14% to €6.7bn in the same period. Litigation charges were €120m for Q2 16 compared to €1.2bn for Q2 15. Restructuring costs rose from €45m for Q2 15 to €207m for Q2 16. Deutsche made a goodwill impairment of €285m in Q2 16. On the other hand, the bank benefited from the sale of its VISA stakes by €192m for Q2 16. Pre-tax profit declined by 67% to €408m for Q2 16 compared to Q2 15. The tax ratio was unusually high with 95% in Q2 16 compared to 33% for Q2 15 as litigation charges and goodwill impairments are not tax deductable. Interest expenses for AT1 notes (CoCos) were €276m in April 2016 and pushed the net result attributable to shares for Q2 and H1 16 to a loss. The pro forma fully-loaded Basel 3 Core Tier 1 ratio was 10.8% as at the end of June 2016 compared to 11.1% at the end of 2015. The leverage ratio (fully-loaded) decreased slightly from 3.5% to 3.4% in the same period. Net money outflow was €10bn in Q2 16 compared to an inflow of €12bn in Q2 15.
Disappointing Q1 earnings
28 Apr 16
Net income attributable to shareholders decreased by 61% to €213m for Q1 16 compared to Q1 15. Total revenues were down by 22% to €8.1bn in Q1 16 compared to Q1 15. Total expenses declined by 17% to €7.2bn in the same period. Litigation charges were €187m for Q1 16 compared to €1.54bn for Q1 15. Restructuring costs rose from €67m for Q1 15 to €285m for Q1 16. Pre-tax profit declined by 61% to €579m for Q1 16 compared to Q1 15. The tax ratio was again at a high level of 59% in Q1 16 compared to 62% for Q1 15. The RoE was 1.4% in Q1 16 compared to 3.1% in Q1 15. The pro forma fully-loaded Basel 3 Core Tier 1 ratio was 10.7% as at 31 March 2016 compared to 11.1% at the end of 2015. Deutsche said the pro forma impact of the sale of the Hua Xia Bank stake, anticipated in Q2 16, should add ~50bp to CET1. The leverage ratio (fully-loaded) decreased slightly from 3.5% to 3.4% in the same period. Net money outflow was €14bn in Q1 16 compared to an inflow of €15bn in Q1 15 at DAM.
Highest loss ever
21 Jan 16
Preliminary figures for FY2015. The bank expects to report full year 2015 revenues of €33.5bn, implying a full year 2015 loss before income taxes of approximately €6.1bn and a net loss of approximately €6.7bn. The full year results include previously-disclosed impairments of goodwill and intangibles taken in the third quarter of €5.8bn, full year litigation provisions of approximately €5.2bn and restructuring and severance charges of approximately €1.0bn. Deutsche Bank expects to report revenues of €6.bn, a loss before income taxes of approximately €2.7bn and a net loss of approximately €2.1bn for Q4 15. Deutsche Bank currently expects to report a fully-loaded CRR/CRD4 Common Equity Tier 1 (CET1) ratio of approximately 11% at the end of December 2015. The previously-announced agreement to sell the bank's 19.99% stake in Hua Xia Bank is expected to close in Q2 16. This sale, on a pro-forma basis, would have improved Deutsche Bank's Common Equity Tier 1 capital ratio (CRR/CRD 4 fully loaded) as of 31 December 2015 by approximately 50 to 60 basis points. Details of the preliminary fourth quarter and annual results will be disclosed on January 28, 2016. The final figures for FY2015 will be released with the annual report on March 11, 2016.
Further Strategy 2020 details
29 Oct 15
Deutsche Bank released for the press conference this morning additional details of its Strategy 2020. Making Deutsche Bank simpler and more efficient: - Close onshore operations in 10 countries: Argentina, Chile, Mexico, Peru, Uruguay, Denmark, Finland, Norway, Malta, and New Zealand; move trading activities in Brazil to global and regional hubs; further centralise booking locations in global and regional hubs as part of the new Global Markets and Corporate & Investment Banking (CIB) structure; - Reduce its work force by c.9,000 net full-time equivalent (FTE) positions plus c.6,000 external contractor positions in its Global Technology & Operations infrastructure function; - Reduce the number of clients in Global Markets and CIB by c.50%, especially in higher operating risk countries, given that c.30% of clients produce 80% of the revenues in these business divisions; - Modernise its outdated and fragmented IT architecture, including by reducing operating systems and replacing the bank’s end-of-life hardware and software applications; - Eliminate c.90 legal entities. In addition, the bank plans to dispose of assets with a total cost base of c.€4bn and 20,000 FTE over the next 24 months. Allowing for inflation, increased regulatory spending, software amortisation, and investments in business growth, the bank targets adjusted costs of below €22bn in 2018. Cost reduction targets: - Adjusted costs below €22bn in 2018; - Gross savings of €3.8bn by 2018 with restructuring and severance costs of €3.0–3.5bn, two-thirds of which to be spent by 2016; - Cost income ratio of c.70% in 2018 and 65% in 2020. Capital strength targets: - Leverage exposure reduction of c.€170bn and risk weighted asset reduction before regulatory inflation of c.€90bn by 2018 - Planned suspension of dividend on common equity for the fiscal year 2015 and 2016; - Common Equity Tier 1 capital ratio of at least 12.5% from end 2018; - Leverage ratio of at least 4.5% at end 2018 and at least 5% at end 2020; - Returns to shareholders: Post-tax return on tangible equity greater than 10% by 2018; - Materially wind down the Non-Core Operations Unit (NCOU) by the end of 2016. The bank anticipates that the winding down of the NCOU will be accretive to the CET1 ratio and have an incremental negative P&L impact of between €1.0bn and €2.0bn. More details could be released at the investor presentation at 5pm.
Positive returns from all asset classes in Q316
28 Nov 16
Tetragon Financial Group (TFG) reported fair value earnings of US$49.7m for the third quarter of 2016, with positive contributions made by all asset classes. NAV total return was 1.3% for the quarter and 7.8% for the nine months to 30 September 2016. Having completed a US$100m tender offer in June 2016, TFG commenced a US$50m tender offer on 9 November 2016, which should be meaningfully accretive to NAV per share given the current wide share price discount to NAV. Consistent with previous years, the third interim dividend was held in line with the second interim, confirming TFG’s 5.9% yield.
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
Small Cap Breakfast
28 Nov 16
Warpaint London—Schedule one update. Raising £2.5m at 97p. Expected mkt cap £62.6m vs revenues of £22.3m Walls & Futures REIT — Has raised £1m at £1 to acquire, refurbish or develop residential properties in the UK . Due to arrive on ISDX on 29 November Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
Long-term investment in Asian small caps
10 Nov 16
Scottish Oriental Smaller Companies Trust (SST) aims to generate long-term capital growth by investing in a portfolio of small-cap Asia ex-Japan equities. Vinay Agarwal is the interim lead fund manager while Wee-Li Hee is on maternity leave; he is assisted by Martin Lau, Scott McNab and the broader First State Stewart Asia team. Stocks are selected on a bottom-up basis, with a view to preserving capital on the downside as well as achieving capital growth. SST has significantly outperformed the peers and the MSCI AC Asia ex-Japan and MSCI AC Asia ex-Japan Small Cap indices over both five and 10 years.
Interims reveal value creation
28 Nov 16
In June Draper Esprit was listed on the LSE. Today its maiden interim results reveal substantial progress since IPO. In addition to strengthening the executive team with the appointment of Ben Wilkinson as CFO, Draper Esprit has created shareholder value through new investment and realisations.