Good Q3 figures ahead of the consensus

• Net revenues rose by 3% to €7.1bn for Q3 23 compared to Q3 22 • Provision for credit losses declined by 30% to €245m for Q3 23 compared to Q3 22. • Net profit attributable to shareholders declined by 8% to €1.03bn for Q3 23 compared to Q3 22 • Scope to free up additional €3bn of capital through 2025

Good Q2 23 figures hurt by one-off costs

• Net revenues rose by 11% to €7.4bn for Q2 23 compared to Q2 22 • Total expenses increased by 15% to €5.6bn for Q2 23 compared to Q2 22 including €655m of non-operating costs • Net profit attributable to shares decreased by 27% to €763m for Q2 23 compared to Q2 22 partly due to a higher tax ratio • RoTE was 5.4% for Q2 23 • New share buy-back programme of up to €450m announced

Good Q1 figures, profit comfortably ahead of consensus

• Net revenues rose by 5% to €7.7bn for Q1 23 • Provision for credit losses rose by 27% to €372m for Q1 23 compared to Q1 22 • Profit attributable to shareholders increased by 9% to €1.16bn for Q1 23 compared to Q1 22 by a higher tax ratio • RoTE was 8.3% for Q1 23 • Management targets share buy-backs in H2 23

RoTE target for FY2022 exceeded, pushed by a tax credit in Q4

• Pre-tax profit rose from €82m for Q4 21 to €775m for Q4 22 • Tax credit of €1.4bn resulting from the strong performance of Deutsche Bank’s US operations in Q4 21 • Profit attributable to shareholders increased from €1.94bn for FY2021 to €5.1bn for FY2022 • RoTE was 9.4% for FY2022, which is above the target of 8.0% • Dividend per share proposal of €0.30 for FY2022 compared to €0.20 for FY2021

Good Q3 figures ahead of consensus

• Net revenues rose by 15% to €6.9bn for Q3 22 driven only by higher interest income • Provisions for credit losses were €350m (28bp) for Q3 22 compared to €117m for Q3 21 • Total expenses decreased by 8% to €5.0bn for Q3 22 • Net profit attributable to shareholders increased from €194m for Q3 21 to €1.1bn for Q3 22

Good Q2 figures, profit comfortably ahead of consensus

• Net revenues rose by 7% to €6.7bn for Q2 22 driven only by higher interest income • Provisions for credit losses were €233m for Q2 22 compared to releases/income of €75m for Q2 21 • Total expenses decreased by 3% to €4.9bn for Q2 22 • Profit attributable to shareholders increased by 51% to €1.05bn for Q2 22

Good Q1 figures in line with consensus

• Net revenues rose by 1% to €7.3bn for Q1 22 • Provision for credit losses rose from €69m for Q1 21 to €292m for Q1 22 • Pre-tax profit rose by 4% to €1.66bn for Q1 22 • Profit attributable to shareholders increased by 17% to €1.06bn for Q1 22 compared to Q1 21 by a lower tax ratio

Deutsche targets RoTE above 10% in 2025

• Post-tax RoTE target of greater than 10% in 2025 • Capital distributions to shareholders of around €8bn in respect of the FY2021-FY2025 targeted • Payout ratio of 50% of net income attributable to shareholders in 2025 and thereafter targeted

Strongly improved FY2021 net profit still at low level, weak Q4 21

• Pre-tax profit declined by 53% to €82m for Q4 21 compared to Q4 20 • Profit attributable to shareholders increased from €113m for FY2020 to €1.94bn for FY2021 • Share repurchase programme of €300m announced to be completed in H1 22 • Dividend per share proposal of €0.20 for FY2021 compared to €0.00 for FY2020

Small net profit above expectations, low risk provisions but additional transformation charges

• Net revenues rose by 2% to €6.0bn for Q3 21 compared to Q3 20. • Risk provisions declined by 57% to €117m for Q3 21. • Total expenses increased by 4% to €5.4bn for Q3 21 compared to Q3 20. • Profit attributable to shareholders increased by 7% to €194m for Q3 21 compared to Q3 20.

Good net profit in Q2 due to lower risk provisions and costs

• Net revenues declined by 1% to €6.2bn for Q2 21 compared to Q2 20. • Risk provisions declined from €761m for Q2 20 to €75m for Q2 21. • Total expenses decreased by 7% to €5.0bn for Q2 21. • Profit attributable to shareholders was €692m for Q2 21 compared to a loss of €77m for Q2 20.

Strong net profit in Q1 driven by the Investment Bank business

• Net revenues rose by 14% to €7.2bn for Q1 21, driven by the Investment Bank. • Risk provisions declined from €506m for Q1 20 to €69m for Q1 21. • Pre-tax profit of the Investment Bank rose to €1.5bn for Q1 21 compared to €1.6bn for the total group in Q1 21. • Profit attributable to shareholders was €908m for Q1 21 compared to a loss of €43m for Q1 20.

Slight profit for 2020 due to investment banking contribution push

• Revenues were up by 4% to €24bn for FY2020 • Slight profit for 2020 above consensus expectations • Management released no dividend proposal for FY2020 • However, a dividend payment for FY2021 seems possible

Small net profit above expectations despite windfall profits and low risk provisions

• Net revenues rose by 13% to €5.9bn for Q3 20 compared to Q3 19 due to higher Investment Bank revenues. • Risk provisions decreased by 64% to €273m (25bp) for Q3 20 compared to Q2 20 (61bp). • Deutsche Bank reaffirmed its guidance for the FY2020 provision for credit losses of 35-45bp of loans. • Profit attributable to shareholders was €182m for Q3 20 compared to a loss of €942m for Q3 19.

Deutsche Börse - Seeking secular growth augmented with M&A

Deutsche Börse (DB1) is a leading European capital markets infrastructure provider with activities across pre-trading, trading and clearing, and post-trade segments. Its diversity provides resilience to fluctuations in market activity and encompasses a range of faster growing areas that can fuel the secular growth element of its strategy. M&A is also seen as a potential source of additional capability and growth.

LIBERUM: Plus500: Strategic progress pays dividends

Tatton Asset Management (TAM LN) - Record net inflows

Tatton, the leading on-platform discretionary fund manager (DFM) and IFA support services Group has released a trading update ahead of its results to 31 March 2024, due on 18 June 2024.

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no

Ondo InsurTech FY24 Trading Update

Ondo InsurTech has released a brief post-YE update revealing its good progress continued through 2H24 and consequently FY24 will be in line with market expectations.

BlackRock World Mining

BRWM’s managers: we see all the classic signs of high commodity prices...

NextEnergy Solar Fund - Attractive Refinancing

The refinancing of a £135m revolving credit facility and the extension of a similar £70m facility gives NESF firepower as development opportunities for new solar are especially attractive thanks to lower module prices in Europe. They give the fund key financial flexibility at a critical time as it pursues its capital recycling programme.

Morning Note – 18 April 2024

The Hardman & Co Monthly: April 2024

Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets. The measurement of liquid asset availability to a market or company is a way of gauging a market’s health. This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space. We analyse liquidity for ICs as a whol

Initial Equity Trading Comments - 19 February 2024

M Winkworth+ (WINK, House Stock at 163p) - Solid FY23A results, well placed to grow

Foxtons Group (FOXT LN) - 1Q24 IMS shows real momentum

Foxtons Group plc first quarter revenue rose 9% to £35.7m (1Q23: £32.9m) with growth delivered across all business segments. Trading is in line with management's expectations.

Foxtons Group - FY24 underpinned by market share gains

Foxtons Group’s Q1 revenue grew by 9%, supported by growth in all three divisions as the strategic initiatives continue to gain significant momentum, driven by investment in staff, best-in-class bespoke IT and data platforms. This implies that Foxtons’ medium-term targets are now coming into focus. Market share is being gained in all divisions, which puts Foxtons in a good position as the sales market stabilises. We maintain our valuation of 132p/share and believe that if interest rates stabilis

Resilient FY24, confident long-term outlook

Vp’s full year update highlights sector-leading results, once again benefiting from the diversity of its end markets and the quality of its specialist businesses. With results expected to be broadly in line with expectations, we trim our FY24 PBT forecast by c.5% to £39.0m, a shade below the FY23 outturn (£40.2m). We consider this an impressively resilient performance set against a mixed market backdrop. Under new leadership, a strategic refresh is underway and management is confident in long

Hybridan Small Cap Feast - 16/04/2024

16th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radical Limited for

AUM up 30% in FY24, record flows, forecasts raised

AUM jumped £3.8bn or +30% in FY24, reaching £16.6bn on 31 Mar 24, 12% above our previous forecast of £14.7bn. Including 50%-owned 8AM Global, Assets Under Influence hit £17.6bn. Investment performance provided a tailwind, adding £1.5bn to AUM. But our key takeaway from Tatton’s hugely impressive last few years, is that it has designed and implemented a superior offering in platform-MPS with net flows consistently far higher than peers. That leadership looks even more pronounced in H2-24 with net