06. August 2021 | 12:12 CET
Allianz, wallstreet:online, Commerzbank - DAX on the way to an all-time high?
Can anything at all shake the DAX? Neither the expansive monetary policy of the European Central Bank and the resulting inflation can slow down the DAX, nor Corona or the flood disaster. The IFO business climate or purchasing manager index also shows a positive picture. Looking to America, where most companies have already announced their figures, most have not disappointed. Currently, there is a stock market lull due to the summer months. September is statistically often the weakest month of the year. So one should be on guard. If there is a subsequent lockdown, the tide may turn - at least in the short term.
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ISIN: ALLIANZ SE NA O.N. | DE0008404005 , WALLSTREET:ONLINE INH ON | DE000A2GS609 , COMMERZBANK AG | DE000CBK1001
Allianz - Bad news means high dividend yields
Allianz is not taking it easy at the moment. After the flood disaster in Germany, which will certainly cost the Company some money at first, the Company felt compelled to issue an ad hoc last weekend warning of the investigation against Allianz Global Investors US LLC. In addition to the SEC, the US Department of Justice is now investigating. According to management, these investigations could have a significant impact on the future financial results of the Group. A provision has therefore been set aside.
It has been known for a long time that this case exists, but the investigations were obviously not taken that seriously until now. The claims for damages of about USD 6 billion are directed against the liquidation of two funds of the subsidiary. Surprisingly, the Board of Management is unwilling or unable to quantify the risk. The duration of the proceedings cannot, of course, be estimated, but the worst-case scenario should be USD 6 billion even if all the lawsuits are lost.
Several analysts are currently sticking to their buy recommendations, such as JPMorgan and DZ Bank. Given Allianz's current market share, this is hardly surprising. Worldwide, the Company is in the TOP5 in property and casualty insurance, life and health insurance, and it is also among the TOP 5% among asset managers. Currently, the dividend yield at this share price level is over 7%. A first position can already be built here or otherwise wait for the business figures on August 6 and then decide.
wallstreet:online - Now owns 95% of Smartbroker
On July 15, wallstreet:online AG (w:o AG) announced that the owner control procedure was successfully completed and that a further 19.3% of wallstreet:online capital AG was acquired. The subsidiary is now 95% owned by w:o AG - an important step that will further boost the Group's figures. At the same time, it was also announced that the Company had already applied for a license as a securities institution in July.
Such a license would allow w:o AG to become more independent of DAB Bank, which belongs to BNP Paribas. The Group already has the advantage of considerable customer potential, as it has the largest independent financial portals in Germany, Austria and Switzerland. This synergy between the finance portals and Smarktbroker must be exploited from both a customer and a company perspective.
These figures show the catch-up potential of the stock. Considering the insider purchases by the institutions in June at a price of EUR 26, the current price at around EUR 23 is a good entry opportunity.
Commerzbank - Group restructuring costs money
On August 4, Commerzbank announced its half-year figures. Revenues grew from EUR 4.12 billion to EUR 4.35 billion year-on-year. The operating result increased from EUR -74 million to EUR +570 million. This was offset by high one-time charges; on the one hand, the repayments of account fees, and on the other hand, the costs of the Group restructuring, which the Company says amounted to EUR 976 million.
The good news is that staff reductions and digitization are continuing. More and more transactions can now be done with the bank's app. The move towards a digital advisory bank is accompanied by adjustments to the branch network, which will continue to be thinned out. At 13.4%, the important core capital ratio was well above the minimum requirement of 9.4%, providing enough buffer for now.
The share could not defend the 200-day line, and the next step should now be to test the low of EUR 4.70 reached at the end of April. As an investor, one should note the attractive price-to-book ratio (P/B) of 0.3. As an interested investor, however, you should wait for an end to the consolidation. Currently, this is not yet in sight.
What all three companies have in common is that they are at home in the financial sector. While Allianz has to contend with a lot of bad news, the share is interesting because of the Company's market position, also against the background of the high dividend yield. With wallstreet:online, investors are buying into a growth company that is significantly undervalued compared to its competitors at this point. Commerzbank has a favorable P/B ratio but is in the midst of restructuring and a transformation into a digital bank. Whether this transformation will succeed remains to be seen.