Deutsche Bank, Globex Mining, K+S: How to combine financial strength, the commodities boom, and food security

Deutsche Bank – The quiet transformation is gaining momentum

Deutsche Bank is entering a new phase. The first phase of stabilization is complete, as the latest quarterly figures impressively demonstrate. With pre-tax profits of EUR 7.7 billion in the first nine months of 2025, the bank is well on track. Even more important is the development of the return on equity, which rose to 10.9%, already exceeding the annual target. This solid operating performance provides management with a tailwind for its long-term strategy.

The strategy is based on three key elements. These include targeted growth, operational efficiency, and stricter capital allocation. The latest figures underscore this course. All four business areas recorded double-digit profit growth. The private customer banking division in particular shone in the third quarter with a record return. At the same time, the core capital ratio rose to 14.5%. This financial strength allows capital to be directed specifically to the most profitable areas and less profitable businesses to be reduced.

The focus on capital-efficient earnings is being intensified. In private customer business, this means a shift in emphasis. Asset management and investment products are being given priority over standard mortgages, which is being driven by ongoing concerns about retirement provision. Asset management recorded net inflows of EUR 40 billion. Based on current results, this focused approach makes the change that has been initiated increasingly credible and could improve the bank's valuation in the long term. The share is currently available for EUR 29.50.

Globex Mining – A commodity company that ticks differently

While most mining companies invest their own capital in expensive exploration drilling, Globex Mining takes a clever approach. The Company primarily acts as a strategic manager of mining projects. It acquires licenses in established regions at favorable prices, enhances their value through targeted work, and then brings partners on board. These partners take on the further, capital-intensive steps. For investors, this means the opportunity for leverage with minimal risk, driven by the activities of numerous partners. Globex now holds 265 resource projects in its portfolio, ranging from precious metals to base metals, critical minerals and minerals.

The strength of this model is continuously demonstrated by current developments. At the Mont Sorcier iron project, where Globex has secured a royalty, partner Cerrado Gold plans to significantly increase the planned production capacity by 60%. This could dramatically increase the value of the project. At the same time, Antimony Resources reported promising drill results at the Bald Hill project, doubling the potential antimony deposit. In addition, Emperor Metals announced an extensive drill program at the Duquesne West gold property to significantly expand the known resource.

Rounding out the investment is the excellent financial base. Globex has cash reserves of over CAD 35 million and a lean share structure with no significant liabilities. This strength allows the Company to weather challenging market phases and seize new opportunities in a targeted manner. Long-term value is growing through the development of a portfolio of royalties that will generate future income streams without the need for additional capital. It is a game of patience and systematic asset building. The stock is currently trading at CAD 1.70.

K+S – Solid operations in a turbulent market

In the third quarter, K+S proved remarkably robust in a challenging environment. Revenue rose moderately by 1.5% to EUR 879 million, although sales volumes stagnated. Operating profit (EBITDA), on the other hand, grew at an impressive rate, shooting up 68% to EUR 111 million. This development pushed the EBITDA margin to 12.6%. The result highlights the Company's resilience to volatile commodity prices and confirms its solid recovery.

This strength is fueled by a strategic realignment. K+S is increasingly focusing on high-quality specialty fertilizers that promise higher margins. This focus on value-added products specifically compensates for weaker sales volumes in the standard business. Financially, the Company remains capable of acting with a net debt of less than EUR 1 billion. This solid foundation enables investments in the optimization of its own locations and supports the long-term focus on greater efficiency and more sustainable production.

The EBITDA forecast for 2025 as a whole was confirmed and narrowed to a range of EUR 570-630 million. However, analysts are divided. While some firms, such as Kepler Cheuvreux, see significant potential with a price target of EUR 33, others are highly skeptical. Names such as Deutsche Bank and UBS rate the stock with "Sell" recommendations and price targets around the EUR 11 mark. This range reflects uncertainty about the future price development of standard fertilizers, while the Company's operational strength in specialty markets is recognized. The share price is currently trading at EUR 11.10.

These three companies offer specific approaches to volatile markets. Deutsche Bank is demonstrating its increased financial strength and operational stability with rising return on equity and strategic focus. Globex Mining scores with a clever royalty model that benefits from exploration by partners, thus offering leverage without significant risk. K+S is proving surprisingly robust in the difficult fertilizer environment and, with its specialization, is strategically benefiting from the global megatrend of food security.