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March 23rd, 2022 | 13:01 CET

wallstreet:online, Deutsche Bank, Commerzbank - These are buy prices!

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The signals from the Fed that a faster turnaround in interest rates could be imminent are currently boosting the prices of financial institutions. After the recent price declines and considering the growth prospects, valuation levels are currently very attractive. The risks arising from the Ukraine war are manageable. The brave will grab before May 4, when the Fed meets next.

time to read: 3 minutes | Author: Carsten Mainitz

Table of contents:

    wallstreet:online - A clear buy according to analyst opinions

    In the past financial year, the largest publisher-independent operator of financial portals in the German-speaking region posted record revenues. Firstly, the advertising revenues of the core business Media increased, and secondly, the acquisition and the associated full consolidation of the operating Company of Smartbroker had a positive impact.

    The growth prospects of the neobroker's transaction business should be reflected in the share price again in the foreseeable future. After the significant price correction, the experts at Warburg and Metzler classify the title as a doubler. The Berlin-based company has significantly outperformed the industry in terms of customer growth. The integration of the two business areas, the Company's unique selling point, is obviously paying off. Although a lot of money is currently still being invested in acquiring new customers, the success speaks for itself. With EUR 8.8 billion in assets under management, Smartbroker has advanced to become Germany's largest neobroker in only 2 years.

    There is no end in sight to this trend. The second half of the year will see a number of innovations that will reduce costs and increase revenues. The Smartbroker will be launched as a further development supported by a cloud platform, higher coverage of the value chain, trading app and new products such as trading cryptocurrencies and CFDs as Smartbroker 2.0. In addition, the Company is still holding out the prospect of an expanded BaFin license in the first half of 2022, which will enrich the business activities. Given the diverse prospects and the pace of growth, we believe the Company will soon raise its medium-term targets. This could be the hoped-for initial spark for the share. A detailed report can be found here.

    Deutsche Bank - Profitability to increase significantly

    With the start of the war in Ukraine, Deutsche Bank shares dipped to around EUR 8.70. TThe shares have now recovered to over EUR 11, which means that the Frankfurt-based bank has around EUR 24 billion on the stock exchange. The reason for the share price slide was the feared negative consequences of the Russian business.

    The Group's net credit exposure in Russia was around EUR 600 million at the end of the past fiscal year. The net credit exposure in relation to Ukraine was only EUR 42 million. For the first quarter, the bank increased the allowance for losses on loans and advances by EUR 100 million so that a maximum of EUR 300 million should be at stake. Operational risks that could arise from a possible closure of the bank's technology center in Russia are considered "very limited" by the Company.

    Recently, the financial institution provided an outlook for its 2025 financial targets, according to which the after-tax return on tangible equity should increase to more than 10%. In the current fiscal year, Deutsche Bank expects a return of 8% in this regard. "All our businesses have started the year well. The war in Ukraine is causing uncertainty in the markets. However, our exposure to Russia is limited, and we have the risks under control," Chief Financial Officer James von Moltke said. The analysts at UBS continue to rate the shares as "buy" with a price target of EUR 15.30.

    Commerzbank - Successful transformation

    Commerzbank is successfully pursuing the path of transformation. In the past financial year, despite high restructuring expenses and increased provisions for Swiss franc loans, a consolidated profit of EUR 430 million was achieved. For 2022, the financial institution is holding out the prospect of a consolidated profit of more than EUR 1 billion and a dividend payment. In the future, 30-50% of profits are to be distributed to shareholders.

    Currently, Commerzbank has reduced the risks of the Russian business. At the beginning of the month, the Frankfurt-based bank assessed the risks, which were mainly based on pre-financing and commodity exports, at EUR 1.9 billion. Now, Chief Financial Officer Bettina Orlopp announced that they were able to reduce this figure by about EUR 600 million.

    Interest rates, inflation and the effects of the war in Ukraine are influencing the markets and financial stocks in particular. The Russia risk of the major banks is manageable. In addition, company valuations are moderate. wallstreet:online is strongly undervalued according to analyst ratings. The relaunch of Smartbroker 2.0 will make the Company significantly more profitable.

    Conflict of interest

    Pursuant to §85 of the German Securities Trading Act (WpHG), we point out that Apaton Finance GmbH as well as partners, authors or employees of Apaton Finance GmbH (hereinafter referred to as "Relevant Persons") may hold shares or other financial instruments of the aforementioned companies in the future or may bet on rising or falling prices and thus a conflict of interest may arise in the future. The Relevant Persons reserve the right to buy or sell shares or other financial instruments of the Company at any time (hereinafter each a "Transaction"). Transactions may, under certain circumstances, influence the respective price of the shares or other financial instruments of the Company.

    In addition, Apaton Finance GmbH is active in the context of the preparation and publication of the reporting in paid contractual relationships.

    For this reason, there is a concrete conflict of interest.

    The above information on existing conflicts of interest applies to all types and forms of publication used by Apaton Finance GmbH for publications on companies.

    Risk notice

    Apaton Finance GmbH offers editors, agencies and companies the opportunity to publish commentaries, interviews, summaries, news and the like on These contents are exclusively for the information of the readers and do not represent any call to action or recommendations, neither explicitly nor implicitly they are to be understood as an assurance of possible price developments. The contents do not replace individual expert investment advice and do not constitute an offer to sell the discussed share(s) or other financial instruments, nor an invitation to buy or sell such.

    The content is expressly not a financial analysis, but a journalistic or advertising text. Readers or users who make investment decisions or carry out transactions on the basis of the information provided here do so entirely at their own risk. No contractual relationship is established between Apaton Finance GmbH and its readers or the users of its offers, as our information only refers to the company and not to the investment decision of the reader or user.

    The acquisition of financial instruments involves high risks, which can lead to the total loss of the invested capital. The information published by Apaton Finance GmbH and its authors is based on careful research. Nevertheless, no liability is assumed for financial losses or a content-related guarantee for the topicality, correctness, appropriateness and completeness of the content provided here. Please also note our Terms of use.

    Der Autor

    Carsten Mainitz

    The native Rhineland-Palatinate has been a passionate market participant for more than 25 years. After studying business administration in Mannheim, he worked as a journalist, in equity sales and many years in equity research.

    About the author

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