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COMMERZBANK AG (CBK.DE) Stock Fundamental Analysis

FRA:CBK - Deutsche Boerse Ag - DE000CBK1001 - Common Stock - Currency: EUR

23.6  +0.17 (+0.73%)

Fundamental Rating

3

CBK gets a fundamental rating of 3 out of 10. The analysis compared the fundamentals against 99 industry peers in the Banks industry. While CBK seems to be doing ok healthwise, there are quite some concerns on its profitability. CBK has a valuation in line with the averages, but on the other hand it scores bad on growth.


Dividend Valuation Growth Profitability Health

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2

1. Profitability

1.1 Basic Checks

CBK had positive earnings in the past year.
In the past year CBK had a positive cash flow from operations.
CBK had positive earnings in 4 of the past 5 years.
The reported operating cash flow has been mixed in the past 5 years: CBK reported negative operating cash flow in multiple years.
CBK.DE Yearly Net Income VS EBIT VS OCF VS FCFCBK.DE Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 10B -10B 20B -20B 30B

1.2 Ratios

With a Return On Assets value of 0.39%, CBK is not doing good in the industry: 76.34% of the companies in the same industry are doing better.
CBK has a Return On Equity of 6.72%. This is in the lower half of the industry: CBK underperforms 62.37% of its industry peers.
Industry RankSector Rank
ROA 0.39%
ROE 6.72%
ROIC N/A
ROA(3y)0.24%
ROA(5y)0.05%
ROE(3y)3.83%
ROE(5y)0.57%
ROIC(3y)N/A
ROIC(5y)N/A
CBK.DE Yearly ROA, ROE, ROICCBK.DE Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 5 -5 -10

1.3 Margins

CBK has a Profit Margin of 17.17%. This is in the lower half of the industry: CBK underperforms 65.59% of its industry peers.
CBK's Profit Margin has improved in the last couple of years.
The Operating Margin and Gross Margin are not available for CBK so they could not be analyzed.
Industry RankSector Rank
OM N/A
PM (TTM) 17.17%
GM N/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5Y10.74%
GM growth 3YN/A
GM growth 5YN/A
CBK.DE Yearly Profit, Operating, Gross MarginsCBK.DE Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 10 -10 -20

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4

2. Health

2.1 Basic Checks

CBK does not have a ROIC to compare to the WACC, probably because it is not profitable.
Compared to 1 year ago, CBK has less shares outstanding
The number of shares outstanding for CBK has been reduced compared to 5 years ago.
Compared to 1 year ago, CBK has a worse debt to assets ratio.
CBK.DE Yearly Shares OutstandingCBK.DE Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 200M 400M 600M 800M 1B
CBK.DE Yearly Total Debt VS Total AssetsCBK.DE Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 100B 200B 300B 400B 500B

2.2 Solvency

CBK has a debt to FCF ratio of 2.42. This is a good value and a sign of high solvency as CBK would need 2.42 years to pay back of all of its debts.
CBK has a better Debt to FCF ratio (2.42) than 94.62% of its industry peers.
CBK has a Debt/Equity ratio of 1.62. This is a high value indicating a heavy dependency on external financing.
CBK has a better Debt to Equity ratio (1.62) than 60.22% of its industry peers.
Although CBK does not score too well on debt/equity it has very limited outstanding debt, which is well covered by the FCF. We will not put too much weight on the debt/equity number as it may be because of low equity, which could be a consequence of a share buyback program for instance. This needs to be investigated.
Industry RankSector Rank
Debt/Equity 1.62
Debt/FCF 2.42
Altman-Z N/A
ROIC/WACCN/A
WACC3.55%
CBK.DE Yearly LT Debt VS Equity VS FCFCBK.DE Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 20B -20B 40B

2.3 Liquidity

Industry RankSector Rank
Current Ratio N/A
Quick Ratio N/A
CBK.DE Yearly Current Assets VS Current LiabilitesCBK.DE Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 200M 400M 600M 800M 1B

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3

3. Growth

3.1 Past

CBK shows a slight negative growth in Earnings Per Share. In the last year, the EPS has decreased by -5.95%.
CBK shows a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 21.39% yearly.
CBK shows a small growth in Revenue. In the last year, the Revenue has grown by 1.02%.
Measured over the past years, CBK shows a small growth in Revenue. The Revenue has been growing by 7.10% on average per year.
EPS 1Y (TTM)-5.95%
EPS 3YN/A
EPS 5Y21.39%
EPS Q2Q%-2.7%
Revenue 1Y (TTM)1.02%
Revenue growth 3Y11.04%
Revenue growth 5Y7.1%
Sales Q2Q%-43.53%

3.2 Future

Based on estimates for the next years, CBK will show a small growth in Earnings Per Share. The EPS will grow by 1.38% on average per year.
The Revenue is expected to grow by 3.27% on average over the next years.
EPS Next Y14.18%
EPS Next 2Y13.07%
EPS Next 3Y16.9%
EPS Next 5Y1.38%
Revenue Next Year4.06%
Revenue Next 2Y5.05%
Revenue Next 3Y5.64%
Revenue Next 5Y3.27%

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
CBK.DE Yearly Revenue VS EstimatesCBK.DE Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2B 4B 6B 8B 10B
CBK.DE Yearly EPS VS EstimatesCBK.DE Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 0 1 2 3

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5

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 13.33, which indicates a correct valuation of CBK.
CBK's Price/Earnings ratio is rather expensive when compared to the industry. CBK is more expensive than 86.02% of the companies in the same industry.
When comparing the Price/Earnings ratio of CBK to the average of the S&P500 Index (29.35), we can say CBK is valued rather cheaply.
With a Price/Forward Earnings ratio of 10.30, the valuation of CBK can be described as very reasonable.
Compared to the rest of the industry, the Price/Forward Earnings ratio of CBK is on the same level as its industry peers.
CBK is valuated cheaply when we compare the Price/Forward Earnings ratio to 22.10, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 13.33
Fwd PE 10.3
CBK.DE Price Earnings VS Forward Price EarningsCBK.DE Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

Based on the Price/Free Cash Flow ratio, CBK is valued cheaply inside the industry as 96.77% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 1.3
EV/EBITDA N/A
CBK.DE Per share dataCBK.DE EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15 20 25

4.3 Compensation for Growth

The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
A more expensive valuation may be justified as CBK's earnings are expected to grow with 16.90% in the coming years.
PEG (NY)0.94
PEG (5Y)0.62
EPS Next 2Y13.07%
EPS Next 3Y16.9%

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2

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 2.77%, CBK has a reasonable but not impressive dividend return.
Compared to an average industry Dividend Yield of 5.06, CBK's dividend is way lower than its industry peers. On top of this 81.72% of the companies listed in the same industry pay a better dividend than CBK!
Compared to an average S&P500 Dividend Yield of 2.33, CBK has a dividend comparable with the average S&P500 company.
Industry RankSector Rank
Dividend Yield 2.77%

5.2 History

Dividend Growth(5Y)N/A
Div Incr Years0
Div Non Decr Years1
CBK.DE Yearly Dividends per shareCBK.DE Yearly Dividends per shareYearly Dividends per share 2019 2020 2023 2024 2025 0.2 0.4 0.6

5.3 Sustainability

DPN/A
EPS Next 2Y13.07%
EPS Next 3Y16.9%
CBK.DE Yearly Income VS Free CF VS DividendCBK.DE Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 10B -10B 20B -20B 30B

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COMMERZBANK AG

FRA:CBK (3/7/2025, 7:00:00 PM)

23.6

+0.17 (+0.73%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryBanks
Earnings (Last)02-13 2025-02-13/amc
Earnings (Next)05-09 2025-05-09
Inst Owners44.67%
Inst Owner ChangeN/A
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap27.96B
Analysts78.26
Price Target21.34 (-9.58%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 2.77%
Yearly Dividend0.2
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years1
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-12.31%
Min EPS beat(2)-35.08%
Max EPS beat(2)10.46%
EPS beat(4)3
Avg EPS beat(4)4.41%
Min EPS beat(4)-35.08%
Max EPS beat(4)22.86%
EPS beat(8)5
Avg EPS beat(8)1.36%
EPS beat(12)8
Avg EPS beat(12)16.61%
EPS beat(16)10
Avg EPS beat(16)49.17%
Revenue beat(2)1
Avg Revenue beat(2)0.07%
Min Revenue beat(2)-1.15%
Max Revenue beat(2)1.29%
Revenue beat(4)2
Avg Revenue beat(4)19.03%
Min Revenue beat(4)-3.99%
Max Revenue beat(4)79.97%
Revenue beat(8)6
Avg Revenue beat(8)32.16%
Revenue beat(12)10
Avg Revenue beat(12)28.34%
Revenue beat(16)14
Avg Revenue beat(16)24.41%
PT rev (1m)8.84%
PT rev (3m)11.63%
EPS NQ rev (1m)-7.11%
EPS NQ rev (3m)-7.11%
EPS NY rev (1m)3.38%
EPS NY rev (3m)8.35%
Revenue NQ rev (1m)0.22%
Revenue NQ rev (3m)0.22%
Revenue NY rev (1m)0.21%
Revenue NY rev (3m)2.18%
Valuation
Industry RankSector Rank
PE 13.33
Fwd PE 10.3
P/S 2.21
P/FCF 1.3
P/OCF 1.3
P/B 0.87
P/tB 0.91
EV/EBITDA N/A
EPS(TTM)1.77
EY7.5%
EPS(NY)2.29
Fwd EY9.71%
FCF(TTM)18.15
FCFY76.93%
OCF(TTM)18.15
OCFY76.93%
SpS10.67
BVpS27.24
TBVpS25.82
PEG (NY)0.94
PEG (5Y)0.62
Profitability
Industry RankSector Rank
ROA 0.39%
ROE 6.72%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) 17.17%
GM N/A
FCFM 170.22%
ROA(3y)0.24%
ROA(5y)0.05%
ROE(3y)3.83%
ROE(5y)0.57%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5Y10.74%
GM growth 3YN/A
GM growth 5YN/A
F-Score6
Asset Turnover0.02
Health
Industry RankSector Rank
Debt/Equity 1.62
Debt/FCF 2.42
Debt/EBITDA N/A
Cap/Depr N/A
Cap/Sales N/A
Interest Coverage N/A
Cash Conversion N/A
Profit Quality 991.11%
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score6
WACC3.55%
ROIC/WACCN/A
Cap/Depr(3y)86.19%
Cap/Depr(5y)59.13%
Cap/Sales(3y)7.44%
Cap/Sales(5y)7.74%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-5.95%
EPS 3YN/A
EPS 5Y21.39%
EPS Q2Q%-2.7%
EPS Next Y14.18%
EPS Next 2Y13.07%
EPS Next 3Y16.9%
EPS Next 5Y1.38%
Revenue 1Y (TTM)1.02%
Revenue growth 3Y11.04%
Revenue growth 5Y7.1%
Sales Q2Q%-43.53%
Revenue Next Year4.06%
Revenue Next 2Y5.05%
Revenue Next 3Y5.64%
Revenue Next 5Y3.27%
EBIT growth 1YN/A
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y4933.03%
FCF growth 3Y-16.49%
FCF growth 5YN/A
OCF growth 1Y4933.03%
OCF growth 3Y-15.82%
OCF growth 5YN/A