equity reports

What lies behind the entry of Hudson into the capital of Deutsche Bank?

Deutsche Bank: Wait (sell, 16% Downside)

The company is a great business that can raise €8bn to essentially hand over the proceeds to the US courts without destroying its market cap (c.-10% on the news). “Hats off then to Mr Cryan, the CEO of Deutsche Bank, for keeping the benefits of the doubt for more than a year into the job”, says Carax- Alphavalue’s analysts.





Deutsche Boerse

Deutsche Boerse, A Merger That Need Not Happen

Since the DB /LSE merger was announced (a year ago officially), it has been more beneficial to LSE shareholders than to DB’s, with a valuation gap (29x for LSE vs. 18x for DB) that has never closed. Respective shares have continued to trade in an uncorrelated way suggesting that not only the deal is not consummated but that the GBP/Brexit tango cannot be ignored.