DWS Group GmbH & Co KGaA

DWS: XFRA (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€25.00	Pzkqh	Cqsr

DWS Q2 Results Ahead of Expectations

Johann Scholtz

Jul 28, 2021

No-moat DWS reported net income of EUR 172 million for the second quarter of 2021, 41% higher than the EUR 122 million it reported for the second quarter of 2020. Net income for the quarter was 10% ahead of the consensus expectation of analysts polled by DWS investor relations, with revenue coming in 2% ahead of expectations and costs 1% below. Growth in assets under management was stronger than we expected, with net inflows especially surprising on the upside. Flows into passive and environmental, social, and governance products was especially strong. Management fee margins held up well.

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