DWS Group GmbH & Co KGaA

DWS: XFRA (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€92.00	Tmnm	Rjg

DWS Q3 2021 Results: No Fallout From ESG Greenwashing Claims Evident; Increase FVE to EUR 56

Johann Scholtz

Nov 4, 2021

No-moat DWS reported a robust set of results for the third quarter of 2021, growing net profit by 20% year on year to EUR 182 million. For the first nine months of 2021, DWS’ net profit is 32% ahead of what it reported for the same period in 2020. It does not seem the much-publicised "greenwashing" issue has had any impact on DWS’ financial performance. Inflows are still healthy and fee margins held up better than we expected. We increase our fair value estimate to EUR 56/share from EUR 46/share because of stronger-than-expected net inflows and stable fee margins.

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