UniCredit SpA

UNCFF: PINX (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$91.88	Hfzf	Zwmybqm

Commerzbank: Strategy Facelift After CFO Bettina Orlopp Appointed CEO

Niklas Kammer , Johann Scholtz

Sep 26, 2024

Under newly appointed CEO Bettina Orlopp, formerly CFO, Commerzbank updated its strategy, which could be seen as an attempt to push back against UniCredit’s potential takeover attempt. The new strategy targets a 12% return on tangible equity by 2027, up from 11.5% previously. Commerzbank primarily sees better income generation in its noninterest-related business, which improves operating efficiency and drives slightly better profitability. The bank also highlighted its intention to distribute about 90% of profits to shareholders in 2027. We maintain our EUR 15.80 per-share fair value estimate.

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