CLOSING LONG COMMERZBANK

BOOKING +12.87%

This trade has played out quicker than we anticipated.

So running into ECB and unknowns around further deposit rate cuts we are happy to lock in the performance and revisit at a later stage.

Booking a +12.87% profit.

 

COMMERZBANK: BUY
MASSIVE POSITIVE SURPRISE; TRADING AT 0.3x P/B

Friday • 12 February 2016 • 09:12

Capital at 12%. No capital worries here as the divi resumes.

Non core going the right way and costs flat. Worried about energy? Energy risk below 1% of book value.

One to buy today and hold. Unless you think we are going back to mad max times.

One of the cheapest stocks in the sector trading at 0.3X book. Lower than in the depths off the crisis.

I would be buying them here on a 3-6 month view.