SAVE THE DATE - Hypoport AG

comdirect
Germany/Financial Services Analyser
comdirect (Hold)
Hold
Recommendation unchanged
Share price: EUR
closing price as of 07/05/2012
Target price: EUR
Target Price unchanged
Reuters/Bloomberg
8.60
8.50
CDBG.DE/COM GR
Market capitalisation (EURm) 1,211
Current N° of shares (m) 141
Free float 20%
Daily avg. no. trad. sh. 12 mth 54,244
Daily avg. trad. vol. 12 mth (m) 0
Price high 12 mth (EUR) 8.86
Price low 12 mth (EUR) 6.38
Abs. perf. 1 mth -0.58%
Abs. perf. 3 mth 5.10%
Abs. perf. 12 mth -0.35%
Key financials (EUR) 12/11 12/12e 12/13e
Total Revenue (m) 347 337 336
Pre-Provision Profit (PPP) (m) 115 101 94
Operating profit (OP) 114 100 94
Earnings Before Tax (m) 108 100 94
Net Profit (adj.) (m) 112 73 67
Shareholders Equity (m) 547 547 547
Tangible BV (m) 547 547 547
RWA (m) 514 591 680
ROE (adj.) 21.1% 13.4% 12.3%
Tier1 Ratio 44.1% 40.2% 36.5%
Cost/Income 66.8% 70.0% 71.9%
P/PPP 9.1 12.0 12.8
P/E (adj.) 9.4 16.5 18.0
P/BV 1.9 2.2 2.2
P/NAV 1.9 2.2 2.2
Dividend Yield 6.5% 6.0% 5.6%
PPPPS 0.82 0.72 0.67
EPS (adj.) 0.79 0.52 0.48
BVPS 3.89 3.89 3.89
NAVPS 3.89 3.89 3.89
DPS 0.56 0.52 0.48
9.0 vvdsvdvsdy
8.5
8.0
7.5
7.0
6.5
6.0
5.5
Apr 11 Mai 11 Jun 11 Jul 11 Aug 11 Sep 11 Okt 11 Nov 11 Dez 11 Jan 12 Feb 12 Mrz 12 Apr 12 Mai 12
Source: Factset
COMDIRECT Stoxx Financial Services (Rebased)
Shareholders: Commerzbank 80%;
Analyst(s):
Philipp Häßler, CFA, Equinet Bank
philipp.haessler@equinet-ag.de
+49 69 58997 414
Solid April trading figures
The facts: In April the number of executed trades increased by 12% yoy (-11%
mom) and comdirect won 2,660 new B2C clients. Main drivers (like in previous
months) were the checking account (+7,012 acc.) and the Tagesgeld PLUS
account (+5,580 acc.).
# transactions
Our analysis:
1,100,000
1,050,000
1,000,000
950,000
900,000
850,000
800,000
750,000
700,000
650,000
600,000
550,000
500,000
01 '11
Monthly development of executed transactions at comdirect
02 '11
Conclusion & Action: Solid monthly trading figures for April. We do not see any
share price triggers in the short term. Hence, we stick to our Hold rating with a TP
of EUR 8.50.
Page 49 of 80 European Securities Network
Please refer to important disclaimer on the last page
03 '11
04 '11
05 '11
06 '11
07 '11
08 '11
09 '11
Transactions change yoy
10 '11
11 '11
12 '11
01 '12
02 '12
03 '12
Source: comdirect, equinet
04 '12
80%
60%
40%
20%
0%
-20%