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DePfa Results 14-May: Hopes For Stabilisation.

FINANCIALS

DePfa (PBBGR: BBB-) results are due on 14-May. FY24 results stabilised the equity somewhat and, more recently, spreads have even improved so there are some expectations built in already.


  • DePfa news has centred on CRE exposure both here in Europe (and, specifically, Germany) but also in the US in the wake of the NYC Bancorp events. News from Deutsche results (25-Apr) was mixed with better loan losses offset by higher non-performers. CRE lending was specifically referenced.
  • Spreads are 130bp+ wider YTD (prices 2.7pts lower) which is obviously massive underperformance but, at least in the last month, have tightened 34bp (€IG banks -9.5bps). The equity is 16% lower YTD (SX7P +19%) but most of that underperformance was in Jan and Feb. Results on 7-Mar marked a bit of a turning point for the equity.
  • Estimates: revenue estimates have been trimmed for next year but, largely, profit expectations have been maintained.

Results are due pre-market with conf call at 1000 London time at: https://cdn.acs-solution.de/s/c8801c7e-0a77-4805-9268-115dd54d1345/

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