DWS Group GmbH & Co KGaA

DWS: XFRA (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€75.00	Fwd	Pwjf

Initiate Coverage on DWS With a EUR 47 per Share FVE and a No Moat Rating

Johann Scholtz

Sep 11, 2020

We value DWS Group GmbH & Co. at EUR 47 per share, which is 18 times the earnings that we estimate DWS will generate in 2020. We don't believe DWS benefits from an economic moat. In order to qualify for an economic moat, we must have confidence a firm will generate economic profits for an extended period. We don't have that confidence in DWS, especially considering its poor long-term track record of investor outflows.

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