DWS' new management team has made a positive start in stabilizing the business, but organizational culture does not change overnight and we remain concerned that the brand has been damaged by management instability, multiple restructurings, and the well-publicized greenwashing scandal.
DWS is a market leader in the attractive German retail market, with a 25%-plus market share. Outside of Deutsche Bank, DWS has other long-term distribution agreements, some of which gives it exclusivity/partial exclusivity.
DWS has been poorly managed, creating an uncertain environment leading to many talented employees leaving. Lack of strategic direction from Deutsche Bank has been part of the problem.
|
Metric
|
DWS
|
SDR
|
BAER
|
|---|---|---|---|
Price/Earnings (Normalized) | 10.57 | 11.25 | 25.28 |
Price/Book Value | 1.07 | 1.34 | 1.72 |
Price/Sales | 1.71 | 2.00 | 2.82 |
Price/Cash Flow | 13.63 | 11.55 | 9.00 |
|
Metric
|
DWS
|
SDR
|
BAER
|
|---|---|---|---|
Quick Ratio | 0.57 | 5.03 | — |
Current Ratio | 0.57 | 5.03 | — |
Interest Coverage | — | — | — |
|
Metric
|
DWS
|
SDR
|
BAER
|
|---|---|---|---|
Return on Assets (Normalized) | 4.37% | 2.41% | 0.39% |
Return on Equity (Normalized) | 6.65% | 11.93% | 6.30% |
Return on Invested Capital (Normalized) | 6.49% | 10.19% | — |
|
1-Day Chart
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