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MarketScreener Homepage  >  Equities  >  Xetra  >  Deutsche Bank    DBK   DE0005140008

DEUTSCHE BANK (DBK)
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Continental to turn to software takeovers after Powertrain IPO - report

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12/08/2018 | 12:26pm CET
Wolfgang Schaefer, CFO of German tyre company Continental poses for the media before the annual news conference in Hanover

FRANKFURT (Reuters) - German car parts maker Continental is considering acquiring software makers after the flotation of its Powertrain unit expected in the second half of 2019, its Chief Financial Officer Wolfgang Schaefer told Boersen-Zeitung.

"We are currently in a position to pay up to 5 billion euros ($5.69 billion) for one or more companies", he was quoted as saying in the German newspaper's Saturday edition.

"We want to expand our expertise in software. Today, already more than 60 percent of our automotive products are digitized or equipped with sensors", he said, adding that one third of its 47,000 engineers already have a software or IT background.

Proceeds from the planned Powertrain stock market listing, which is being carved out by year-end, would help Continental finance acquisitions.

Continental last month asked Bank of America, JP Morgan and Deutsche Bank to help it organise the flotation, which is expected to be one of the largest 2019 IPOs in Germany, people close to the matter have said.

"We are well on track to have the Powertrain unit IPO-ready from mid-2019, as announced", Schaefer said.

"An expected stronger growth in global vehicle production in the second half 2019 should offer suitable conditions for an IPO", Schaefer said, adding that if equity capital market conditions were not attractive then the IPO would be postponed.

Schaefer added that after two profit warnings in 2018, the company was on track to meet its full year targets.

"The fourth quarter is in line with expectations."

(Reporting by Arno Schuetze; Editing by Alexander Smith)

Stocks mentioned in the article
ChangeLast1st jan.
BANK OF AMERICA -3.23% 25.43 Delayed Quote.-10.98%
CONTINENTAL 0.32% 125.2 Delayed Quote.-44.37%
DEUTSCHE BANK 0.09% 7.705 Delayed Quote.-51.46%
JP MORGAN CHASE & COMPANY -1.81% 103.29 Delayed Quote.-1.64%
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Financials (€)
Sales 2018 25 519 M
EBIT 2018 2 250 M
Net income 2018 696 M
Debt 2018 -
Yield 2018 1,84%
P/E ratio 2018 27,20
P/E ratio 2019 10,99
Capi. / Sales 2018 0,62x
Capi. / Sales 2019 0,62x
Capitalization 15 924 M
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Mean consensus UNDERPERFORM
Number of Analysts 28
Average target price 9,15 €
Spread / Average Target 19%
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Managers
NameTitle
Christian Sewing Chief Executive Officer
Karl von Rohr Co-President & Chief Administrative Officer
Garth Ritchie Co-President & Co-Head-Corporate & Investment Bank
Paul Achleitner Chairman-Supervisory Board
Frank Kuhnke Chief Operations Officer
Sector and Competitors
1st jan.Capitalization (M$)
DEUTSCHE BANK-51.46%18 137
JP MORGAN CHASE & COMPANY-1.64%343 482
INDUSTRIAL AND COMMERCIAL BANK OF CHINA-13.55%270 723
BANK OF AMERICA-10.98%249 575
WELLS FARGO-17.16%236 586
CHINA CONSTRUCTION BANK CORPORATION-13.54%224 319