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OFFON

DWS GROUP GMBH & CO. KGAA

(DWS)
  Report
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DWS GmbH : Financial Reporting Document (DE)

07/28/2021 | 01:13am EDT

DWS GROUP - Q2 2021 RESULTS

July 28, 2021

MAINTAINING THE MOMENTUM: STRONG RESULTS IN Q2

First half of 2021 marks a successful start to phase two of DWS's corporate journey

RECAP: PHASE TWO

KEY ACHIEVEMENTS Q2 2021

Financials

Record net flows of €20bn overall; from all

regions, Active, Passive & Alternatives

Record levels in AuM of €859bn

Adjusted CIR better than expected for H1 2021

FY 2020

  • Invest into transformation for further efficiency and targeted growth

Differentiated leadership:

ESG, Passive, high margin strategies

Take active role in M&A activities

Differentiated leadership

ESG: €4bn1 net flows, further expanded range

of innovative ESG offerings, e.g. DWS Invest Low

Carbon Bonds Fund, DWS Concept Blue Economy

supported by WWF

Passive: continued to strengthen market share

in European ETP / ETFs

High-margin strategies: strong demand in

those asset classes, e.g. PEIF III2 with total size

of €3bn achieved

Strategic partnerships: intensified

collaboration, e.g. launched Secured Income

Fund with Tikehau Capital

TRANSFORM, GROW AND LEAD

1 Please refer to p. 18 regarding ESG definition 2 Pan European Infrastructure Fund

DWS Group

Q2 2021 results

/ 1

Investor Relations

July 28, 2021

Q2 2021 KEY FINANCIAL HIGHLIGHTS

Strong revenue generation supports profit growth

  • Strong quarter with adjusted profit before tax of €247m supported by record AuM
  • Adjusted cost income ratio continues to stay at a very low level of 60.6% in Q2
  • Net flows of €20bn and €14bn ex Cash in Q2, with €4bn of net flows into ESG products
  • On track to achieve flow target of >4% on average in the medium-term

DWS Group

Q2 2021 results

_

/ 2

Investor Relations

July 28, 2021

FINANCIAL PERFORMANCE SNAPSHOT - Q2 2021

Strong business momentum in Q2

AUM (€BN)

Net flows

8.7

1.0

19.7

(€bn)

Net flows

2.4

9.7

14.2

ex Cash

+15%

+5%

(€bn)

ADJUSTED REVENUES (€M)

Manage-

ment fee 28.1

27.9

28.1

margin (bps)

+14%(1)%

745

820859

634625

551

Q2-20

Q1-21

Q2-21

Q2-20

Q1-21

Q2-21

ADJUSTED COSTS (€M)

ADJUSTED PROFIT BEFORE TAX (€M)

Adjusted

65.7

60.7

60.6

CIR (%)

+5%

(2)%

+31%

(1)%

385

379

249

247

362

189

Q2-20

Q1-21

Q2-21

Q2-20

Q1-21

Q2-21

Note: Throughout this presentation totals may not sum due to rounding differences

DWS Group

Q2 2021 results

_

/ 3

Investor Relations

July 28, 2021

MARKET ENVIRONMENT

Global equities support AuM growth in Q2

EQUITIES (%)

160

S-DAX

DAX

MSCI World

Eurostoxx 50

140

120

100

80

Jul Aug Sep Oct

Nov Dec Jan Feb Mar Apr May Jun

2020

2021

FX (€/$)

1.25

1.22

1.19

1.16

1.13

1.1

Jul Aug Sep Oct

Nov Dec Jan Feb Mar Apr May Jun

2020

2021

VOLATILITY (VIX INDEX)

INTEREST RATES, YIELD (%)

10Y Bund

10Y Treasury

40

1.75

Barclays Global Aggregate

30Y Euro Swap

1.25

30

0.75

0.25

20

-0.25

-0.75

Jul Aug Sep Oct Nov

Dec Jan Feb Mar Apr May Jun

Jul Aug Sep Oct Nov

Dec Jan Feb Mar Apr May Jun

10

2020

2021

2020

2021

Source: Bloomberg

DWS Group

Q2 2021 results

_

/ 4

Investor Relations

July 28, 2021

Um den Rest dieser Noodl zu lesen, rufen Sie bitte die Originalversion auf, und zwar hier.

Disclaimer

DWS Group GmbH & Co. KgaA published this content on 28 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2021 05:12:02 UTC.


© Publicnow 2021
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Financials
Sales 2021 2 474 M 2 902 M 2 902 M
Net income 2021 675 M 792 M 792 M
Net cash 2021 1 846 M 2 166 M 2 166 M
P/E ratio 2021 10,9x
Yield 2021 6,01%
Capitalization 7 288 M 8 574 M 8 549 M
EV / Sales 2021 2,20x
EV / Sales 2022 2,11x
Nbr of Employees 3 500
Free-Float 20,5%
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Mean consensus BUY
Number of Analysts 18
Last Close Price 36,44 €
Average target price 45,32 €
Spread / Average Target 24,4%
EPS Revisions
Managers and Directors
Asoka Wöhrmann Chief Executive Officer & Managing Director
Claire Peel Chief Financial Officer
Karl von Rohr Chairman-Supervisory Board
Mark Cullen Chief Operating Officer
Stefan Kreuzkamp Chief Investment Officer
Sector and Competitors