David Matos

15 imo

me too!

- Pretty ********good average! - Pretty ********good average!

Solid recovery from the over reaction start of this morning

I think a lot of people will be mopping up shares at this price...

Your answer does not make sense. I am asking you what your average price paid for your shares is? Don\'t think you need to wait for the results to know this! Your answer does not make sense. I am asking you what your average price paid for your shares is? Don't think you need to wait for the results to know this!

Maybe a bit of an over reaction. However it is understandable given that clarity on strategy is still fuzzy. Retreat from some IB areas and cut jobs isn't particularly groundbreaking and until they come up with something more concrete then over reactions like this will be understandable.

What average price do you have on DB?

Should hopefully reach the 12 mark by the end of the week....

Rain man - how about some thoughts?

Given the new status quo and no surprises on specific company news (i.e. new CEO but no real solid news on developments/changes) and given the negative political news (i.e. Syria) coming out which has led to a risk-off market today, DBK's share price has been very stable. This is positive and welcome. the great aspect of investing in DBK is that it is much less sensitive to wider market/political news given it's already significantly discounted valuation. The share price will move when the company gets its act together and it is likely that even minor positive news will have significant re-rating impact on the share price.

That said, and coming back to my initial point, the fact is that the share price trades at a significant discount and therefore any 'positive' developments will be met with significant re-rating of the share price. They will get it right at some point, sooner hopefully rather than later, and when this happens, your patience will be rewarded. It's all about how long.

At the end of the day, DBK is trading at a very significant discount to book and tangible. The discount is driven by the fact that the business is not only not growing but also unprofitable. So really the direction of the share price going forward is dependent on the strategic direction that the management take this business forward. The current focus on the IB side which is not only unprofitable but also hoards capital that could be allocated to profitable areas, it one of the key drags on this share price. The nomination of the new CEO initially seemed to indicate a change of strategy on this front and the share price jumped accordingly. However, it became very clear soon after that the strategy was going to remain unchanged and that the change in CEO was more about executing better... and the share price has since trended lower. Until a fundamental shift in strategy is implemented that the market believes in, this share price will be moving sideways.

The CEO is gone and they have replaced him with a steady insider with a non-investment bank tilt. Good and decisive development which will benefit the share price going forward.

However there is a reasonable chance that we will see the share price stabilize at a 11 to 11.4 floor. This is a positive development and hopefully the share price can build from here.

Interesting level at the moment. Went down to 10.75 which was a good entry point, outperformed the market average yesterday on a clear risk-on day (market discounting trade war fears) and is now steadying at 11.4 on a risk-off day (market re-engaging with the trade war story). It will be interesting to see what levels it breaks today. Does it go back down below the 11 buying entry point or is 11.4 or 11.4 the new floor? When it went below 11 in the last week or so, this was driven by a combination of negative DBK news and a general risk-off market positioning. At the moment it seems that the company news drag on the share price has stabilized but the market risk off drag is having an effect. It is very likely that any general market positivity will push this share price above 12 and whether it can stay there or continue rising seems to be very much driven by the general market and wider news events.