Breakingviews - DWS’s best valuation fix is out of CEO’s hands

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DWS is thriving but not getting much credit, writes Unmack1

to boost its assets under management by focusing on racier areas like passive funds and alternative investments. He’s targeting earnings per share of 4.5 euros in 2025, a 15% increase on last year’s level and some 11% ahead of analysts’ forecasts for that year, according to Refinitiv data. A pledge to pay out 65% of earnings in 2025, and a hint of a 1 billion euro special dividend in 2024, would imply perhaps 2.

Then again, the company’s shares look a little lacklustre. It is valued at less than 10 times next year’s earnings, based on analysts’ estimates, versus Schroders

 

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