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Deutsche Bank Aktiengesellschaft (DB)

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11.12-0.24 (-2.11%)
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Previous Close11.36
Open11.43
Bid0.00 x 1000
Ask0.00 x 800
Day's Range11.11 - 11.44
52 Week Range4.99 - 11.51
Volume3,151,842
Avg. Volume4,434,358
Market Cap22.829B
Beta (5Y Monthly)1.49
PE Ratio (TTM)N/A
EPS (TTM)-1.12
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateMay 19, 2017
1y Target Est8.08
  • Delivery Startup DoorDash to Seek Up to $2.8 Billion in IPO
    Bloomberg

    Delivery Startup DoorDash to Seek Up to $2.8 Billion in IPO

    (Bloomberg) -- DoorDash Inc., the biggest U.S. food delivery company, is seeking to raise as much as $2.8 billion in an initial public offering that’s part of an end-of-year U.S. listings rush.The San Francisco-based company said in a filing Monday that it plans to sell 33 million shares for $75 to $85 each. At the top end of this range, the company could be valued at about $32 billion, taking into account the outstanding shares listed in its filing, as well as employee stock options and restricted stock units.This valuation is an increase from when private investors valued DoorDash at about $16 billion in June. The company’s IPO price range could still change depending on demand for its stock on its roadshow with investors over the next week.DoorDash is currently planning to hold the IPO on Dec. 8, with its trading debut on the New York Stock Exchange the following day, said a person familiar with the matter who asked not to be identified because it wasn’t public. A representative for DoorDash declined to comment on that timing.DoorDash is part of a cadre of consumer-oriented, web-based companies led by home-rental platform Airbnb Inc. that have lined up IPOs for December. The group includes video-game company Roblox Corp., installment loans provider Affirm Holdings Inc. and ContextLogic Inc., the parent of online discount retailer Wish Inc.Pandemic BoomDoorDash has seized on the pandemic-fueled boom in demand for meals brought to your door, as well as investor exuberance over new stock listings as it moves ahead with its IPO.When the company filed its prospectus earlier this month, it revealed a sharp jump in revenue this year and more surprisingly, a profitable quarter.For the first nine months of the year, DoorDash had $1.9 billion in sales, more than triple the $587 million during the same period last year. Its net loss narrowed to $149 million, compared with $533 million for the period in 2019.DoorDash was briefly profitable in the second quarter of this year -- at the height of the stay-at-home orders in major U.S. cities -- posting $23 million in profit.Co-Founders’ ControlAfter the listing, co-founder and Chief Executive Officer Tony Xu will hold almost 42% of DoorDash’s Class B super-voting shares, which have 20 votes each. He also has voting control over the rest of the 20-vote shares, which are split between his co-founders, Stanley Tang and Andy Fang. They will control about 79% of the voting power, according to the filing.SoftBank Group Corp.’s Vision Fund will be the largest outside investor, with 25% of the Class A shares. Venture capital firm Sequoia will own more than 20% and Singapore’s GIC Pte will own 10.5%, according to its filings. That will add up to less than 16% of the voting power because of the Class B shares held by the founders.DoorDash’s listing plans -- along with the entire app-based service industry -- got a boost in November, when California voters approved a ballot measure setting aside a state law requiring gig-economy companies to treat their drivers more like employees than contractors. Despite that victory, the company indicated in its filing that it could face further regulation or litigation that would affect its ability to keep its workers as less costly independent contractors.DoorDash’s offering is being led by Goldman Sachs Group Inc. and JPMorgan Chase & Co., with Barclays Plc, Deutsche Bank AG, RBC Capital Markets and UBS Group AG. DoorDash is planning to list its shares under the symbol DASH.(Updates with planned date of DoorDash’s IPO in fourth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • A Millennial Crypto Victory Bigger Than the Price of Bitcoin
    Bloomberg

    A Millennial Crypto Victory Bigger Than the Price of Bitcoin

    (Bloomberg Opinion) -- With the speed cryptocurrency is emerging as the Millennial generation’s alternative asset of choice in India, it’s hard to imagine that just two years ago a couple of blockchain pioneers were briefly in police custody.Sathvik Vishwanath and Harish BV, cofounders of a then five-year-old startup, were arrested in late 2018. No, they hadn’t pulled off a shady initial coin offering. Their “crime” was that they put up a kiosk in a mall in Bangalore where customers could swap Bitcoin, Ether or Ripple for cash or vice versa. That was the whole point of Unocoin, their crypto token exchange. But the police were suspicious of the new-fangled “ATM.”A lot has changed since then. Unocoin, which just raised financing from Tesla Inc.-backer Tim Draper’s Draper Associates, is flourishing, together with other Indian blockchain ventures. India’s share of person-to-person virtual-currency trading in Asia has surged to 33%, the same as in China, according to Oslo-based Arcane Research’s analysis of volumes on Paxful and LocalBitcoins, the biggest platforms for transactions in the region. Some of this is no doubt due to the bubbly rise this year in Bitcoin, which recently came within $100 of its all-time high after surpassing $19,000 for the first time since 2017. Even after Thursday’s wobble, prices have still more than doubled this year.But fundamental factors are also at play. Sending money to India in a tokenized form, and thus avoiding hefty bank charges, is becoming an option. Some customers of digital-asset exchanges, probably tech-savvy freelancers, receive tokens at regular intervals as payment for their work and convert them into rupees via their local bank accounts. Families in India are using the same channel to send money to students overseas. Having the world’s largest diaspora — and more than $100 billion in two-way money flows last year — isn’t the only thing. Prime Minister Narendra Modi’s disastrous ban on 86% of the country’s currency in November 2016 shook Indians’ faith in fiat money. Add the fear of leaving spare cash in banks when three major deposit-taking institutions have crumbled in the past 15 months. No wonder Arcane expects Indian crypto volumes to overtake China’s. The domestic asset management industry is also helping adoption of crypto — by its incompetence. Most large-cap fund managers have struggled to beat their benchmarks, especially in recent years. The Nifty 50 index has returned only about 2% annually in dollar terms over the past decade. Yet, as Bloomberg Intelligence’s Gaurav Patankar and Morgan Barna have shown, lack of performance hasn’t kept managers from pocketing high fees. Disgruntled younger savers are taking note, and dipping their toes in U.S. exchange-traded funds. At 1%, international allocation is still tiny, the Bloomberg Intelligence analysts say, but it’s growing rapidly. Ditto for crypto-investing, even though holding a highly volatile digital asset over the long term isn’t for the faint of heart. Only 600 of Unocoin’s 1.2 million customers have started a systematic buying plan to invest (mostly) in Bitcoin. But 99.5% of them are sitting on profit, and must be bragging about it to their friends. There’s one dampener: regulation. Nobody wants a return to 2018, when the Reserve Bank, the monetary authority, instructed banks not to entertain customers who dealt in virtual currency. The draconian approach nearly strangled India’s blockchain revolution. The action against Unocoin’s kiosk in Bangalore was like the heavy hand of the state crashing down on a kids’ lemonade stand. If folks in India’s technology capital couldn’t pay cash to buy digital tokens, then the asset was effectively being banned nationwide.In hindsight, the founders’ ordeal with the police proved to be a blessing in disguise. Young entrepreneurs joined together, went to the Supreme Court in New Delhi and got the RBI’s direction to banks declared unconstitutional. That was in March. Already, the exchange has seen a fivefold jump in trading, averaging $150,000 a day, from $30,000 before the court’s verdict. Of late, trading is much higher, thanks to the rally in Bitcoin prices. Larger bourses such as CoinDCX were witnessing daily volumes of almost $700,000, when I last checked.The players are urging the government to bring digital assets under the existing money-laundering law, which will give the industry legitimacy. The next step would be to regulate the tokens as money or securities, depending on their use. Read About: The End of Banking as We Know ItIndia’s phlegmatic bureaucracy may wonder if this is all a craze. Perhaps not. It isn’t even unique to Indian Millennial and Generation Z consumers. Wringing the global banking industry dry of its exorbitant fees, and putting more purchasing power in people's hands after the Covid-19 pandemic, will be a worldwide goal. In their study titled, “What We Must Do to Rebuild,” Deutsche Bank AG economists are advising companies and policy makers to design alternatives to credit cards and “remove middleman fees.” In the short run, conventional fintech will help, but in the longer term, major economies will all do this by replacing cash with their own central bank digital currencies. That’s when older consumers will join in. If they don’t, they’ll get get stuck, and not just figuratively. Automatically triggered crypto “smart contracts“ will make it possible for self-driving cars to switch lanes faster than others. Commuters will be continuously paying one another in official digital currencies — or in stablecoins like Facebook Inc.’s proposed Libra, private tokens whose values are fixed against fiat money.The Indian Millennials have read the tea leaves right. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andy Mukherjee is a Bloomberg Opinion columnist covering industrial companies and financial services. He previously was a columnist for Reuters Breakingviews. He has also worked for the Straits Times, ET NOW and Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Fed Discussed Updating Bond-Purchase Guidance ‘Fairly Soon’
    Bloomberg

    Fed Discussed Updating Bond-Purchase Guidance ‘Fairly Soon’

    (Bloomberg) -- Federal Reserve officials discussed at their Nov. 4-5 meeting providing more guidance on their bond-buying strategy “fairly soon,” though they didn’t see a need for immediate adjustments.Events since the gathering have continued to keep the case for action in the spotlight, even if officials have declined to clearly signal it is in the cards next month. The economy is enduring surging Covid-19 infection rates and the Trump administration last week declined to extend several Fed emergency lending facilities that the central bank publicly lobbied to keep on the books.“Many participants judged that the Committee might want to enhance its guidance for asset purchases fairly soon,” according to meeting minutes published Wednesday by the Fed.In addition, “most participants judged that the guidance for asset purchases should imply that increases in the Committee’s securities holdings would taper and cease sometime before the Committee would begin to raise the target range for the federal funds rate,” the minutes showed. The Fed’s next scheduled meeting is Dec. 15-16.As well as the resurgence of the pandemic, reduced odds of another large fiscal relief package have weighed on the economic outlook and raised expectations that the Fed will take further action to support the economy, as has the whittling down of the Fed’s emergency lending firepower.“Moves by Treasury to limit their lending powers at year end are a particular concern. Treasury could be pulling support when the economy needs it most and the Fed will have to fill the void,” said Diane Swonk, chief economist at Grant Thornton. “They have to be concerned about the aftershocks of Covid on bankruptcies, defaults and overall financial market stability.”Treasury Secretary Steven Mnuchin on Nov. 19 announced he would allow five of the central bank’s emergency lending facilities to expire at the end of the year and asked that funds backing the programs be returned to the Treasury. The Fed pushed back in a rare public disagreement, issuing a statement that it preferred the programs remain in place because of the backstop role they played before Chair Jerome Powell relented the following day, agreeing to return the money. Similar arguments surfaced in the minutes.‘Important Roles’Several officials at the meeting “emphasized the important roles” the lending programs played “in restoring financial market confidence and supporting financial stability” and “noted that these facilities were still serving as an important backstop in financial markets,” according to the minutes.Treasuries gained ground following the release of the minutes, with longer-dated securities outperforming. The 5-to-30-year yield curve flattened, but remained steeper on the day.The U.S. central bank cut its benchmark interest rate to nearly zero in March at the onset of the coronavirus pandemic and ramped up crisis-era bond-buying programs to pump liquidity into the financial system and keep a lid on longer-term interest rates.Officials have signaled they will probably hold rates near zero through the end of 2023.The Fed is currently buying U.S. Treasury and mortgage-backed securities at a combined pace of about $120 billion per month, with purchases spread out evenly across maturities.But the record of the Nov. 4-5 meeting didn’t give any indications that officials would necessarily seek to modify the parameters of the bond-buying program at their December meeting.Not Immediate“While participants judged that immediate adjustments to the pace and composition of asset purchases were not necessary, they recognized that circumstances could shift to warrant such adjustments,” the minutes said. “Accordingly, participants saw the ongoing careful consideration of potential next steps for enhancing the Committee’s guidance for its asset purchases as appropriate.”Data published Wednesday by the Labor Department showed a growing number of Americans filing for unemployment insurance over the last two weeks while a separate Commerce Department report revealed a drop in household income last month, underscoring the tenuous position of the economy ahead of the winter season.“At least as of three weeks ago, the committee was more focused on nailing down forward guidance on asset purchases and there didn’t seem to be urgency to provide more accommodation,” Brett Ryan, a senior U.S. economist at Deutsche Bank Securities, said.But that was “before we had the news from the Treasury,” Ryan said. “If financial conditions began to deteriorate, that would be a trigger“ for the Fed to do more, he said.(Updates with analyst reaction in sixth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.