DWS Group GmbH & Co KGaA (CHIX:DWSd)
€ 51.7 +2.37 (+4.8%) Market Cap: 10.49 Bil Enterprise Value: 9.45 Bil PE Ratio: 14.86 PB Ratio: 1.41 GF Score: 59/100
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Preliminary Q4 2024 DWS Group GmbH & Co KgaA Earnings Call Transcript

Jan 30, 2025 / 09:00AM GMT
Release Date Price: €41.71

Key Points

Positve
  • DWS Group GmbH & Co KGaA (WBO:DWS) reported strong long-term net flows of EUR14.4 billion in Q4 and EUR32.9 billion for the full year 2024.
  • Assets under management crossed the EUR1 trillion mark, a significant psychological milestone.
  • The Passive segment, particularly Xtrackers, delivered record net inflows of EUR41.8 billion for the year.
  • Adjusted revenues reached a record level of EUR2.747 billion for 2024, driven by high management fees and additional performance and transaction fees.
  • The company proposed an ordinary dividend of EUR2.20 per share, a 5% increase from the previous year, reflecting a strong commitment to shareholder value.
Negative
  • The Active Equity segment faced challenges with net outflows due to a low-risk appetite among clients and ongoing industry pressures.
  • The relative performance of some active strategies declined, prompting changes in leadership and strategy.
  • Adjusted costs increased by 4% quarter-on-quarter, impacting the cost-income ratio.
  • The fair value of guarantees decreased significantly, negatively affecting other revenues.
  • The Alternatives segment, while showing a positive turnaround, had only modest net inflows of EUR1 billion in Q4.
Operator

Ladies and gentlemen, welcome to DWS Q4, full-year 2024 preliminary results with investor and analyst conference call. I am Shy, the Chorus Call operator. The conference is being recorded. (Operator Instructions)

The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Mr. Oliver Flade. Please go ahead.

Oliver Flade
DWS Group GmbH & Co KgaA - Head of Investor Relations

Yes, operator, thank you very much, and good morning to everybody from Frankfurt. This is Oliver from Investor Relations, and I would like to welcome everybody to our earnings call for the fourth quarter of 2024. And before we start, I would like to remind you that the upcoming Deutsche Bank analyst call will outline the asset management segment results, which have a different parameter basis to the DWS results that we are presenting now.

I'm joined, as usual, by our CEO, Stefan Hoops; and Markus Kobler, our CFO, and Stefan will start with some opening remarks and also with some closing remarks, and Markus will take

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