We reinstate coverage on DBK that has made significant progress on capital and litigation risk. The issue of core profitability remains and, with earnings momentum still negative, it is likely to constrain performance. DBK targets a 10% ROTE which implies more than E9bn of pretax profit compared with E5.0bn adjusted in 2016 (excluding non-core). We model E7.4bn adjusted and E6.4bn stated PBT in 2019 which makes for a 5.7% headline ROTE. Trading at 0.6x TBV for a 2019E ROTE of 5.6% and with a 2017E dividend yield of 0.7% versus the sector on 4.2%, we see greater upside elsewhere.