Alexandros Michailidis Commerzbank (OTCPK:CRZBF) has reported an improved operating performance over the past couple of years, but this trend seems to be over as the European Central Bank has recently started to cut rates in Europe. As I’ve analyzed in previous articles, Commerzbank trades at one of the lowest valuation multiples within the European banking sector, measured by its discounted price-to-book value (P/BV) multiple, but this seems to be justified by the bank’s lower structural profitability comp ...