Thesis: Commerzbank (CRZBF) trades below 0.4x net assets. Even by European banking standards, this is a remarkably low rating and is usually only associated with banks that have substantial balance sheet problems. But Commerzbank gets a clean bill of health on this front, having all but eliminated the remaining positions in its problem asset portfolio and having regulatory capital well above its minimum requirement. From this low level, any small improvement in returns could see a sharp re-rating of the shares. Additionally, I like Commerzbank as an option on consolidation: for non-German banks looking