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DEUTSCHE BANK AG-REGISTERED (DBK.DE) Stock Fundamental Analysis

FRA:DBK - Deutsche Boerse Ag - DE0005140008 - Common Stock - Currency: EUR

22.055  +0.75 (+3.5%)

Fundamental Rating

4

We assign a fundamental rating of 4 out of 10 to DBK. DBK was compared to 102 industry peers in the Capital Markets industry. DBK may be in some trouble as it scores bad on both profitability and health. DBK has a correct valuation and a medium growth rate.


Dividend Valuation Growth Profitability Health

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3

1. Profitability

1.1 Basic Checks

In the past year DBK was profitable.
Each year in the past 5 years DBK has been profitable.
In multiple years DBK reported negative operating cash flow during the last 5 years.
DBK.DE Yearly Net Income VS EBIT VS OCF VS FCFDBK.DE Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 20B -20B 40B -40B 60B

1.2 Ratios

With a Return On Assets value of 0.19%, DBK perfoms like the industry average, outperforming 49.02% of the companies in the same industry.
DBK has a Return On Equity (3.47%) which is comparable to the rest of the industry.
Industry RankSector Rank
ROA 0.19%
ROE 3.47%
ROIC N/A
ROA(3y)0.3%
ROA(5y)0.21%
ROE(3y)5.49%
ROE(5y)3.95%
ROIC(3y)N/A
ROIC(5y)N/A
DBK.DE Yearly ROA, ROE, ROICDBK.DE Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 5 -5 -10

1.3 Margins

DBK has a Profit Margin of 8.97%. This is comparable to the rest of the industry: DBK outperforms 53.92% of its industry peers.
DBK's Profit Margin has improved in the last couple of years.
DBK does not have Operating Margin and Gross Margin available, so we won't be analyzing them here.
Industry RankSector Rank
OM N/A
PM (TTM) 8.97%
GM N/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y8.1%
PM growth 5YN/A
GM growth 3YN/A
GM growth 5YN/A
DBK.DE Yearly Profit, Operating, Gross MarginsDBK.DE Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10 -10 -20

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2

2. Health

2.1 Basic Checks

The number of shares outstanding for DBK has been reduced compared to 1 year ago.
The number of shares outstanding for DBK has been reduced compared to 5 years ago.
The debt/assets ratio for DBK has been reduced compared to a year ago.
DBK.DE Yearly Shares OutstandingDBK.DE Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B 2B
DBK.DE Yearly Total Debt VS Total AssetsDBK.DE Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 500B 1T 1.5T

2.2 Solvency

DBK has a Debt/Equity ratio of 2.84. This is a high value indicating a heavy dependency on external financing.
DBK has a Debt to Equity ratio (2.84) which is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 2.84
Debt/FCF N/A
Altman-Z N/A
ROIC/WACCN/A
WACCN/A
DBK.DE Yearly LT Debt VS Equity VS FCFDBK.DE Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50B -50B 100B 150B 200B

2.3 Liquidity

Industry RankSector Rank
Current Ratio N/A
Quick Ratio N/A
DBK.DE Yearly Current Assets VS Current LiabilitesDBK.DE Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20B 40B 60B 80B 100B

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5

3. Growth

3.1 Past

DBK shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 8.04%, which is quite good.
The Earnings Per Share has been growing by 20.68% on average over the past years. This is a very strong growth
DBK shows a small growth in Revenue. In the last year, the Revenue has grown by 4.20%.
The Revenue has been growing slightly by 3.02% on average over the past years.
EPS 1Y (TTM)8.04%
EPS 3Y20.68%
EPS 5YN/A
EPS Q2Q%-23.19%
Revenue 1Y (TTM)4.2%
Revenue growth 3Y2.18%
Revenue growth 5Y3.02%
Sales Q2Q%11.04%

3.2 Future

The Earnings Per Share is expected to grow by 12.83% on average over the next years. This is quite good.
The Revenue is expected to grow by 1.75% on average over the next years.
EPS Next Y16.52%
EPS Next 2Y14.15%
EPS Next 3Y12.83%
EPS Next 5YN/A
Revenue Next Year4.6%
Revenue Next 2Y3.61%
Revenue Next 3Y3.23%
Revenue Next 5Y1.75%

3.3 Evolution

Although the future EPS growth is still strong, it is not able to hold up the even more excellent growth rate of the past years.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
DBK.DE Yearly Revenue VS EstimatesDBK.DE Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 10B 20B 30B
DBK.DE Yearly EPS VS EstimatesDBK.DE Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 0 1 2 3

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6

4. Valuation

4.1 Price/Earnings Ratio

A Price/Earnings ratio of 9.11 indicates a reasonable valuation of DBK.
85.29% of the companies in the same industry are more expensive than DBK, based on the Price/Earnings ratio.
Compared to an average S&P500 Price/Earnings ratio of 28.90, DBK is valued rather cheaply.
Based on the Price/Forward Earnings ratio of 7.82, the valuation of DBK can be described as very cheap.
Compared to the rest of the industry, the Price/Forward Earnings ratio of DBK indicates a rather cheap valuation: DBK is cheaper than 93.14% of the companies listed in the same industry.
DBK is valuated cheaply when we compare the Price/Forward Earnings ratio to 21.58, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 9.11
Fwd PE 7.82
DBK.DE Price Earnings VS Forward Price EarningsDBK.DE Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

Industry RankSector Rank
P/FCF N/A
EV/EBITDA N/A
DBK.DE Per share dataDBK.DE EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 10 20 30

4.3 Compensation for Growth

The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
DBK's earnings are expected to grow with 12.83% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.55
PEG (5Y)N/A
EPS Next 2Y14.15%
EPS Next 3Y12.83%

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4

5. Dividend

5.1 Amount

DBK has a Yearly Dividend Yield of 3.19%.
DBK's Dividend Yield is a higher than the industry average which is at 6.20.
Compared to an average S&P500 Dividend Yield of 2.38, DBK pays a bit more dividend than the S&P500 average.
Industry RankSector Rank
Dividend Yield 3.19%

5.2 History

The dividend of DBK is nicely growing with an annual growth rate of 22.46%!
Dividend Growth(5Y)22.46%
Div Incr Years2
Div Non Decr Years2
DBK.DE Yearly Dividends per shareDBK.DE Yearly Dividends per shareYearly Dividends per share 2019 2022 2023 2024 2025 0.2 0.4 0.6

5.3 Sustainability

DBK's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP0%
EPS Next 2Y14.15%
EPS Next 3Y12.83%
DBK.DE Yearly Income VS Free CF VS DividendDBK.DE Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 20B -20B 40B -40B 60B

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DEUTSCHE BANK AG-REGISTERED

FRA:DBK (3/14/2025, 7:00:00 PM)

22.055

+0.75 (+3.5%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupFinancial Services
GICS IndustryCapital Markets
Earnings (Last)01-30 2025-01-30/bmo
Earnings (Next)04-29 2025-04-29
Inst Owners50.83%
Inst Owner ChangeN/A
Ins Owners8.05%
Ins Owner ChangeN/A
Market Cap42.97B
Analysts73.33
Price Target20.78 (-5.78%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 3.19%
Yearly Dividend0.3
Dividend Growth(5Y)22.46%
DP0%
Div Incr Years2
Div Non Decr Years2
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)12.81%
Min EPS beat(2)4.98%
Max EPS beat(2)20.63%
EPS beat(4)3
Avg EPS beat(4)20.19%
Min EPS beat(4)-22.46%
Max EPS beat(4)77.61%
EPS beat(8)7
Avg EPS beat(8)22.22%
EPS beat(12)10
Avg EPS beat(12)30.33%
EPS beat(16)13
Avg EPS beat(16)77.6%
Revenue beat(2)2
Avg Revenue beat(2)0.7%
Min Revenue beat(2)0.19%
Max Revenue beat(2)1.2%
Revenue beat(4)3
Avg Revenue beat(4)0.32%
Min Revenue beat(4)-0.17%
Max Revenue beat(4)1.2%
Revenue beat(8)5
Avg Revenue beat(8)-0.05%
Revenue beat(12)8
Avg Revenue beat(12)1.35%
Revenue beat(16)12
Avg Revenue beat(16)2.84%
PT rev (1m)8%
PT rev (3m)11.22%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-8.14%
EPS NY rev (1m)0.86%
EPS NY rev (3m)3.18%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-0.9%
Revenue NY rev (1m)1.21%
Revenue NY rev (3m)2.38%
Valuation
Industry RankSector Rank
PE 9.11
Fwd PE 7.82
P/S 1.43
P/FCF N/A
P/OCF N/A
P/B 0.55
P/tB 0.61
EV/EBITDA N/A
EPS(TTM)2.42
EY10.97%
EPS(NY)2.82
Fwd EY12.79%
FCF(TTM)N/A
FCFYN/A
OCF(TTM)N/A
OCFYN/A
SpS15.45
BVpS39.95
TBVpS35.97
PEG (NY)0.55
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 0.19%
ROE 3.47%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) 8.97%
GM N/A
FCFM N/A
ROA(3y)0.3%
ROA(5y)0.21%
ROE(3y)5.49%
ROE(5y)3.95%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y8.1%
PM growth 5YN/A
GM growth 3YN/A
GM growth 5YN/A
F-ScoreN/A
Asset Turnover0.02
Health
Industry RankSector Rank
Debt/Equity 2.84
Debt/FCF N/A
Debt/EBITDA N/A
Cap/Depr N/A
Cap/Sales N/A
Interest Coverage N/A
Cash Conversion N/A
Profit Quality N/A
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-ScoreN/A
WACCN/A
ROIC/WACCN/A
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)8.04%
EPS 3Y20.68%
EPS 5YN/A
EPS Q2Q%-23.19%
EPS Next Y16.52%
EPS Next 2Y14.15%
EPS Next 3Y12.83%
EPS Next 5YN/A
Revenue 1Y (TTM)4.2%
Revenue growth 3Y2.18%
Revenue growth 5Y3.02%
Sales Q2Q%11.04%
Revenue Next Year4.6%
Revenue Next 2Y3.61%
Revenue Next 3Y3.23%
Revenue Next 5Y1.75%
EBIT growth 1YN/A
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1YN/A
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1YN/A
OCF growth 3YN/A
OCF growth 5YN/A