Deutsche Börse AG

BRSE:DB1 Stock Report

Market Cap: CHF 35.6b

Deutsche Börse Valuation

Is DB1 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of DB1 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

CHF 239.25
Fair Value
17.7% undervalued intrinsic discount
15
Number of Analysts

Below Fair Value: DB1 (CHF196.86) is trading below our estimate of fair value (CHF239.25)

Significantly Below Fair Value: DB1 is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for DB1?

Key metric: As DB1 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for DB1. This is calculated by dividing DB1's market cap by their current earnings.
What is DB1's PE Ratio?
PE Ratio19x
Earnings€2.01b
Market Cap€38.21b

Price to Earnings Ratio vs Peers

How does DB1's PE Ratio compare to its peers?

The above table shows the PE ratio for DB1 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average18.9x
PGHN Partners Group Holding
21.2x10.11%CHF 24.7b
UBSG UBS Group
16.8x18.13%CHF 98.8b
BAER Julius Bär Gruppe
13.7x11.22%CHF 11.5b
SQN Swissquote Group Holding
23.6x9.80%CHF 7.2b
DB1 Deutsche Börse
19x6.30%CHF 38.2b

Price-To-Earnings vs Peers: DB1 is expensive based on its Price-To-Earnings Ratio (19x) compared to the peer average (18.5x).

Price to Earnings Ratio vs Industry

How does DB1's PE Ratio compare vs other companies in the European Capital Markets Industry?

25 CompaniesPrice / EarningsEstimated GrowthMarket Cap
DB1 19.0xIndustry Avg. 16.6xNo. of Companies45PE01632486480+
25 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: DB1 is expensive based on its Price-To-Earnings Ratio (19x) compared to the European Capital Markets industry average (16.5x).

Price to Earnings Ratio vs Fair Ratio

What is DB1's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

DB1 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio19x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate DB1's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst DB1 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCHF 196.86
CHF 239.22
+21.52%
7.56%CHF 270.94CHF 209.49n/a15
Nov ’26n/a
CHF 239.00
0%
7.30%CHF 269.99CHF 208.75n/a15
Oct ’26CHF 212.73
CHF 253.06
+18.96%
8.60%CHF 288.75CHF 210.26n/a15
Sep ’26CHF 235.86
CHF 253.94
+7.67%
8.35%CHF 290.08CHF 211.23n/a16
Aug ’26n/a
CHF 250.59
0%
8.60%CHF 286.58CHF 204.04n/a16
Jul ’26n/a
CHF 253.40
0%
8.87%CHF 288.66CHF 205.52n/a16
Jun ’26CHF 269.50
CHF 254.45
-5.58%
9.02%CHF 298.90CHF 205.50n/a17
May ’26CHF 264.39
CHF 252.18
-4.62%
8.90%CHF 299.72CHF 206.06n/a17
Apr ’26n/a
CHF 241.10
0%
8.32%CHF 274.64CHF 210.53n/a17
Mar ’26n/a
CHF 232.59
0%
6.85%CHF 257.85CHF 206.28n/a17
Feb ’26n/a
CHF 224.60
0%
6.99%CHF 252.79CHF 188.65n/a17
Jan ’26n/a
CHF 212.44
0%
6.20%CHF 232.01CHF 181.69n/a17
Dec ’25n/a
CHF 209.91
0%
6.88%CHF 231.99CHF 180.75n/a17
Nov ’25n/a
CHF 207.86
0%
6.92%CHF 226.34CHF 182.39n/a17
Oct ’25n/a
CHF 202.19
0%
6.69%CHF 226.93CHF 182.30CHF 212.7318
Sep ’25CHF 188.51
CHF 195.53
+3.73%
5.99%CHF 215.64CHF 173.45CHF 235.8618
Aug ’25CHF 177.99
CHF 198.16
+11.33%
5.94%CHF 217.64CHF 175.82n/a18
Jul ’25n/a
CHF 196.30
0%
6.17%CHF 217.54CHF 177.29n/a18
Jun ’25n/a
CHF 201.02
0%
6.04%CHF 223.08CHF 181.80CHF 269.5018
May ’25n/a
CHF 201.02
0%
6.04%CHF 223.08CHF 181.80CHF 264.3918
Apr ’25n/a
CHF 199.60
0%
6.20%CHF 226.21CHF 181.16n/a18
Mar ’25CHF 182.84
CHF 194.42
+6.34%
6.04%CHF 220.27CHF 176.40n/a19
Feb ’25n/a
CHF 186.49
0%
7.81%CHF 214.41CHF 158.48n/a19
Jan ’25n/a
CHF 186.88
0%
7.51%CHF 217.78CHF 160.97n/a19
Dec ’24n/a
CHF 188.64
0%
7.80%CHF 221.89CHF 164.01n/a19
Nov ’24n/a
CHF 182.22
0%
8.19%CHF 213.41CHF 160.06n/a19
CHF 242.59
Fair Value
18.9% undervalued intrinsic discount
15
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/11/11 05:59
End of Day Share Price 2025/11/07 00:00
Earnings2025/09/30
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Deutsche Börse AG is covered by 30 analysts. 10 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Jesús Domínguez AnguloBanco de Sabadell. S.A.
Michael SandersonBarclays
Joanna NaderBarclays