Deutsche Bank (XTRA:DBK) - Share price, News & Analysis

DBK fundamental analysis
Snowflake Score
Valuation	6/6
Future Growth	2/6
Past Performance	4/6
Financial Health	3/6
Dividends	3/6

DBK Stock Overview

Deutsche Bank Aktiengesellschaft provides investment, financial, and related products and services to private individuals, corporate entities, and institutional clients worldwide.

Rewards

Trading at 54.8% below our estimate of its fair value

Earnings are forecast to grow 16.13% per year

Earnings grew by 108% over the past year

Risk Analysis

Unstable dividend track record

Large one-off items impacting financial results

Deutsche Bank Competitors

JPMorgan Chase

NYSE:JPM

US$366.0b

Bank of America

NYSE:BAC

US$289.0b

Industrial and Commercial Bank of China

SEHK:1398

HK$1.9t

Invesco QQQ Trust Series 1

NasdaqGM:QQQ

US$160.4b

Price History & Performance

Summary of all time highs, changes and price drops for Deutsche Bank
Historical stock prices
Current Share Price	€10.02
52 Week High	€14.64
52 Week Low	€8.16
Beta	1.4
1 Month Change	-9.13%
3 Month Change	-22.18%
1 Year Change	-18.35%
3 Year Change	58.89%
5 Year Change	-37.91%
Change since IPO	-69.58%

Shareholder Returns

	DBK	DE Capital Markets	DE Market
7D	5.0%	-0.09%	-0.09%
1Y	-18.4%	-5.6%	-12.9%

Return vs Industry: DBK underperformed the German Capital Markets industry which returned -5.6% over the past year.

Return vs Market: DBK underperformed the German Market which returned -12.9% over the past year.

Price Volatility

Is DBK's price volatile compared to industry and market?
DBK volatility
DBK Average Weekly Movement	8.1%
Capital Markets Industry Average Movement	5.8%
Market Average Movement	6.4%
10% most volatile stocks in DE Market	10.6%
10% least volatile stocks in DE Market	3.5%

Stable Share Price: DBK is not significantly more volatile than the rest of German stocks over the past 3 months, typically moving +/- 8% a week.

Volatility Over Time: DBK's weekly volatility (8%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1870	83,000	Christian Sewing	https://www.db.com

Deutsche Bank Aktiengesellschaft provides investment, financial, and related products and services to private individuals, corporate entities, and institutional clients worldwide. Its Corporate Bank segment provides cash management, trade finance and lending, trust and agency, foreign exchange, and securities services, as well as risk management solutions. The company’s Investment Bank segment offers merger and acquisitions, and equity advisory services.

Deutsche Bank Fundamentals Summary

How do Deutsche Bank's earnings and revenue compare to its market cap?
DBK fundamental statistics
Market Cap	€20.36b
Earnings (TTM)	€2.27b
Revenue (TTM)	€24.90b

9.0x

P/E Ratio

0.8x

P/S Ratio

Is DBK overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
DBK income statement (TTM)
Revenue	€24.90b
Cost of Revenue	€0
Gross Profit	€24.90b
Other Expenses	€22.62b
Earnings	€2.27b

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

Jul 27, 2022

Earnings per share (EPS)	1.12
Gross Margin	100.00%
Net Profit Margin	9.13%
Debt/Equity Ratio	685.6%

How did DBK perform over the long term?

See historical performance and comparison

Dividends

2.0%

Current Dividend Yield

18%

Payout Ratio

Valuation

Is Deutsche Bank undervalued compared to its fair value and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

Below Fair Value
Significantly Below Fair Value
PE vs Industry
PE vs Market
PEG Ratio
PB vs Industry

>50%

Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: DBK (€10.02) is trading below our estimate of fair value (€22.17)

Significantly Below Fair Value: DBK is trading below fair value by more than 20%.

Price To Earnings Ratio

PE vs Industry: DBK is good value based on its PE Ratio (9x) compared to the German Capital Markets industry average (14.5x).

PE vs Market: DBK is good value based on its PE Ratio (9x) compared to the German market (17.2x).

Price to Earnings Growth Ratio

PEG Ratio: DBK is good value based on its PEG Ratio (0.6x)

Price to Book Ratio

PB vs Industry: DBK is good value based on its PB Ratio (0.3x) compared to the DE Capital Markets industry average (1.2x).

Future Growth

How is Deutsche Bank forecast to perform in the next 1 to 3 years based on estimates from 15 analysts?

Future Growth Score

2/6

Future Growth Score 2/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

16.1%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: DBK's forecast earnings growth (16.1% per year) is above the savings rate (-0.05%).

Earnings vs Market: DBK's earnings (16.1% per year) are forecast to grow faster than the German market (7.4% per year).

High Growth Earnings: DBK's earnings are forecast to grow, but not significantly.

Revenue vs Market: DBK's revenue (2.6% per year) is forecast to grow slower than the German market (4.8% per year).

High Growth Revenue: DBK's revenue (2.6% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: DBK's Return on Equity is forecast to be low in 3 years time (6.2%).

Past Performance

How has Deutsche Bank performed over the past 5 years?

Past Performance Score

4/6

Past Performance Score 4/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

28.0%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: DBK has a large one-off loss of €1.8B impacting its March 31 2022 financial results.

Growing Profit Margin: DBK's current net profit margins (9.1%) are higher than last year (4.6%).

Past Earnings Growth Analysis

Earnings Trend: DBK has become profitable over the past 5 years, growing earnings by 28% per year.

Accelerating Growth: DBK's earnings growth over the past year (108%) exceeds its 5-year average (28% per year).

Earnings vs Industry: DBK earnings growth over the past year (108%) exceeded the Capital Markets industry 45.2%.

Return on Equity

High ROE: DBK's Return on Equity (4.1%) is considered low.

Financial Health

How is Deutsche Bank's financial position? (This company is analysed differently as a bank or financial institution)

Financial Health Score

3/6

Financial Health Score 3/6

Asset Level
Allowance for Bad Loans
Low Risk Liabilities
Loan Level
Low Risk Deposits
Level of Bad Loans

Financial Position Analysis

Debt to Equity History and Analysis

Balance Sheet

Financial Institutions Analysis

Asset Level: DBK's Assets to Equity ratio (19.5x) is moderate.

Allowance for Bad Loans: DBK has a low allowance for bad loans (38%).

Low Risk Liabilities: 53% of DBK's liabilities are made up of primarily higher risk sources of funding.

Loan Level: DBK has an appropriate level of Loans to Assets ratio (35%).

Low Risk Deposits: DBK's Loans to Deposits ratio (79%) is appropriate.

Level of Bad Loans: DBK has a high level of bad loans (2.6%).

Dividend

What is Deutsche Bank current dividend yield, its reliability and sustainability?

Dividend Score

3/6

Dividend Score 3/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

2.00%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: DBK's dividend (2%) is higher than the bottom 25% of dividend payers in the German market (1.4%).

High Dividend: DBK's dividend (2%) is low compared to the top 25% of dividend payers in the German market (4.31%).

Stability and Growth of Payments

Stable Dividend: DBK's dividend payments have been volatile in the past 10 years.

Growing Dividend: DBK's dividend payments have fallen over the past 10 years.

Current Payout to Shareholders

Earnings Coverage: With its low payout ratio (18.4%), DBK's dividend payments are well covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: DBK's dividends in 3 years are forecast to be well covered by earnings (28.8% payout ratio).

Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

2.3yrs

Average management tenure

CEO

Christian Sewing (51 yo)

7.33yrs

Tenure

€3,883,000

Compensation

Mr. Christian Sewing has been Chairman of Management Board and CEO at Deutsche Bank Aktiengesellschaft since April 8, 2018 and as its Member of Management Board since January 01, 2015. He was Head of Deuts...

CEO Compensation Analysis

Compensation vs Market: Christian's total compensation ($USD4.15M) is about average for companies of similar size in the German market ($USD4.98M).

Compensation vs Earnings: Christian's compensation has been consistent with company performance over the past year.

Leadership Team

Experienced Management: DBK's management team is considered experienced (2.3 years average tenure).

Board Members

Experienced Board: DBK's board of directors are not considered experienced ( 2.6 years average tenure), which suggests a new board.

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/05/23 00:00
End of Day Share Price	2022/05/23 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31