Deutsche Bank Aktiengesellschaft

BATS-CHIXE:DBKD Stock Report

Market Cap: €31.2b

Deutsche Bank Valuation

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

Valuation Score

5/6

Valuation Score 5/6

  • 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 DBKD when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: DBKD (€15.98) is trading below our estimate of fair value (€34.78)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for DBKD. This is calculated by dividing DBKD's market cap by their current earnings.
What is DBKD's PE Ratio?
PE Ratio8x
Earnings€3.89b
Market Cap€31.22b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for DBKD vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average31x
III 3i Group
7.9x17.7%UK£33.3b
LSEG London Stock Exchange Group
83.6x21.9%UK£56.9b
ICG Intermediate Capital Group
14.9x11.7%UK£5.9b
HL. Hargreaves Lansdown
17.6x1.6%UK£5.2b
DBKD Deutsche Bank
8x13.4%€31.2b

Price-To-Earnings vs Peers: DBKD is good value based on its Price-To-Earnings Ratio (8x) compared to the peer average (30.8x).

Price to Earnings Ratio vs Industry

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

5 CompaniesPrice / EarningsEstimated GrowthMarket Cap
CBA CEIBA Investments
2.8xn/aUS$42.52m
PNIX Phoenix Digital Assets
1.1xn/aUS$32.25m
IX. i(x) Net Zero
0.1xn/aUS$8.94m
APQ APQ Global
0.4xn/aUS$5.78m
No. of Companies15PE01224364860+
5 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: DBKD is good value based on its Price-To-Earnings Ratio (8x) compared to the UK Capital Markets industry average (12.1x).

Price to Earnings Ratio vs Fair Ratio

What is DBKD'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.

DBKD PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio8x
Fair PE Ratio24.7x

Price-To-Earnings vs Fair Ratio: DBKD is good value based on its Price-To-Earnings Ratio (8x) compared to the estimated Fair Price-To-Earnings Ratio (24.7x).

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 DBKD forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€15.98
€17.99
+12.6%
18.6%€23.20€10.90n/a15
Nov ’25€15.52
€17.98
+15.8%
18.5%€23.20€10.90n/a15
Oct ’25€15.48
€17.22
+11.2%
19.0%€22.30€10.90n/a16
Sep ’25€14.74
€17.80
+20.8%
38.3%€43.00€10.90n/a18
Aug ’25€14.56
€17.79
+22.2%
38.3%€43.00€10.90n/a18
Jul ’25€15.39
€17.53
+13.9%
38.9%€43.00€10.90n/a18
Jun ’25€15.03
€17.50
+16.5%
38.8%€43.00€10.90n/a18
May ’25€15.03
€17.18
+14.3%
39.4%€43.00€10.90n/a18
Apr ’25€14.59
€15.78
+8.1%
44.5%€43.00€10.90n/a18
Mar ’25€12.53
€15.58
+24.4%
43.9%€43.00€10.90n/a19
Feb ’25€12.36
€15.02
+21.5%
46.7%€43.00€9.80n/a19
Jan ’25n/a
€14.94
0%
47.0%€43.00€9.80n/a19
Dec ’24€11.52
€14.96
+29.9%
47.0%€43.00€9.80n/a19
Nov ’24€10.49
€14.96
+42.6%
47.5%€43.00€9.80€15.5219
Oct ’24€10.48
€14.93
+42.5%
48.5%€43.00€9.80€15.4818
Sep ’24n/a
€14.67
0%
48.6%€43.00€9.80€14.7419
Aug ’24€10.12
€14.63
+44.6%
48.7%€43.00€9.80€14.5619
Jul ’24€9.61
€15.07
+56.9%
46.8%€43.00€10.50€15.3919
Jun ’24€9.63
€14.98
+55.4%
45.9%€43.00€10.50€15.0320
May ’24€9.94
€14.97
+50.6%
46.0%€43.00€10.50€15.0320
Apr ’24€9.38
€15.32
+63.3%
44.1%€43.00€10.90€14.5920
Mar ’24€11.56
€15.40
+33.2%
44.1%€43.00€10.90€12.5320
Feb ’24€12.28
€14.67
+19.4%
47.0%€43.00€9.50€12.3620
Jan ’24€10.68
€14.42
+35.1%
49.1%€43.00€9.50n/a19
Dec ’23€9.94
€14.31
+43.9%
49.9%€43.00€9.50€11.5219
Nov ’23€9.72
€13.78
+41.8%
53.9%€43.00€5.80€10.4919

Analyst Forecast: Target price is less than 20% higher than the current share price.

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