Company Valuation: Commerzbank AG

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 8,377 11,066 13,345 18,140 39,584 38,846 - -
Change - 32.1% 20.59% 35.93% 118.21% -1.87% - -
Enterprise Value (EV) 8,377 11,066 13,345 18,140 39,584 38,846 38,846 38,846
Change - 32.1% 20.59% 35.93% 118.21% -1.87% 0% 0%
P/E ratio 29.1x - 6.6x 7.56x 17.5x 12x 9.69x 7.92x
PBR 0.33x - 0.48x 0.6x 1.31x 1.23x 1.17x 1.1x
PEG - - - 0.3x -18.2x 0.3x 0.4x 0.4x
Capitalization / Revenue 0.99x 1.17x 1.28x 1.63x 3.25x 2.93x 2.74x 2.56x
EV / Revenue 0x 0x 0x 0x 0x 2.93x 2.74x 2.56x
EV / EBITDA - - - - - - - -
EV / EBIT 0x 0x 0x 0x 0x 6.26x 5.45x 4.92x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 - - 0.35 0.65 1.1 1.43 1.831 2.242
Rate of return - - 3.25% 4.13% 3.05% 3.98% 5.09% 6.24%
EPS 2 0.23 - 1.63 2.08 2.06 2.993 3.71 4.54
Distribution rate - - 21.5% 31.3% 53.4% 47.8% 49.3% 49.4%
Net sales 1 8,459 9,461 10,461 11,106 12,171 13,260 14,191 15,154
EBITDA - - - - - - - -
EBIT 1 1,753 2,975 4,039 4,580 5,231 6,205 7,132 7,899
Net income 1 430 1,435 2,224 2,677 2,625 3,300 3,875 4,514
Net Debt - - - - - - - -
Reference price 2 6.69 8.84 10.76 15.72 36.10 35.94 35.94 35.94
Nbr of stocks (in thousands) 1,252,358 1,252,358 1,240,223 1,153,591 1,096,524 1,080,847 - -
Announcement Date 2/17/22 A 2/16/23 A 2/15/24 A 2/13/25 A 2/11/26 A - - -
1EUR in Million2EUR
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
12.19x - - 3.92% 45.82B
13.33x - - 2.11% 798B
5.81x - - 5.34% 363B
11.13x - - 2.37% 353B
10.94x - - 4.73% 302B
5.81x - - 5.25% 300B
6.02x - - 5.19% 259B
16.14x - - 2.66% 256B
10.53x - - 2.56% 225B
24.8x - - 3.16% 191B
Average 11.67x 3.73% 309.3B
Weighted average by Cap. 11.34x 3.51%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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