Company Valuation: Deutsche Bank AG

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 22,753 21,570 24,620 32,346 63,130 57,895 - -
Change - -5.2% 14.14% 31.38% 95.17% -8.29% - -
Enterprise Value (EV) 1 112,360 -27,875 -30,926 3,486 24,467 57,691 60,216 62,738
Change - -124.81% -10.94% 111.27% 601.75% 135.79% 4.38% 4.19%
P/E 11.8x 4.47x 6.09x 12.1x 10.8x 9.45x 8.05x 7.17x
PBR 0.4x 0.36x 0.39x 0.5x 0.96x 0.85x 0.79x 0.73x
PEG - 0x -0.4x -0.4x 0x 1.45x 0.5x 0.6x
Capitalization / Revenue 0.9x 0.79x 0.85x 1.07x 1.97x 1.75x 1.69x 1.61x
EV / Revenue 4.42x -1.02x -1.07x 0.12x 0.76x 1.75x 1.75x 1.75x
EV / EBITDA - - - - - - - -
EV / EBIT 28.8x -4.09x -4.3x 0.49x 2.14x 4.89x 4.75x 4.59x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.2 0.3 0.3 0.68 0.68 1.123 1.312 1.462
Rate of return 1.82% 2.83% 2.43% 4.09% 2.05% 3.64% 4.25% 4.74%
EPS 2 0.93 2.37 2.03 1.37 3.064 3.264 3.832 4.303
Distribution rate 21.5% 12.7% 14.8% 49.6% 22.2% 34.4% 34.2% 34%
Net sales 1 25,410 27,210 28,879 30,092 32,096 33,024 34,342 35,943
EBITDA - - - - - - - -
EBIT 1 3,905 6,820 7,184 7,121 11,437 11,806 12,675 13,679
Net income 1 1,940 5,025 4,212 2,700 6,122 6,354 7,109 7,850
Net Debt 1 89,607 -49,445 -55,546 -28,860 -38,663 -204.2 2,321 4,843
Reference price 2 11.02 10.59 12.36 16.64 33.11 30.84 30.84 30.84
Nbr of stocks (in thousands) 2,065,073 2,037,200 1,991,282 1,943,900 1,906,664 1,877,580 - -
Announcement Date 1/27/22 A 2/2/23 A 2/1/24 A 1/30/25 A 1/29/26 A - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
9.45x1.75x - 3.64% 66.25B
13.53x - - 1.85% 907B
13.12x - - 1.94% 430B
5.8x - - 5.35% 378B
12.39x - - 4.17% 344B
19.02x - - 2.24% 300B
5.44x - - 5.61% 286B
12.1x - - 2.18% 265B
5.81x - - 5.39% 264B
14.14x - - 2.8% 241B
Average 11.08x 1.75x 3.51% 348.02B
Weighted average by Cap. 11.61x 1.75x 3.2%

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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