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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Pb Multiple | 1.1x - 1.3x | 1.2x |
| Historical Pb Multiple | 0.8x - 1.1x | 1.0x |
| Fair Value | €42.90 - €47.41 | €45.15 |
| Upside | -13.8% - -4.8% | -9.3% |
| Benchmarks | - | Full Ticker |
| Amundi S.A. | - | XTRA:ANI |
| Invesco Ltd. | - | DB:3IW |
| T. Rowe Price Group, Inc. | - | XTRA:TR1 |
| Janus Henderson Group plc | - | DB:HDJA |
| St. James's Place plc | - | DB:1IV |
| DWS Group GmbH & Co. KGaA | - | DB:DWS |
| Select Price / Book Ratio | ||||||||
| Benchmark Companies | ||||||||
| ANI | 3IW | TR1 | HDJA | 1IV | DWS | |||
| XTRA:ANI | DB:3IW | XTRA:TR1 | DB:HDJA | DB:1IV | DB:DWS | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 6.4% | -1.0% | -0.3% | -0.8% | 22.1% | 4.9% | ||
| 3Y CAGR | -1.6% | -27.2% | -12.0% | -12.8% | 11.6% | -5.9% | ||
| Latest Twelve Months | 9.1% | 268.3% | 3.9% | -7.7% | 4044.6% | 25.4% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 20.1% | 13.6% | 33.0% | 17.2% | 10.4% | 16.4% | ||
| Prior Fiscal Year | 19.4% | -5.8% | 27.0% | 18.1% | -0.1% | 14.2% | ||
| Latest Fiscal Year | 19.6% | 8.9% | 28.8% | 16.1% | 1.5% | 15.7% | ||
| Latest Twelve Months | 19.1% | 9.3% | 27.6% | 15.3% | 1.5% | 16.6% | ||
| Return on Equity | ||||||||
| 5 Year Average Margin | 11.2% | 5.3% | 25.7% | 8.9% | 22.7% | 8.6% | ||
| Prior Fiscal Year | 10.4% | -3.1% | 19.0% | 8.6% | -0.9% | 7.1% | ||
| Latest Twelve Months | 11.0% | 5.3% | 19.5% | 8.6% | 35.3% | 9.2% | ||
| Next Fiscal Year | 10.8% | 7.4% | 18.0% | 11.4% | 27.4% | 11.5% | ||
| Two Fiscal Years Forward | 11.7% | 7.9% | 17.8% | 11.9% | 21.2% | 12.7% | ||
| Current Trading Multiples | ||||||||
| Price / LTM Sales | 2.1x | 1.2x | 3.1x | 2.5x | 0.2x | 2.3x | ||
| Price / LTM EPS | 11.0x | 13.4x | 11.4x | 16.6x | 15.9x | 14.1x | ||
| Price / Book | 1.2x | 0.7x | 2.2x | 1.4x | 5.0x | 1.3x | ||
| Price / Fwd Book | 1.2x | 0.7x | 2.1x | 1.3x | 4.1x | 1.4x | ||
| Low | Mid | High | ||||||
| Benchmark P/B Ratio | 0.7x | 1.4x | 5.0x | |||||
| Historical P/B Ratio | 0.8x | 1.0x | 1.1x | |||||
| Selected P/B Multiple | 1.1x | 1.2x | 1.3x | |||||
| (x) Book Value | 7,471 | 7,471 | 7,471 | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | ANI | 3IW | TR1 | HDJA | 1IV | DWS | |
| Value of Common Equity | 14,425 | 7,486 | 22,148 | 6,265 | 6,334 | 9,956 | |
| (/) Shares Outstanding | 203.5 | 447.6 | 220.3 | 157.5 | 529.6 | 200.0 | |
| Implied Stock Price | 70.90 | 16.73 | 100.53 | 39.77 | 11.96 | 49.78 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.17 | 1.17 | 1.17 | 0.86 | 1.00 | |
| Implied Stock Price (Trading Cur) | 70.90 | 14.30 | 85.94 | 34.00 | 13.88 | 49.78 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.17 | 1.17 | 1.17 | 0.86 | 1.00 | |