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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 1.9x - 2.1x | 2.0x |
| Selected Fwd Ps Multiple | 1.4x - 1.6x | 1.5x |
| Fair Value | €3.92 - €4.33 | €4.13 |
| Upside | 12.0% - 23.8% | 17.9% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Berliner Effektengesellschaft AG | - | DB:BFV |
| Deutsche Bank Aktiengesellschaft | - | XTRA:DBK |
| Banca Profilo S.p.A. | - | DB:BPA |
| Banca Generali S.p.A. | - | DB:B7A |
| Van Lanschot Kempen NV | - | DB:VA3 |
| Quirin Privatbank AG | - | DB:QB7 |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| BFV | DBK | BPA | B7A | VA3 | QB7 | |||
| DB:BFV | XTRA:DBK | DB:BPA | DB:B7A | DB:VA3 | DB:QB7 | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 14.8% | 4.7% | 4.2% | 11.3% | 5.1% | 8.2% | ||
| 3Y CAGR | -17.7% | 4.3% | 3.5% | 11.6% | 5.6% | 11.1% | ||
| Latest Twelve Months | 41.2% | 12.1% | -4.3% | 7.4% | 3.4% | 28.1% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 29.5% | 13.5% | 15.8% | 41.3% | 17.8% | 5.1% | ||
| Prior Fiscal Year | 9.0% | 15.6% | 15.9% | 40.6% | 17.7% | 7.3% | ||
| Latest Fiscal Year | 10.9% | 9.9% | 13.2% | 43.2% | 18.2% | 12.0% | ||
| Latest Twelve Months | 12.3% | 18.1% | 7.1% | 40.3% | 17.2% | 12.0% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
| Price / LTM Sales | 5.1x | 1.9x | 1.7x | 5.6x | 2.9x | 1.7x | ||
| LTM P/E Ratio | 41.5x | 10.6x | 23.9x | 13.9x | 17.1x | 14.2x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 1.7x | 2.9x | 5.6x | |||||
| Historical LTM P/S Ratio | 1.4x | 2.3x | 3.2x | |||||
| Selected Price / Sales Multiple | 1.9x | 2.0x | 2.1x | |||||
| (x) LTM Sales | 91 | 91 | 91 | |||||
| (=) Equity Value | 168 | 177 | 186 | |||||
| (/) Shares Outstanding | 43.4 | 43.4 | 43.4 | |||||
| Implied Value Range | 3.88 | 4.08 | 4.28 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 3.88 | 4.08 | 4.28 | 3.50 | ||||
| Upside / (Downside) | 10.7% | 16.6% | 22.4% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | BFV | DBK | BPA | B7A | VA3 | QB7 | |
| Value of Common Equity | 893 | 57,604 | 98 | 5,425 | 2,140 | 152 | |
| (/) Shares Outstanding | 13.0 | 1,914.1 | 660.4 | 114.3 | 42.4 | 43.4 | |
| Implied Stock Price | 68.50 | 30.10 | 0.15 | 47.46 | 50.50 | 3.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 68.50 | 30.10 | 0.15 | 47.46 | 50.50 | 3.50 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |