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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 12.5x - 13.9x | 13.2x |
| Selected Fwd P/E Multiple | 10.7x - 11.8x | 11.2x |
| Fair Value | €37.30 - €41.23 | €39.27 |
| Upside | -36.6% - -29.9% | -33.2% |
| Benchmarks | - | Full Ticker |
| EFG International AG | - | DB:E2S1 |
| Vontobel Holding AG | - | SWX:VONN |
| Julius Bär Gruppe AG | - | DB:JGE1 |
| Banca Generali S.p.A. | - | BIT:BGN |
| Deutsche Bank Aktiengesellschaft | - | WBAG:DBK |
| Van Lanschot Kempen NV | - | DB:VA3 |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| E2S1 | VONN | JGE1 | BGN | DBK | VA3 | |||
| DB:E2S1 | SWX:VONN | DB:JGE1 | BIT:BGN | WBAG:DBK | DB:VA3 | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 26.3% | 1.2% | 17.1% | 9.6% | NM- | 7.2% | ||
| 3Y CAGR | 17.3% | -10.7% | -1.9% | 10.1% | 11.7% | -1.3% | ||
| Latest Twelve Months | 20.3% | 15.6% | 131.3% | 0.3% | 85.0% | 11.3% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 18.0% | 19.6% | 21.9% | 41.3% | 13.5% | 16.7% | ||
| Prior Fiscal Year | 20.0% | 16.4% | 14.0% | 40.6% | 15.6% | 17.7% | ||
| Latest Fiscal Year | 20.2% | 18.7% | 26.5% | 43.2% | 9.9% | 18.2% | ||
| Latest Twelve Months | 23.3% | 18.2% | 23.2% | 40.3% | 18.1% | 18.2% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
| Price / LTM Sales | 3.2x | 2.5x | 3.2x | 5.9x | 2.0x | 3.4x | ||
| LTM P/E Ratio | 13.5x | 13.6x | 13.6x | 14.7x | 10.9x | 19.0x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | 10.9x | 13.6x | 14.7x | |||||
| Historical LTM P/E Ratio | 8.0x | 10.2x | 19.0x | |||||
| Selected P/E Multiple | 12.5x | 13.2x | 13.9x | |||||
| (x) LTM Net Income | 132 | 132 | 132 | |||||
| (=) Equity Value | 1,653 | 1,740 | 1,827 | |||||
| (/) Shares Outstanding | 42.4 | 42.4 | 42.4 | |||||
| Implied Value Range | 39.02 | 41.08 | 43.13 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 39.02 | 41.08 | 43.13 | 58.80 | ||||
| Upside / (Downside) | -33.6% | -30.1% | -26.6% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | E2S1 | VONN | JGE1 | BGN | DBK | VA3 | |
| Value of Common Equity | 4,799 | 3,407 | 11,751 | 5,750 | 59,590 | 2,491 | |
| (/) Shares Outstanding | 301.5 | 56.3 | 1,039.5 | 114.3 | 1,921.3 | 42.4 | |
| Implied Stock Price | 15.92 | 60.50 | 11.30 | 50.30 | 31.02 | 58.80 | |
| FX Conversion Rate to Trading Currency | 0.94 | 1.00 | 0.94 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 16.90 | 60.50 | 12.00 | 50.30 | 31.02 | 58.80 | |
| Trading Currency | EUR | CHF | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 0.94 | 1.00 | 0.94 | 1.00 | 1.00 | 1.00 | |