Deutsche Bank Aktiengesellschaft

AI-generated fair value estimate for this company.

Method: Tangible book value x justified price-to-tangible-book: tangible book value per share $34.72 (EUR30.98 converted at EUR/USD 1.1204); justified P/TBV = (ROTE-g)/(COE-g) = (10.3%-2%)/(10%-2%) = 1.0375x, using FY2025 reported return on tangible equity of 10.3%, assumed long-run growth of 2%, and cost of equity of 10% (German Bund yield ~2.6% plus 1.15 beta x 6.5% equity risk premium).

Reasoning: As a bank, equity value is driven by the spread between return on equity and cost of equity applied to tangible book rather than free cash flow, since regulatory capital and balance-sheet leverage make a standard FCF DCF unreliable; Deutsche Bank's ROTE has only recently crossed its cost of equity, implying a justified P/TBV only slightly above 1.0x.