(DB1) Deutsche Börse - Overview
Stock: Indexes, Trading Venues, Clearing House, Fund Services, Market Data
EPS (Earnings per Share)
Revenue
Dividends
| Dividend Yield | 1.43% |
| Yield on Cost 5y | 3.26% |
| Yield CAGR 5y | 7.46% |
| Payout Consistency | 95.9% |
| Payout Ratio | 48.7% |
| Risk 5d forecast | |
|---|---|
| Volatility | 25.9% |
| Relative Tail Risk | 1.79% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | -0.49 |
| Alpha | -13.27 |
| Character TTM | |
|---|---|
| Beta | -0.034 |
| Beta Downside | -0.042 |
| Drawdowns 3y | |
|---|---|
| Max DD | 29.51% |
| CAGR/Max DD | 0.39 |
Description: DB1 Deutsche Börse January 28, 2026
Deutsche Börse AG (XETRA:DB1) is a global exchange operator headquartered in Frankfurt, with activities across Europe, the United States and the Asia-Pacific. It is organized into four business segments – Investment Management Solutions, Trading & Clearing, Fund Services and Securities Services – and delivers a full stack of market infrastructure, from index creation (e.g., STOXX, DAX) and data licensing to cash- and derivatives-trading venues (Xetra, Börse Frankfurt, Tradegate, Eurex) and post-trade clearing (including the third-party Nodal Clear).
Key recent performance metrics (FY 2024) show total revenue of €5.3 billion, up 4 % YoY, driven primarily by a 7 % increase in clearing fees and a 5 % rise in data-licensing income. The Trading & Clearing segment contributed €2.9 billion of EBITDA with a margin of 38 %, while the Investment Management Solutions segment saw record index-licensing volumes, reflecting heightened demand for ESG-aligned benchmarks. Average daily turnover on Xetra remained above 5 billion shares, and Eurex cleared roughly 9 billion contracts in 2024, underscoring the firm’s dominant position in European derivatives markets.
Sector-wide, the exchange business is being reshaped by three macro drivers: (1) continued migration to electronic and algorithmic trading, (2) tighter regulatory capital requirements that increase the value of centralized clearing, and (3) expanding ESG investment flows that boost demand for customized indices and data services. Deutsche Börse’s diversified model positions it to capture upside from each of these trends, though execution risk remains in integrating new technology platforms and maintaining market share against emerging fintech competitors.
For a deeper quantitative assessment of Deutsche Börse’s risk-adjusted valuation, the ValueRay platform provides a transparent, data-driven dashboard that can help you test scenario assumptions and compare peer metrics.
Piotroski VR‑10 (Strict, 0-10) 4.0
| Net Income: 2.01b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.01 > 0.02 and ΔFCF/TA -0.22 > 1.0 |
| NWC/Revenue: 38.18% < 20% (prev 39.75%; Δ -1.56% < -1%) |
| CFO/TA 0.01 > 3% & CFO 3.74b > Net Income 2.01b |
| Net Debt (7.18b) to EBITDA (2.66b): 2.70 < 3 |
| Current Ratio: 1.01 > 1.5 & < 3 |
| Outstanding Shares: last quarter (183.8m) vs 12m ago 0.04% < -2% |
| Gross Margin: 60.10% > 18% (prev 0.69%; Δ 5941 % > 0.5%) |
| Asset Turnover: 2.27% > 50% (prev 3.35%; Δ -1.08% > 0%) |
| Interest Coverage Ratio: 25.11 > 6 (EBITDA TTM 2.66b / Interest Expense TTM 91.5m) |
Altman Z'' 0.22
| A: 0.01 (Total Current Assets 317.90b - Total Current Liabilities 315.11b) / Total Assets 343.07b |
| B: 0.03 (Retained Earnings 8.94b / Total Assets 343.07b) |
| C: 0.01 (EBIT TTM 2.30b / Avg Total Assets 322.20b) |
| D: 0.03 (Book Value of Equity 9.69b / Total Liabilities 332.31b) |
| Altman-Z'' Score: 0.22 = B |
Beneish M -2.87
| DSRI: 1.38 (Receivables 19.88b/19.82b, Revenue 7.31b/10.08b) |
| GMI: 1.14 (GM 60.10% / 68.70%) |
| AQI: 0.86 (AQ_t 0.07 / AQ_t-1 0.08) |
| SGI: 0.72 (Revenue 7.31b / 10.08b) |
| TATA: -0.01 (NI 2.01b - CFO 3.74b) / TA 343.07b) |
| Beneish M-Score: -2.87 (Cap -4..+1) = A |
What is the price of DB1 shares?
Over the past week, the price has changed by +0.56%, over one month by -2.90%, over three months by +1.76% and over the past year by -9.68%.
Is DB1 a buy, sell or hold?
What are the forecasts/targets for the DB1 price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 258 | 20.3% |
| Analysts Target Price | - | - |
| ValueRay Target Price | 234.9 | 9.5% |
DB1 Fundamental Data Overview February 03, 2026
P/E Trailing = 19.4799
P/E Forward = 17.7936
P/S = 5.3584
P/B = 3.5695
P/EG = 2.7957
Revenue TTM = 7.31b EUR
EBIT TTM = 2.30b EUR
EBITDA TTM = 2.66b EUR
Long Term Debt = 6.15b EUR (from longTermDebt, last quarter)
Short Term Debt = 27.44b EUR (from shortTermDebt, last quarter)
Debt = 9.58b EUR (from shortLongTermDebtTotal, last fiscal year)
Net Debt = 7.18b EUR (from netDebt column, last fiscal year)
Enterprise Value = 46.84b EUR (39.13b + Debt 9.58b - CCE 1.87b)
Interest Coverage Ratio = 25.11 (Ebit TTM 2.30b / Interest Expense TTM 91.5m)
EV/FCF = 22.85x (Enterprise Value 46.84b / FCF TTM 2.05b)
FCF Yield = 4.38% (FCF TTM 2.05b / Enterprise Value 46.84b)
FCF Margin = 28.06% (FCF TTM 2.05b / Revenue TTM 7.31b)
Net Margin = 27.56% (Net Income TTM 2.01b / Revenue TTM 7.31b)
Gross Margin = 60.10% ((Revenue TTM 7.31b - Cost of Revenue TTM 2.92b) / Revenue TTM)
Gross Margin QoQ = 80.81% (prev 45.18%)
Tobins Q-Ratio = 0.14 (Enterprise Value 46.84b / Total Assets 343.07b)
Interest Expense / Debt = 0.05% (Interest Expense 5.00m / Debt 9.58b)
Taxrate = 26.40% (179.0m / 678.0m)
NOPAT = 1.69b (EBIT 2.30b * (1 - 26.40%))
Current Ratio = 1.01 (Total Current Assets 317.90b / Total Current Liabilities 315.11b)
Debt / Equity = 0.89 (Debt 9.58b / totalStockholderEquity, last quarter 10.77b)
Debt / EBITDA = 2.70 (Net Debt 7.18b / EBITDA 2.66b)
Debt / FCF = 3.50 (Net Debt 7.18b / FCF TTM 2.05b)
Total Stockholder Equity = 10.81b (last 4 quarters mean from totalStockholderEquity)
RoA = 0.63% (Net Income 2.01b / Total Assets 343.07b)
RoE = 18.62% (Net Income TTM 2.01b / Total Stockholder Equity 10.81b)
RoCE = 13.54% (EBIT 2.30b / Capital Employed (Equity 10.81b + L.T.Debt 6.15b))
RoIC = 12.22% (NOPAT 1.69b / Invested Capital 13.83b)
WACC = 4.66% (E(39.13b)/V(48.71b) * Re(5.79%) + D(9.58b)/V(48.71b) * Rd(0.05%) * (1-Tc(0.26)))
Discount Rate = 5.79% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: -33.33 | Cagr: -0.38%
[DCF Debug] Terminal Value 86.31% ; FCFF base≈2.22b ; Y1≈2.21b ; Y5≈2.33b
Fair Price DCF = 340.7 (EV 69.63b - Net Debt 7.18b = Equity 62.45b / Shares 183.3m; r=5.90% [WACC]; 5y FCF grow -0.83% → 2.90% )
EPS Correlation: 76.97 | EPS CAGR: 12.96% | SUE: 0.87 | # QB: 1
Revenue Correlation: 59.61 | Revenue CAGR: 11.88% | SUE: 0.55 | # QB: 0
EPS next Quarter (2026-03-31): EPS=2.96 | Chg30d=+0.056 | Revisions Net=+1 | Analysts=1
EPS next Year (2026-12-31): EPS=11.70 | Chg30d=+0.109 | Revisions Net=+3 | Growth EPS=+7.1% | Growth Revenue=+4.6%