Deutsche Börse AG (DB1.DE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+10.1%

€345.36

vs €313.80 price

Levered DCF

€411.99

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.15

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	20.52×	20.98×	19.78×	19.83×	22.32×	23.64×	25.62×	23.76×
P/B	3.62×	3.8×	3.53×	3.5×	3.75×	4.14×	4.48×	4.06×
P/S	5.52×	5.82×	5.59×	5.67×	6.19×	6.87×	7.78×	6.31×
EV / EBITDA	13.47×	14.04×	13.84×	12.94×	14.66×	14.07×	15.54×	12.94×
Gross margin	67.7%	58.3%	59.2%	80.9%	51.6%	56.6%	59.0%	58.1%
Operating margin	40.3%	40.8%	41.6%	53.4%	38.1%	42.5%	43.8%	39.6%
Net margin	26.9%	27.7%	28.3%	28.6%	27.7%	29.1%	30.4%	26.6%
Current ratio	0.47×	1.02×	1.01×	1.01×	1×	1.02×	1.02×	1.01×
Debt / equity	0.72×	0.89×	0.9×	0.63×	0.88×	0.78×	0.52×	0.56×
Interest coverage	19.41×	15.63×	22.88×	33.33×	23.54×	15.89×	23.2×	15.13×
Dividend yield	1.8%	1.7%	1.9%	2.0%	2.0%	2.1%	1.9%	2.3%
Payout ratio	36.8%	35.8%	38.4%	39.3%	45.5%	49.3%	49.3%	55.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	17.6%	18.1%	17.8%	17.6%	16.8%	17.5%	17.5%	17.1%
Return on invested capital	0.7%	7.5%	6.8%	8.6%	5.1%	6.0%	7.1%	4.9%
Return on assets	0.7%	0.9%	0.7%	0.6%	0.5%	0.7%	0.7%	0.5%
Free cash flow yield	6.7%	5.0%	6.7%	7.3%	2.6%	4.8%	2.9%	5.8%
Earnings yield	4.9%	4.8%	5.1%	5.0%	4.5%	4.2%	3.9%	4.2%
Enterprise value	€47.3B	€48.1B	€40.7B	€32.9B	€30.4B	€26.6B	€26.2B	€18.7B
Net debt / EBITDA	1.81×	2.1×	2.25×	1.28×	1.63×	0.57×	0.31×	-0.58×
Cash conversion cycle (days)	734	921	965	38,259	15,346	741	761	1,209