Independent equity research
Is Deutsche Bank AG (DBK) a Buy, Hold or Sell?
Deutsche Bank AG — our independent, AI-built valuation and rating, in brief.
BUY (accumulate)
12-mo fair value
€44.00
To fair value
+26%
By · report dated 2026-09-03 · fair value derived independently of the market price.
The thesis, in brief
Deutsche Bank now earns above its cost of equity, but at 1.06x tangible book the market still capitalises a sustainable return of only 8.9%; we underwrite 12%, and the thesis fails if group return on tangible equity falls below 11% in any two consecutive quarters through 2027
How we value it
We value Deutsche Bank AG using Justified P/TBV from RoTE against cost of equity, less a 15% execution discount, on 2026E tangible book. The 12-month fair value is set from that intrinsic estimate first, then compared to the market to read the upside or downside — never anchored to the current price.
What the full report covers
- Business & moat + industry cycle
- Earnings quality & normalization
- ROTCE vs cost of equity
- Balance-sheet safety & capital (CET1)
- P/TBV + excess-return / residual-income
- Bear / base / bull fair values
- Earnings-call analysis
- Insider activity & positioning
- Technicals (RSI / ADX)
- A falsifiable thesis
Read the full Deutsche Bank AG report
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