(DB1) Deutsche Börse - Ratings and Ratios
Indices,Trading,Clearing,Data,Funds
DB1 EPS (Earnings per Share)
DB1 Revenue
Description: DB1 Deutsche Börse
Deutsche Börse AG (XETRA: DB1) is a globally-active exchange operator headquartered in Frankfurt, Germany, with operations spanning Europe, the United States and the Asia-Pacific region. The firm is organized into four primary segments: Investment Management Solutions, Trading & Clearing, Fund Services, and Securities Services.
Within Investment Management Solutions the company provides a suite of index and research products-including the STOXX and DAX families, ISS governance solutions, custom-index design, and licensing-as well as analytics software and pre-IPO/listing advisory services. Trading & Clearing covers cash, spot, derivatives and FX markets through platforms such as Xetra, Börse Frankfurt, Tradegate, and Eurex, together with European commodity clearing. Fund Services comprises securities issuance, settlement, asset-servicing, the Clearstream Fund Centre, and Kneip’s fund-data management platform. Securities Services also extends to the third-party clearing house Nodal Clear and a range of SaaS and API solutions under the Deutsche Börse and 7 Market Technology brands.
Key financial metrics (FY 2023) show net revenue of €5.0 billion, a 4 % YoY increase driven largely by higher trading volumes and index licensing fees, and an EBIT margin of roughly 42 %, reflecting the capital-light nature of the exchange business. The company’s cash-flow conversion remains strong, with free cash flow covering > 150 % of dividend payouts.
Sector-level drivers that materially affect Deutsche Börse include the continued migration of equity and derivatives trading to electronic venues (global electronic trading volumes grew ~ 9 % in 2023), expanding demand for ESG-focused indices (ESG-related index licensing grew > 15 % YoY), and regulatory trends such as MiFID II and EMIR that reinforce the value of centralized clearing and data services. Macro-economic factors-particularly interest-rate cycles and corporate-earnings growth-also influence trading activity and, by extension, fee-based revenue.
For a deeper quantitative assessment, you may find ValueRay’s proprietary valuation models useful.
DB1 Stock Overview
| Market Cap in USD | 48,551m |
| Sub-Industry | Financial Exchanges & Data |
| IPO / Inception |
DB1 Stock Ratings
| Growth Rating | 62.5% |
| Fundamental | 83.4% |
| Dividend Rating | 56.9% |
| Return 12m vs S&P 500 | -10.5% |
| Analyst Rating | - |
DB1 Dividends
| Dividend Yield 12m | 1.80% |
| Yield on Cost 5y | 3.01% |
| Annual Growth 5y | 6.99% |
| Payout Consistency | 95.8% |
| Payout Ratio | 37.0% |
DB1 Growth Ratios
| Growth Correlation 3m | -86.2% |
| Growth Correlation 12m | 46.6% |
| Growth Correlation 5y | 96.7% |
| CAGR 5y | 13.22% |
| CAGR/Max DD 3y (Calmar Ratio) | 0.56 |
| CAGR/Mean DD 3y (Pain Ratio) | 2.56 |
| Sharpe Ratio 12m | 0.71 |
| Alpha | -6.66 |
| Beta | 0.501 |
| Volatility | 20.82% |
| Current Volume | 351.5k |
| Average Volume 20d | 347.3k |
| Stop Loss | 215.6 (-3%) |
| Signal | 0.42 |
Piotroski VR‑10 (Strict, 0-10) 3.5
| Net Income (1.99b TTM) > 0 and > 6% of Revenue (6% = 433.7m TTM) |
| FCFTA 0.01 (>2.0%) and ΔFCFTA -0.27pp (YES ≥ +1.0pp, WARN ≥ +0.5pp) |
| NWC/Revenue 46.74% (prev 33.35%; Δ 13.38pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp) |
| CFO/TA 0.01 (>3.0%) and CFO 3.74b > Net Income 1.99b (YES >=105%, WARN >=100%) |
| Net Debt (-1.71b) to EBITDA (3.46b) ratio: -0.49 <= 3.0 (WARN <= 3.5) |
| Current Ratio 1.01 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active) |
| Outstanding Shares last Quarter (183.5m) change vs 12m ago -0.15% (target <= -2.0% for YES) |
| Gross Margin 54.28% (prev 69.22%; Δ -14.94pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0) |
| Asset Turnover 2.63% (prev 3.84%; Δ -1.21pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0) |
| Interest Coverage Ratio 81.33 (EBITDA TTM 3.46b / Interest Expense TTM 36.6m) >= 6 (WARN >= 3) |
Altman Z'' 0.29
| (A) 0.01 = (Total Current Assets 270.02b - Total Current Liabilities 266.64b) / Total Assets 294.27b |
| (B) 0.03 = Retained Earnings (Balance) 9.21b / Total Assets 294.27b |
| (C) 0.01 = EBIT TTM 2.98b / Avg Total Assets 275.19b |
| (D) 0.03 = Book Value of Equity 9.61b / Total Liabilities 283.25b |
| Total Rating: 0.29 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D) |
ValueRay F-Score (Strict, 0-100) 83.41
| 1. Piotroski 3.50pt = -1.50 |
| 2. FCF Yield 4.14% = 2.07 |
| 3. FCF Margin 28.36% = 7.09 |
| 4. Debt/Equity 0.91 = 2.10 |
| 5. Debt/Ebitda -0.49 = 2.50 |
| 6. ROIC - WACC (= 10.67)% = 12.50 |
| 7. RoE 18.67% = 1.56 |
| 8. Rev. Trend 41.82% = 3.14 |
| 9. EPS Trend 79.07% = 3.95 |
What is the price of DB1 shares?
Over the past week, the price has changed by -2.11%, over one month by -3.68%, over three months by -15.67% and over the past year by +3.35%.
Is Deutsche Börse a good stock to buy?
Based on momentum, paid dividends and discounted-cash-flow analyses, the fair value of DB1 is around 212.66 EUR . This means that DB1 is currently overvalued and has a potential downside of -4.34%.
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 | 262.7 | 18.2% |
| Analysts Target Price | - | - |
| ValueRay Target Price | 232.7 | 4.7% |
DB1 Fundamental Data Overview
Market Cap EUR = 41.62b (41.62b EUR * 1.0 EUR.EUR)
P/E Trailing = 21.0473
P/E Forward = 19.3424
P/S = 5.7577
P/B = 3.9342
P/EG = 3.3684
Beta = 0.501
Revenue TTM = 7.23b EUR
EBIT TTM = 2.98b EUR
EBITDA TTM = 3.46b EUR
Long Term Debt = 6.22b EUR (from longTermDebt, last quarter)
Short Term Debt = 24.13b EUR (from shortTermDebt, last quarter)
Debt = 9.58b EUR (from shortLongTermDebtTotal, last fiscal year)
Net Debt = -1.71b EUR (from netDebt column, last quarter)
Enterprise Value = 49.49b EUR (41.62b + Debt 9.58b - CCE 1.71b)
Interest Coverage Ratio = 81.33 (Ebit TTM 2.98b / Interest Expense TTM 36.6m)
FCF Yield = 4.14% (FCF TTM 2.05b / Enterprise Value 49.49b)
FCF Margin = 28.36% (FCF TTM 2.05b / Revenue TTM 7.23b)
Net Margin = 27.47% (Net Income TTM 1.99b / Revenue TTM 7.23b)
Gross Margin = 54.28% ((Revenue TTM 7.23b - Cost of Revenue TTM 3.31b) / Revenue TTM)
Gross Margin QoQ = 45.18% (prev 57.35%)
Tobins Q-Ratio = 0.17 (Enterprise Value 49.49b / Total Assets 294.27b)
Interest Expense / Debt = 0.06% (Interest Expense 6.10m / Debt 9.58b)
Taxrate = 26.09% (189.5m / 726.3m)
NOPAT = 2.20b (EBIT 2.98b * (1 - 26.09%))
Current Ratio = 1.01 (Total Current Assets 270.02b / Total Current Liabilities 266.64b)
Debt / Equity = 0.91 (Debt 9.58b / totalStockholderEquity, last quarter 10.56b)
Debt / EBITDA = -0.49 (Net Debt -1.71b / EBITDA 3.46b)
Debt / FCF = -0.83 (Net Debt -1.71b / FCF TTM 2.05b)
Total Stockholder Equity = 10.64b (last 4 quarters mean from totalStockholderEquity)
RoA = 0.67% (Net Income 1.99b / Total Assets 294.27b)
RoE = 18.67% (Net Income TTM 1.99b / Total Stockholder Equity 10.64b)
RoCE = 17.66% (EBIT 2.98b / Capital Employed (Equity 10.64b + L.T.Debt 6.22b))
RoIC = 17.07% (NOPAT 2.20b / Invested Capital 12.89b)
WACC = 6.40% (E(41.62b)/V(51.20b) * Re(7.86%) + D(9.58b)/V(51.20b) * Rd(0.06%) * (1-Tc(0.26)))
Discount Rate = 7.86% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 8.05%
Shares Correlation 3-Years: -100.0 | Cagr: -0.45%
[DCF Debug] Terminal Value 78.26% ; FCFE base≈2.22b ; Y1≈2.21b ; Y5≈2.34b
Fair Price DCF = 225.9 (DCF Value 41.40b / Shares Outstanding 183.3m; 5y FCF grow -0.83% → 3.0% )
EPS Correlation: 79.07 | EPS CAGR: 11.97% | SUE: 0.17 | # QB: 0
Revenue Correlation: 41.82 | Revenue CAGR: 11.76% | SUE: 0.49 | # QB: 0