Company Valuation: Deutsche Börse AG

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 25,542 26,996 29,637 34,267 40,791 39,221 39,221 -
Change - 5.69% 9.78% 15.62% 19.04% -3.85% 0% -
Enterprise Value (EV) 1 28,942 29,506 32,896 40,096 48,501 43,564 42,640 41,706
Change - 1.95% 11.49% 21.89% 20.96% -10.18% -2.12% -2.19%
P/E ratio 23.5x 21.1x 19.8x 19.9x 21x 19.6x 18.4x 16.9x
PBR 4.14x 3.75x 3.5x 3.57x 3.79x 3.37x 3.04x 2.74x
PEG - 1.2x 1.2x 1.3x 1.6x 6.51x 2.72x 2x
Capitalization / Revenue 7.95x 7.69x 6.83x 6.75x 7x 6.5x 6.22x 5.9x
EV / Revenue 9.01x 8.41x 7.58x 7.9x 8.32x 7.22x 6.76x 6.28x
EV / EBITDA 14.3x 14.4x 13x 13.6x 14.3x 12.4x 11.5x 10.5x
EV / EBIT 16.4x 16.9x 15.2x 15.9x 16.7x 14.5x 13.5x 12.3x
EV / FCF 23.8x 42x 15.2x 17.6x 23.7x 20.8x 17.5x 17.7x
FCF Yield 4.2% 2.38% 6.57% 5.69% 4.23% 4.81% 5.71% 5.65%
Dividend per Share 2 3 3.2 3.6 3.8 4 4.219 4.45 4.789
Rate of return 2.15% 2.18% 2.23% 2.04% 1.8% 1.97% 2.08% 2.24%
EPS 2 5.93 6.98 8.14 9.35 10.6 10.92 11.66 12.64
Distribution rate 50.6% 45.8% 44.2% 40.6% 37.7% 38.6% 38.2% 37.9%
Net sales 1 3,214 3,510 4,338 5,077 5,828 6,031 6,305 6,646
EBITDA 1 2,025 2,043 2,526 2,944 3,396 3,526 3,708 3,955
EBIT 1 1,766 1,749 2,170 2,526 2,900 3,004 3,166 3,391
Net income 1 1,088 1,210 1,494 1,724 1,948 2,018 2,143 2,307
Net Debt 1 3,400 2,510 3,259 5,829 7,710 4,344 3,420 2,486
Reference price 2 139.25 147.10 161.40 186.50 222.40 214.00 214.00 214.00
Nbr of stocks (in thousands) 183,429 183,521 183,623 183,739 183,412 183,273 183,273 -
Announcement Date 2/10/21 2/9/22 2/8/23 2/6/24 2/11/25 - - -
1EUR in Million2EUR
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
19.6x7.22x12.36x1.97% 45.8B
29.64x11.38x17.25x1.17% 94.79B
30.96x14.88x19.17x2.9% 69.09B
41.58x5.71x11.79x1.57% 62.06B
34.81x12.7x21.84x1.05% 56.77B
26.91x12.24x19.73x2.54% 14.6B
18.91x7.49x11.95x2.62% 14.29B
15.26x7.3x10.52x4.75% 13.86B
29.37x9.2x16.62x1.68% 10.05B
23.1x-1.02x-1.74x1.29% 9.1B
Average 27.01x 8.71x 13.95x 2.15% 39.04B
Weighted average by Cap. 30.18x 10.20x 16.02x 1.86%
See all sector valuations

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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