Company Valuation: Deutsche Börse AG

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 26,996 29,637 34,267 40,791 40,998 44,871 - -
Change - 9.78% 15.62% 19.04% 0.51% 9.45% - -
Enterprise Value (EV) 1 29,506 32,896 40,096 48,501 44,749 49,069 48,446 47,762
Change - 11.49% 21.89% 20.96% -7.73% 9.65% -1.27% -1.41%
P/E Ratio 21.1x 19.8x 19.9x 21x 20.5x 20.2x 18.8x 17x
PBR 3.75x 3.5x 3.57x 3.79x 3.6x 3.6x 3.23x 2.88x
PEG - 1.2x 1.3x 1.6x 7.24x 1.7x 2.51x 1.6x
Capitalization / Revenue 7.69x 6.83x 6.75x 7x 6.8x 6.96x 6.68x 6.26x
EV / Revenue 8.41x 7.58x 7.9x 8.32x 7.43x 7.62x 7.22x 6.66x
EV / EBITDA 14.4x 13x 13.6x 14.3x 12.7x 12.8x 12x 10.9x
EV / EBIT 16.9x 15.2x 15.9x 16.7x 14.9x 14.7x 13.7x 12.3x
EV / FCF 42x 15.2x 17.6x 23.7x 18.4x 19.3x 19.1x 17x
FCF Yield 2.38% 6.57% 5.69% 4.23% 5.43% 5.18% 5.23% 5.89%
Dividend per Share 2 3.2 3.6 3.8 4 4.2 4.62 4.94 5.358
Rate of return 2.18% 2.23% 2.04% 1.8% 1.88% 1.87% 2% 2.17%
EPS 2 6.98 8.14 9.35 10.6 10.9 12.19 13.11 14.52
Distribution rate 45.8% 44.2% 40.6% 37.7% 38.5% 37.9% 37.7% 36.9%
Net sales 1 3,510 4,338 5,077 5,828 6,026 6,443 6,712 7,166
EBITDA 1 2,043 2,526 2,944 3,396 3,512 3,843 4,050 4,399
EBIT 1 1,749 2,170 2,526 2,900 3,010 3,329 3,527 3,868
Net income 1 1,210 1,494 1,724 1,948 1,995 2,222 2,366 2,587
Net Debt 1 2,510 3,259 5,829 7,710 3,751 4,198 3,576 2,891
Reference price 2 147.10 161.40 186.50 222.40 223.70 246.40 246.40 246.40
Nbr of stocks (in thousands) 1,83,521 1,83,623 1,83,739 1,83,412 1,83,273 1,82,106 - -
Announcement Date 09/02/22 08/02/23 06/02/24 11/02/25 11/02/26 - - -
1EUR in Million2EUR
Estimates

P/E Ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
20.21x7.62x12.77x1.87% 5.17TCr
19.54x8.84x13.1x1.52% 7.87TCr
24.7x14.31x18.19x3.62% 6.03TCr
33.53x5.27x10.51x1.89% 5.75TCr
25.74x9.85x16.72x1.37% 4.91TCr
32.88x15.43x24.32x2.03% 1.85TCr
20.42x7.91x12.72x2.44% 1.71TCr
13.53x6.69x9.51x7.73% 1.5TCr
22.64x7.93x14.16x1.92% 988.09Cr
16.96x-5.3x-9.08x1.79% 712.02Cr
Average 23.02x 7.86x 12.29x 2.62% 3.65TCr
Weighted average by Cap. 24.03x 9.05x 13.97x 2.3%

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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