Deutsche Börse AG
🇩🇪 DB1.XETRA · Frankfurt · DE0005810055
Bank
EUR 255.60 price at analysis
Scores
Key Metrics
Powered by EODHDP/E (TTM)
23.5
P/E (Price-to-Earnings)Shows how much investors pay for each $1 of profit. We display the TTM P/E (Trailing Twelve Months) which uses actual earnings from the last 4 quarters. This is more reliable than Forward P/E which uses analyst estimates.
Calculation: 255.60 ÷ 10.90 = 23.5
TTM period through: 2025-12-31
Forward P/E (estimated): 21.7
Based on analyst estimates
Reference: Provider P/E (Trailing): 23.5
Yield (Fwd)
1.64%
Dividend YieldThe Forward yield (Fwd) shows the next announced annual dividend / current price — what you'd earn going forward. The Trailing yield (TTM) in the tooltip shows dividends actually paid in the last 12 months. Forward is shown as primary because it reflects the company's current commitment to shareholders.
Trailing Yield (TTM): 1.67%
Net Debt/EBITDA (TTM)
1.8x
Latest quarter: 6.9x
Net Debt / EBITDAA leverage ratio showing how many years of EBITDA (earnings before interest, taxes, depreciation, and amortization) it would take to repay net debt. EBITDA approximates operating cash generation. Lower ratios (e.g., <3x) are generally safer; higher (e.g., >5x) may indicate more financial risk.
TTM through: 2025-12-31
Latest quarter (2025-12-31): 6.9x
The quarterly value can spike when quarterly EBITDA is very low (e.g., one-time charges).
Quick guide: <2x manageable, >4x can be risky (sector-dependent).
Payout (Fwd)
38.5%
Payout RatioDividends as a percentage of earnings. The Forward payout (Fwd) uses the announced dividend divided by actual past earnings (TTM) — it tells you if the company can afford what it promised. Very high payouts can be risky, especially if profits fall.
Announced dividend / actual earnings (TTM)
Payout (TTM): 36.8%
Cash Flow Payout (TTM): 26.1%
FCF Coverage (TTM): 3.75x
ROE
18.2%
ROE (Return on Equity)A profitability measure: how much profit is generated from shareholders’ equity. Higher isn’t always better if it comes from high debt.
EV/EBITDA
14.6x
EV/EBITDAA valuation ratio that compares total business value (including debt) to EBITDA. Lower can mean cheaper, but context matters.
Summary
Deutsche Börse is a highly profitable financial exchange operator with an unassailable monopoly position in European capital markets. While the company boasts exceptional fundamentals and structurally benefits from current market volatility, the elevated valuation and low 1.67% dividend yield offer limited upside for income-focused strategies. Existing shareholders should maintain positions given the outstanding business quality, but new investors should wait for a significant pullback.
Sector Context
Deutsche Börse AG operates a critical financial infrastructure network, functioning as a monopolistic 'toll road' for European capital markets through platforms like Xetra, Eurex, and Clearstream. While categorized broadly within financials, it acts as an essential exchange operator, benefiting from exceptionally high barriers to entry, robust operating margins, and structural resilience to—or even capitalization on—market volatility.
📊 Strategy Analysis
- • Operates as a highly profitable financial infrastructure monopoly with deep competitive moats and an exceptional EBITDA margin of 47.4%.
- • Extremely secure dividend supported by a low cash flow payout ratio of 26.1% and a robust 10-year earnings CAGR of 10.6%.
- • Structurally benefits from elevated market volatility and geopolitical uncertainty, as higher trading volumes drive exchange revenues.
⚠ What to Watch
- • Current valuation is highly elevated with a P/E of 23.5, trading at €255.60 which significantly exceeds the calculated monopoly fair value upper bound of €196.
- • The 1.67% dividend yield falls substantially below the 3% minimum requirement for optimal income generation.
- • Despite excellent long-term metrics, the recent 8-quarter trajectory shows sequential declines in both revenue and earnings, leaving little margin for error at current multiples.
📊 Historical Trends (10 Years)
Powered by EODHDThese charts show how key metrics have evolved over the past decade, helping you identify if the company is improving or deteriorating.
Debt Evolution (Net Debt / EBITDA)
Lower values are better. A declining trend indicates the company is reducing its debt (deleveraging).
Revenue & Earnings Growth
Consistent growth in revenueRevenue
The money a company brings in from selling its products or services. It’s the top line before costs. (blue) and earningsEarnings (Profit)
What’s left after expenses. Positive earnings mean the business made a profit; negative means a loss. (green) indicates a healthy business. Look for upward trends and recoveries after temporary dips.
Dividend Sustainability (FCF vs Dividends Paid)
Free cash flowFree Cash Flow
Cash left after the company pays for running the business and maintaining it. Often used to fund dividends, pay debt, or buy back shares. (FCFFCF (Free Cash Flow)
Short for Free Cash Flow: cash left after operating needs and maintenance spending., blue) should cover dividends paidDividends Paid
Cash the company paid out to shareholders. It’s not guaranteed and can change over time. (green). If dividends consistently exceed FCFFCF (Free Cash Flow)
Short for Free Cash Flow: cash left after operating needs and maintenance spending., the dividend may be at risk.
Analysis date: 2026-04-04
Disclaimer: This information is for educational purposes only. Not financial advice.