Discounted Cash Flow

Deutsche Bank Aktiengesellschaft ADR

DB · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $30.0b $-1.4b $10.8b -4.7% $-1.08
2017 $26.4b (-11.9%) $-751.0m (46.4%) $-751.0m (-106.9%) -2.8% (39.2%) $-0.53 (50.9%)
2018 $25.3b (-4.3%) $267.0m (135.6%) $267.0m (135.6%) 1.1% (137.1%) $-0.01 (98.1%)
2019 $23.2b (-8.5%) $-5.4b (-2118.7%) $11.5b (4204.5%) -23.3% (-2306.2%) $-2.71 (-27000.0%)
2020 $24.0b (3.7%) $483.0m (109.0%) $483.0m (-95.8%) 2.0% (108.6%) $0.06 (102.2%)
2021 $25.5b (6.4%) $2.5b (407.5%) $5.4b (1022.8%) 9.6% (377.1%) $1.00 (1566.7%)
2022 $27.1b (6.0%) $5.4b (121.1%) $8.6b (58.4%) 20.0% (108.7%) $2.37 (137.0%)
2023 $31.2b (15.1%) $6.3b (16.8%) $24.6b (186.3%) 20.3% (1.5%) $2.83 (19.4%)
2024 $31.5b (1.1%) $10.0b (57.7%) $64.7b (162.9%) 31.7% (56.0%)
2025 $31.4b (-0.2%) $14.0b (40.6%) $90.1b (39.3%) 44.7% (41.0%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model