Merkur PrivatBank KgaA (MBK) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Merkur PrivatBank KgaA stock €20.79, price €10.40, upside +99.9%, quality 45 out of 100. Rating: strongly undervalued. Calculated from audited financials with 4 of our 26 valuation models and 37 quality factors, updated daily.
Keep an eye on it?Free in your watchlist: 5 stocks without an account, 10 with oneYes, for free
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range €6.70 – €20.00 · fair‑value band €15.60 – €25.99 · the €10.40 price screens below the €20.79 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
Follow Merkur PrivatBank KgaA in your weekly email
Every Wednesday you see whether Merkur PrivatBank KgaA is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
Merkur PrivatBank KgaA offers various private banking products and services in Germany. The company provides business, private, and securities accounts; fixed deposits; wealth management services; master cards; and SME, real estate, and developer financing, as well as lease refinancing.
Show moreShow less
It also offers online and mobile banking services. The company was founded in 1923 and is based in Munich, Germany.
Stock analysis
Merkur PrivatBank KgaA (MBK) currently trades at €10.40, while our model-based Fair Value estimate is €20.79, implying the stock looks roughly 50% undervalued today.
Show more
Valuation
Bull case: the Economic Profit group reads highest at a median of €17.43 per share, and 4 of the 4 models we run sit above the €10.40 price.
Bear case: the Asset-Based group reads lowest at €13.17, and 0 of the 4 models stay below the price. Data coverage for this calculation is medium.
Scenario range: €15.60 (bear) to €25.99 (bull), the price of €10.40 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 45/100 (below-average quality), in the Financial Services sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Merkur PrivatBank KgaA reported revenue of €105M in FY2025 versus €82.7M in FY2021, a compound +6.3%/yr. Reported net income was €14.9M in FY2025, compounding +12.9%/yr from FY2021.
Key figures
Market cap €80.9M Micro · P/E ratio 7.0 · P/S ratio 0.84 · EPS (TTM) €1.49 · Net margin 10.7% · Return on equity 3.4% · Return on assets (EBIT) 0.7% · Operating margin 6.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 39 out of 100 (low confidence).
What moves the price
The share trades about 48% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −35% fair-value upside, at 100%, MBK screens cheaper than that median.
Fair Value models
Bear€15.60Fair Value €20.79Bull€25.99
Price €10.40 · Upside +99.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€1.27 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+39.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+35.2%
Revenue growth 15 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.0%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
≈ +8.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+8.3%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.12.7% vs 13.1%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.23% → 28%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Rate on operating basis: 2025 sits 51% above its own trend.
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Banks - Regional · 1002 stocks
Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score45 · Bottom 25%
Fair Value upside+99.9% · Top 25%
Profitability
Return on equity (12 months)3.4% · Bottom 25%
Return on assets0.4% · Bottom 25%
Net margin (12 months)10.7% · Bottom 25%
Operating margin (12 months)6.8% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)−33.0% · Bottom 25%
Dividend yield (12 months)0.0% · Bottom 25%
Balance sheet
Debt / equity0.15× · Below median
Valuation Multiplesvs Banks - Regional median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Merkur PrivatBank KgaA (MBK) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of €20.79 versus a price of €10.40, about +100% upside (undervalued).
What is the fair value of MBK?
Our model-based fair value for Merkur PrivatBank KgaA is €20.79 (as of Nov 5, 2026), built from audited fundamentals. The current price: €10.40.
What is the quality score of MBK?
Merkur PrivatBank KgaA has a Quality Score of 45/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Merkur PrivatBank KgaA (MBK)?
Our model-based price target is the fair value of €20.79 (as of Nov 5, 2026) from 4 valuation models. Cautious scenario €15.60, optimistic scenario €25.99. It is a calculation from audited fundamentals, not an analyst target.
What is the Merkur PrivatBank KgaA stock forecast for 2026?
Our models put fair value at €20.79, about +100% upside versus a price of €10.40 (undervalued). Cautious scenario €15.60, optimistic scenario €25.99. The calculation is refreshed regularly with new filings.
What is the revenue of Merkur PrivatBank KgaA (MBK)?
Merkur PrivatBank KgaA reported trailing-twelve-month revenue of about €108M (latest available figure, as of Nov 5, 2026).
What is the intrinsic value of Merkur PrivatBank KgaA (MBK)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Merkur PrivatBank KgaA it is €20.79 per share (as of Nov 5, 2026), against a price of €10.40. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is Merkur PrivatBank KgaA stock overvalued or undervalued in 2026?
As of Nov 5, 2026, MBK trades below its calculated fair value: price €10.40, fair value €20.79, a gap of about +100% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MBK?
No. The price is what the market pays today (€10.40); the fair value is what the company's own numbers justify (€20.79). For Merkur PrivatBank KgaA the two are €10.39 per share apart. That gap is exactly why we show both numbers side by side.
How much is Merkur PrivatBank KgaA worth?
The market values Merkur PrivatBank KgaA at about €80.9M (market capitalisation, as of Nov 5, 2026). Per share that is €10.40; our models calculate a fair value of €20.79 per share.
What do the bullish and bearish scenarios say about MBK?
Our models span a range for Merkur PrivatBank KgaA: cautious scenario €15.60, base €20.79, optimistic €25.99 per share (as of Nov 5, 2026, price €10.40). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MBK?
Merkur PrivatBank KgaA trades at a price-to-earnings ratio of 7.0 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €20.79 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 12.1. Other multiples: P/B 0.6, P/S 0.8, EV/EBITDA 2.7.
How solid is the balance sheet of Merkur PrivatBank KgaA (MBK)?
Balance-sheet figures for Merkur PrivatBank KgaA (as of Nov 5, 2026): return on equity 3.4%, debt of 0.15 per unit of equity. They feed the Quality Score of 45/100, which measures business quality independently of the share price.
How far is MBK from its 52-week high?
Merkur PrivatBank KgaA trades at €10.40, about 48% below its 52-week high of €20.00 and at the low of €10.40 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of €20.79 is for.
Which stocks are comparable to Merkur PrivatBank KgaA?
From the same area (Financial Services) we also value China Merchants Bank Co, DBS Group, UniCredit S.p.A, Mizuho Financial Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Merkur PrivatBank KgaA stock attractive at the current price?
The data as of Nov 5, 2026: price €10.40, calculated fair value €20.79 (+100%), Quality Score 45/100, from 4 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MBK calculated?
We run Merkur PrivatBank KgaA through 4 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €20.79, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Merkur PrivatBank KgaA currently trades 50% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Merkur PrivatBank KgaA (MBK)?
The closing price on Nov 5, 2026 was €10.40. Our model-based fair value is €20.79, about +100% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Merkur PrivatBank KgaA right now?
The large discount to fair value meets weak quality (45/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (€15.60). The market is more pessimistic than our downside scenario. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Merkur PrivatBank KgaA (MBK) come from?
Earnings per share at Merkur PrivatBank KgaA grew +11.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share +12.9 %, EBIT margin −1.2 %, tax rate −0.3 %, residual (interest, one-offs) +0.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Merkur PrivatBank KgaA
How large is the market capitalisation of Merkur PrivatBank KgaA (MBK)?
The market capitalisation of Merkur PrivatBank KgaA is €80.9M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Merkur PrivatBank KgaA (MBK)?
The price-to-sales ratio of Merkur PrivatBank KgaA is 0.84 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Merkur PrivatBank KgaA (MBK)?
Earnings per share at Merkur PrivatBank KgaA are €1.49 (price ÷ EPS = P/E 7.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Merkur PrivatBank KgaA (MBK)?
The net margin of Merkur PrivatBank KgaA is 10.7% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Merkur PrivatBank KgaA (MBK)?
The return on equity (ROE) of Merkur PrivatBank KgaA is 3.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Merkur PrivatBank KgaA (MBK)?
On an EBIT basis the return on assets of Merkur PrivatBank KgaA is 0.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Merkur PrivatBank KgaA (MBK)?
The operating margin of Merkur PrivatBank KgaA is 6.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Merkur PrivatBank KgaA (MBK)?
Revenue at Merkur PrivatBank KgaA is growing −33.0% versus a year earlier (3y avg +2.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Merkur PrivatBank KgaA (MBK)?
Earnings per share at Merkur PrivatBank KgaA are growing +12.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Merkur PrivatBank KgaA (MBK) generate?
The free cash flow of Merkur PrivatBank KgaA is €2.7M (fiscal year 2022). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Merkur PrivatBank KgaA (MBK) carry?
The net debt of Merkur PrivatBank KgaA is €402M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch Merkur PrivatBank KgaA in the live analysis
One click puts Merkur PrivatBank KgaA on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 27,000+ stock screener.
Some data
Nov 5, 2026