Deutsche Boerse AG (DBOEY) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Deutsche Boerse AG $23.12, price $32.08, upside -27.9%, quality 65 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range $13.54 – $33.82 · fair‑value band $11.68 – $33.52 · the $32.08 price screens above the $23.12 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Deutsche Börse AG operates as an international exchange organization in Germany, rest of Europe, the United States, and the Asia-Pacific. The company operates through four segments: Investment Management Solutions, Trading & Clearing, Fund Services, and Securities Services.
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Deutsche Börse AG operates as an international exchange organization in Germany, rest of Europe, the United States, and the Asia-Pacific. The company operates through four segments: Investment Management Solutions, Trading & Clearing, Fund Services, and Securities Services. The Investment Management Solutions segment offers financial data, analytics, and software-as-a-service solutions including research, data collection, data analysis, and the provision of indices, analytics and investment management software to institutional investors, banks, and corporate clients. The Trading & Clearing segment engages in the development and operation of markets and trading systems for securities, derivatives, commodities, currencies, digital assets, and other asset classes. This segment handles settlement of transactions through clearing houses. Its Fund Services segment provides infrastructure and services for fund processing, including order routing, settlement, custody, data and distribution support for investment funds. The Securities Services segment offers various services for securities issuance, settlement, custody as well as collateral, securities lending, and liquidity management. The company was founded in 1585 and is headquartered in Eschborn, Germany.
Stock analysis
Deutsche Boerse AG ADR (DBOEY) currently trades at $32.08, while our model-based Fair Value estimate is $23.12, implying the stock looks roughly 38.8% overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $19.01 per share, and 0 of the 13 models we run sit above the $32.08 price.
Bear case: the Asset-Based group reads lowest at $4.16, and 13 of the 13 models stay below the price. Evidence for this calculation is high.
Scenario range: $11.68 (bear) to $33.52 (bull), the price of $32.08 sits inside 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 65/100 (solid quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Deutsche Boerse AG ADR reported revenue of €7.1B in FY2025 versus €4.4B in FY2021, a compound +13.0%/yr. Reported net income was €1.9B in FY2025, compounding +12.2%/yr from FY2021.
Key figures
Market cap $58.7B · P/E ratio 24.7 · P/S ratio 6.64 · EPS (TTM) $1.30 · Dividend yield 1.7% · Net margin 26.9% · Return on equity 19.2% · Return on assets (EBIT) 1.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 68 out of 100 (medium confidence).
What moves the price
The share trades about 5% below its 52-week high and 38% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −29% fair-value upside, at −28%, DBOEY screens cheaper than that median.
Fair Value models
Bear $11.68Fair Value $23.12Bull $33.52
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.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.Evidence ⓘEvidence = 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.92/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+1.4%
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.
+10.9%
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.
+13.9%
Start year 2020 (pandemic). Over 10 years: +11.2% a year
Revenue growth 26 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.
+9.3%
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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.
+13.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+12.2%
Dividend (yield on the price)1.7%
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% vs 10%, 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.43% → 40%
Start year 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes less growth than the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+0.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+1.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in EUR, euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about −2.0% a year for the price and −1.2% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (98 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
Price, fair value, quality and upside side by side.
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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.Financial Data & Stock Exchanges · 55 stocks
Beats the industry median on 4/14 measures
Overall it trails its industry peers.
Valuation
Quality Score60 · Below median
Fair Value upside−28% · Above median
Profitability
Return on equity (TTM)19% · Below median
Return on assets1% · Bottom 25%
Net margin (TTM)27% · Below median
Operating margin (TTM)44% · Above median
Growth and dividend
Revenue growth9% · Below median
Dividend yield (TTM)1.7% · Above median
Balance sheet
Debt / equity0.45× · Highest 25%
Valuation Multiplesvs Financial Data & Stock Exchanges median · lower = cheaper
P/E (TTM)24.7× · Cheaper than median
P/B5.19× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (TTM)7.79× · Pricier than median
P/FCF22.2× · Pricier than median
EV/EBITDA19.1× · Pricier than median
PEG3.01× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)43· sector 69
PAST (return on equity)77· sector 77
HEALTH (low debt)78· sector 94
DIVIDEND (yield)34· sector 34
VALUE 0: the price sits above our fair-value range.
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.
Cite: Fair Value Calculator (2026). "Deutsche Boerse AG ADR Fair Value". https://www.fairvalue-calculator.com/stock/DBOEY
Frequently asked questions
Is Deutsche Boerse AG (DBOEY) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $23.12 versus a price of $32.08, about −28% upside (overvalued).
What is the fair value of DBOEY?
Our model-based fair value for Deutsche Boerse AG ADR is $23.12 (as of Sep 24, 2026), built from audited fundamentals. The current price: $32.08.
What is the quality score of DBOEY?
Deutsche Boerse AG ADR has a Quality Score of 65/100. 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 Deutsche Boerse AG (DBOEY)?
Our model-based price target is the fair value of $23.12 (as of Sep 24, 2026) from 13 valuation models. Cautious scenario $11.68, optimistic scenario $33.52. It is a calculation from audited fundamentals, not an analyst target.
What is the Deutsche Boerse AG ADR stock forecast for 2026?
Our models put fair value at $23.12, about −28% upside versus a price of $32.08 (overvalued). Cautious scenario $11.68, optimistic scenario $33.52. The calculation is refreshed regularly with new filings.
What is the revenue of Deutsche Boerse AG (DBOEY)?
Deutsche Boerse AG ADR reported trailing-twelve-month revenue of about €7.5B (latest available figure, as of Sep 24, 2026).
Does Deutsche Boerse AG ADR pay a dividend?
Deutsche Boerse AG ADR currently shows a dividend yield of about 1.70% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Deutsche Boerse AG (DBOEY)?
For today's price to be fair in a discounted-cash-flow model, Deutsche Boerse AG ADR would have to grow free cash flow by +0.2 % per year for five years (discount rate 8.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +13.9 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of DBOEY use?
Our models discount Deutsche Boerse AG ADR at 8.1 %: a base by market capitalisation (large), damped by beta 0.28, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Deutsche Boerse AG ADR that is +0.2 % per year a year over ten years, using the same discount rate (8.1 %) and the same formula as our fair value.
How much growth has Deutsche Boerse AG (DBOEY) delivered so far?
Over the past 5 years revenue at Deutsche Boerse AG ADR grew +13.9 % a year. The price currently implies +0.2 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Deutsche Boerse AG (DBOEY) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into Deutsche Boerse AG ADR (+0.2 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Deutsche Boerse AG (DBOEY)?
The free-cash-flow yield on the price is 5.13 %: that much free cash flow Deutsche Boerse AG ADR produces per unit of market value. When it exceeds the discount rate of our models (8.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Deutsche Boerse AG (DBOEY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Deutsche Boerse AG ADR it is $23.12 per share (as of Sep 24, 2026), against a price of $32.08. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is Deutsche Boerse AG ADR stock overvalued or undervalued in 2026?
As of Sep 24, 2026, DBOEY trades above its calculated fair value: price $32.08, fair value $23.12, a gap of about −28% (overvalued). 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 DBOEY?
No. The price is what the market pays today ($32.08); the fair value is what the company's own numbers justify ($23.12). For Deutsche Boerse AG ADR the two are $8.96 per share apart. That gap is exactly why we show both numbers side by side.
How much is Deutsche Boerse AG ADR worth?
The market values Deutsche Boerse AG ADR at about $58.7B (market capitalisation, as of Sep 24, 2026). Per share that is $32.08; our models calculate a fair value of $23.12 per share.
What do the bullish and bearish scenarios say about DBOEY?
Our models span a range for Deutsche Boerse AG ADR: cautious scenario $11.68, base $23.12, optimistic $33.52 per share (as of Sep 24, 2026, price $32.08). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of DBOEY?
Deutsche Boerse AG ADR trades at a price-to-earnings ratio of 24.7 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $23.12 is built from several models across several years. Other multiples: PEG 3.0, P/B 5.2, P/S 7.8, EV/EBITDA 19.1.
What is the PEG ratio of DBOEY?
The PEG ratio of Deutsche Boerse AG ADR is 3.01 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Deutsche Boerse AG (DBOEY)?
Balance-sheet figures for Deutsche Boerse AG ADR (as of Sep 24, 2026): return on equity 19.2%, debt of 0.45 per unit of equity. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is DBOEY from its 52-week high?
Deutsche Boerse AG ADR trades at $32.08, about 5% below its 52-week high of $33.82 and 38% above the low of $23.20 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $23.12 is for.
Which stocks are comparable to Deutsche Boerse AG ADR?
From the same area (Financial Services) we also value S&P Global Inc, CME Group, Moody's Corporation, Intercontinental Exchange, Inc, 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 Deutsche Boerse AG ADR stock attractive at the current price?
The data as of Sep 24, 2026: price $32.08, calculated fair value $23.12 (−28%), Quality Score 65/100, from 13 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 DBOEY calculated?
We run Deutsche Boerse AG ADR through 13 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 $23.12, 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 13.2 % above its aggregate fair value. Deutsche Boerse AG ADR itself currently trades above fair value. 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 Deutsche Boerse AG (DBOEY)?
The closing price on Sep 23, 2026 was $32.08. Our model-based fair value is $23.12, about −28% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Deutsche Boerse AG ADR right now?
The model range is unusually wide ($11.68 to $33.52). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (65/100) and above fair value, neither a clear bargain nor a standout compounder. 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 Deutsche Boerse AG (DBOEY) come from?
Earnings per share at Deutsche Boerse AG ADR grew +8.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share +11.8 %, EBIT margin +0.4 %, tax rate −1.0 %, residual (interest, one-offs) −2.4 %. 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 Deutsche Boerse AG ADR
How large is the market capitalisation of Deutsche Boerse AG (DBOEY)?
The market capitalisation of Deutsche Boerse AG ADR is $58.7B. 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 Deutsche Boerse AG (DBOEY)?
The price-to-sales ratio of Deutsche Boerse AG ADR is 6.64 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Deutsche Boerse AG (DBOEY)?
Earnings per share at Deutsche Boerse AG ADR are $1.30 (price ÷ EPS = P/E 24.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Deutsche Boerse AG (DBOEY)?
The dividend yield of Deutsche Boerse AG ADR is 1.7% (payout 42.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Deutsche Boerse AG (DBOEY)?
The net margin of Deutsche Boerse AG ADR is 26.9% (fiscal year 2025). 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 Deutsche Boerse AG (DBOEY)?
The return on equity (ROE) of Deutsche Boerse AG ADR is 19.2% (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 Deutsche Boerse AG (DBOEY)?
On an EBIT basis the return on assets of Deutsche Boerse AG ADR is 1.0% (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 Deutsche Boerse AG (DBOEY)?
The operating margin of Deutsche Boerse AG ADR is 43.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Deutsche Boerse AG (DBOEY)?
Revenue at Deutsche Boerse AG ADR is growing +8.5% versus a year earlier (3y avg +10.9%). 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 Deutsche Boerse AG (DBOEY)?
Earnings per share at Deutsche Boerse AG ADR are growing +12.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Deutsche Boerse AG (DBOEY) carry?
The net debt of Deutsche Boerse AG ADR is €6.4B (fiscal year 2025, ≈ 2.4 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Sep 24, 2026