DLB-Anlageservice AG (DLB) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of DLB-Anlageservice AG €14.97, price €19.20, upside -22.0%, quality 70 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 27, 2026.
How to read this chart
60‑month range €11.10 – €21.85 · fair‑value band €11.23 – €18.71 · the €19.20 price screens above the €14.97 fair value. Dashed = 300-day average. As of Sep 27, 2026.
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DLB-Anlageservice AG is a publicly owned investment manager. The firm provides its services to Institutional and private investors. It invests in other public companies. DLB-Anlageservice AG is based in Steingaden, Germany.
Stock analysis
DLB-Anlageservice AG (DLB) currently trades at €19.20, while our model-based Fair Value estimate is €14.97, implying the stock looks roughly 28.3% overvalued today.
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Valuation
How firm this estimate is: it rests on 11 models at a data quality of 89/100, which puts the evidence level at low.
Scenario range: €11.23 (bear) to €18.71 (bull), the price of €19.20 sits above 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 70/100 (solid quality), in the Financial Services sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
DLB-Anlageservice AG reported revenue of €122K in FY2025 versus €477K in FY2021, a compound −28.8%/yr. Reported net income was €815K in FY2025, compounding −9.5%/yr from FY2021.
Key figures
Market cap €9.6M · P/E ratio 11.8 · P/S ratio 78.4 · EPS (TTM) €1.63 · Dividend yield 3.6% · Net margin 125% · Return on equity 9.5% · Return on assets (EBIT) 3.1%.
What moves the price
The share trades about 12% below its 52-week high and 31% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −15% fair-value upside, at −22%, DLB screens richer than that median.
Fair Value models
Bear €11.23Fair Value €14.97Bull €18.71
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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (€0.6905 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.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.25/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−29.3%
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.
−16.5%
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: −15.7% a year
Revenue growth 12 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%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
−1.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−4.7%
Dividend (yield on the price)3.6%
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.−39% → 26%
2025 sits 132% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
⚠ Revenue per share shrinking 23.4%/yr over ~6Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
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.Asset Management · 647 stocks
Beats the industry median on 6/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score69 · Top 25%
Fair Value upside−22.0% · Below median
Profitability
Return on equity (TTM)9.5% · Above median
Return on assets2.9% · Above median
Net margin (TTM)125.4% · Top 25%
Operating margin (TTM)66.8% · Above median
Growth and dividend
Revenue growth0.0% · Below median
Dividend yield (TTM)3.6% · Below median
Valuation Multiplesvs Asset Management 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.
Cite: Fair Value Calculator (2026). "DLB-Anlageservice AG Fair Value". https://www.fairvalue-calculator.com/stock/DLB.STU
Frequently asked questions
Is DLB-Anlageservice AG (DLB) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of €14.97 versus a price of €19.20, about −22% upside (overvalued).
What is the fair value of DLB?
Our model-based fair value for DLB-Anlageservice AG is €14.97 (as of Sep 27, 2026), built from audited fundamentals. The current price: €19.20.
What is the quality score of DLB?
DLB-Anlageservice AG has a Quality Score of 70/100. 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 DLB-Anlageservice AG (DLB)?
Our model-based price target is the fair value of €14.97 (as of Sep 27, 2026) from 2 valuation models. Cautious scenario €11.23, optimistic scenario €18.71. It is a calculation from audited fundamentals, not an analyst target.
What is the DLB-Anlageservice AG stock forecast for 2026?
Our models put fair value at €14.97, about −22% upside versus a price of €19.20 (overvalued). Cautious scenario €11.23, optimistic scenario €18.71. The calculation is refreshed regularly with new filings.
Does DLB-Anlageservice AG pay a dividend?
DLB-Anlageservice AG currently shows a dividend yield of about 3.65% relative to its recent price (as of Sep 27, 2026).
What is the intrinsic value of DLB-Anlageservice AG (DLB)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For DLB-Anlageservice AG it is €14.97 per share (as of Sep 27, 2026), against a price of €19.20. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is DLB-Anlageservice AG stock overvalued or undervalued in 2026?
As of Sep 27, 2026, DLB trades above its calculated fair value: price €19.20, fair value €14.97, a gap of about −22% (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 DLB?
No. The price is what the market pays today (€19.20); the fair value is what the company's own numbers justify (€14.97). For DLB-Anlageservice AG the two are €4.23 per share apart. That gap is exactly why we show both numbers side by side.
How much is DLB-Anlageservice AG worth?
The market values DLB-Anlageservice AG at about €9.6M (market capitalisation, as of Sep 27, 2026). Per share that is €19.20; our models calculate a fair value of €14.97 per share.
What do the bullish and bearish scenarios say about DLB?
Our models span a range for DLB-Anlageservice AG: cautious scenario €11.23, base €14.97, optimistic €18.71 per share (as of Sep 27, 2026, price €19.20). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of DLB?
DLB-Anlageservice AG trades at a price-to-earnings ratio of 11.8 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €14.97 is built from several models across several years. Other multiples: P/B 1.2, P/S 16.8, EV/EBITDA 24.0.
How solid is the balance sheet of DLB-Anlageservice AG (DLB)?
Balance-sheet figures for DLB-Anlageservice AG (as of Sep 27, 2026): return on equity 9.5%. They feed the Quality Score of 70/100, which measures business quality independently of the share price.
How far is DLB from its 52-week high?
DLB-Anlageservice AG trades at €19.20, about 12% below its 52-week high of €21.85 and 31% above the low of €14.69 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of €14.97 is for.
Which stocks are comparable to DLB-Anlageservice AG?
From the same area (Financial Services) we also value Blackstone Inc, KKR & Co, Brookfield Corporation, Apollo Global Management, 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 DLB-Anlageservice AG stock attractive at the current price?
The data as of Sep 27, 2026: price €19.20, calculated fair value €14.97 (−22%), Quality Score 70/100, from 2 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 DLB calculated?
We run DLB-Anlageservice AG through 2 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 €14.97, 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 16.1 % above its aggregate fair value. DLB-Anlageservice AG 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 DLB-Anlageservice AG (DLB)?
The closing price on Sep 24, 2026 was €19.20. Our model-based fair value is €14.97, about −22% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with DLB-Anlageservice AG right now?
A high-quality business (quality 70/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. The price sits above even our optimistic bull case (€18.71). The favourable scenario is already priced in. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of DLB-Anlageservice AG
How large is the market capitalisation of DLB-Anlageservice AG (DLB)?
The market capitalisation of DLB-Anlageservice AG is €9.6M. 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 DLB-Anlageservice AG (DLB)?
The price-to-sales ratio of DLB-Anlageservice AG is 78.4 (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 DLB-Anlageservice AG (DLB)?
Earnings per share at DLB-Anlageservice AG are €1.63 (price ÷ EPS = P/E 11.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of DLB-Anlageservice AG (DLB)?
The dividend yield of DLB-Anlageservice AG is 3.6% (payout 42.9%). 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 DLB-Anlageservice AG (DLB)?
The net margin of DLB-Anlageservice AG is 125% (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 DLB-Anlageservice AG (DLB)?
The return on equity (ROE) of DLB-Anlageservice AG is 9.5% (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 DLB-Anlageservice AG (DLB)?
On an EBIT basis the return on assets of DLB-Anlageservice AG is 3.1% (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 DLB-Anlageservice AG (DLB)?
The operating margin of DLB-Anlageservice AG is 66.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
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