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DWS Group (DWS) Fair Value & Analysis

Financial Services · DE · Market cap €13.5B

DG DWS Group DWS · XETRA
Price€76.45
Fair Value€52.22
Upside-31.7%
Quality78/100
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Healthy Growth
Highly profitable · 21.3% net margin
Low debt · generates free cash flow
Mixed vs. peers (7/15)
Wide moat 70/100
Evidence: High Range €39.17 – €65.28 Share as image

Fair value as of: Jul 12, 2026

From 26 valuation models · updated 26 days ago

Share price +10.8% over the past month.

A strong business, but screening 32% overvalued on our models.

What matters now

  • A high-quality business (quality 78/100), 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 (€65.28). The favourable scenario is already priced in.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
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Price vs Fair Value (5 years)

€76.45 €16.94 Fair Value €52.22 Jun 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 12, 2026.

How to read this chart

60‑month range €16.94 – €76.45 · fair‑value band €39.17 – €65.28 · the €76.45 price screens above the €52.22 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 12, 2026.

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Analysis

DWS Group (DWS) currently trades at €76.45, while our model-based Fair Value estimate is €52.22, implying the stock looks roughly 31.7% overvalued today. We read business quality at 78/100 (high quality), in the Financial Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, DWS Group generated revenue of €4.7B at a net margin of 21.3%. Revenue grew 8.9% year over year. It earns a return on equity of 12.4%. The balance sheet holds a net cash position of €863M. Fundamentals as of Jul 12, 2026

Our scenario range runs from €39.17 (bear case) to €65.28 (bull case); at €76.45, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 65% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at -51% fair-value upside, at -32%, DWS screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF €37.08 €51.37 €71.42 80
Residual Income €35.00 €41.56 €79.26 76
Rev-Margin DCF €39.35 €59.79 €82.53 74
All 26 models by family
DCF Models
FCF DCF €36.37 €52.18 €75.59 38
Owner Earnings €58.94 €86.15 €126.46 31
5Y Revenue Exit €39.35 €59.73 €85.38 39
5Y EBITDA Exit €61.55 €100.33 €144.99 41
5Y P/E Exit €55.80 €89.82 €124.84 38
10Y Revenue Exit €36.83 €55.03 €78.70 36
10Y EBITDA Exit €51.99 €82.88 €123.27 37
10Y P/E Exit €48.36 €75.67 €108.20 35
Earnings-Based
Graham-Dodd €31.52 €87.29 €114.66 54
Lynch FV €17.46 €24.94 €32.42 50
PEG = 1.0 €17.46 €24.94 €32.42 46
EPV €61.46 €70.86 €79.08 59
Dividend Discount
Gordon GGM €20.20 €42.00 €66.63 70
DDM Multi-Stage €20.20 €31.80 €44.07 61
Multiples
P/E Multiple €69.53 €92.70 €115.88 63
P/S Multiple €40.66 €54.21 €67.77 58
P/B Multiple €59.10 €78.80 €98.49 55
EV/EBIT €111.73 €147.28 €182.83 53
EV/EBITDA €84.69 €111.23 €137.76 54
EV/Revenue €43.03 €59.29 €75.56 43
Asset-Based
NCAV (Graham) €18.65 €24.99 €37.30 50
Growth DCF
Growth DCF €37.08 €51.37 €71.42 80
Rev-Margin DCF €39.35 €59.79 €82.53 74
Economic Profit
Residual Income €35.00 €41.56 €79.26 76
ROIC Compounder €64.71 €79.70 €96.87 72
Growth Earnings
Growth-Adj P/E €55.55 €79.35 €103.16 68

Widest divergence: Growth Earnings (€79.35) versus Earnings-Based (€24.94). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) €4.7B
Revenue growth (YoY) +8.9%
Net margin 21.3%
Return on equity 12.4%
Free cash flow €567M FY2025
P/E ratio 13.6
More key figures
Operating margin 45.9%
EPS (TTM) €4.97
EPS growth (YoY) +33.3%
Net cash €863M FY2025

Figures from reported company fundamentals · as of Jul 12, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 78/100

Of which business quality 71 · Market factors (momentum, volatility) 80

Profitability 51
Margins and returns on capital today
Quality Growth 77
Are margins and returns improving?
Cashflow 55
Earnings quality: real cash, not paper profit
Fin. Strength 82
Balance sheet, leverage, solvency risk
Investment 98
Disciplined investing over empire-building
Low Volatility 61
Calm price path (market factor)
Momentum 83
Price trend over the last 3–12 months (market factor)
52W Momentum 95
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

DWS Group GmbH & Co. KGaA offers asset management services in Europe, the Middle East, Africa, the Americas, and the Asia Pacific. The company's products and solutions cover equities, fixed income, cash, real estate, infrastructure, and private equity, as well as a range of sustainable investments.

Full company description

DWS Group GmbH & Co. KGaA offers asset management services in Europe, the Middle East, Africa, the Americas, and the Asia Pacific. The company's products and solutions cover equities, fixed income, cash, real estate, infrastructure, and private equity, as well as a range of sustainable investments. Within private equity, the firm specializes in co-investment, emerging markets, small and medium-sized companies, direct buyout, secondaries PE markets and structured capital solutions to private equity firms. The firm typical private equity investments include follow-on equity capital to fund M&A for an existing portfolio company, taking a minority interest in a portfolio company to allow for partial liquidity or providing flexible capital for continuation situations around a single asset. The firm also takes majority stakes in its portfolio companies. Within private equity, the firm typically invests in North America and Europe in seasoned, performing assets. It serves retail and institutional investors. The company is based in Frankfurt am Main, Germany.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

DWS Group reported revenue of €4.3B in FY2025 versus €3.9B in FY2021, a compound +3.0%/yr. Reported net income was €927M in FY2025, compounding +4.4%/yr from FY2021.

Growth Quality 80/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
€4.3B
Latest YoY
+8.8%
Avg. growth/yr (3Y)
+3.6%
Avg. growth/yr (5Y)
+5.4%
Avg. growth/yr (10Y)
+5.6%
Revenue +3.0%/yr
FY21 €3.9B
FY22 €3.9B
FY23 €3.9B
FY24 €4.0B
FY25 €4.3B
Net income +4.4%/yr
FY21 €780M
FY22 €594M
FY23 €551M
FY24 €649M
FY25 €927M

DWS screens 32% overvalued. Compare with Fondul Proprietatea SA →

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Cite: Fair Value Calculator (2026). "DWS Group Fair Value". https://www.fairvalue-calculator.com/stock/DWS

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Asset Management · 963 stocks

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.

Quality Score 77 · Top 25%
Fair Value upside −32% · Below median
Return on equity (TTM) 12% · Above median
Return on assets 7% · Top 25%
Net margin (TTM) 21% · Below median
Operating margin (TTM) 46% · Below median
Revenue growth 9% · Above median
Dividend yield (TTM) 0.0% · Bottom 25%

Valuation Multiples vs Asset Management median · lower = cheaper

P/E (TTM) 13.6× · Pricier than median
P/B 2.09× · Pricier than 75% of peers
P/S (TTM) 3.34× · Cheaper than median
P/FCF 27.5× · Pricier than 75% of peers
EV/EBITDA 10.1× · Pricier than median
PEG 1.20× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 37
FUTURE 45 · sector 6
PAST 50 · sector 26
HEALTH 100 · sector 95
DIVIDEND 0 · sector 70

VALUE 0: the price sits above our fair-value range.

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Asset Management stocks, each showing price versus our Fair Value estimate (as of Jul 12, 2026).

Stock Price Fair Value vs Fair Value
Fondul Proprietatea SA FP $0.0420 $0.0800 +90%
BlackRock, Inc BLK $1,036 $504.81 -51%
Blackstone Inc BX $124.56 $16.35 -87%
Investor AB INVEB kr 394.40 kr 788.80 +100%
Brookfield Corporation BN C$62.45 C$10.12 -84%
KKR & Co KKR $100.94 $44.88 -56%
AB Industrivärden INDUA kr 532.50 kr 1,065 +100%
Jio Financial Services Limited JIOFIN ₹242.98 ₹40.19 -83%
Bajaj Holdings BAJAJHLDNG ₹10,398 ₹9,202 -12%
HDFC Asset Management Company HDFCAMC ₹2,729 ₹301.41 -89%

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Frequently asked questions

Is DWS Group (DWS) overvalued or undervalued?
As of Jul 12, 2026, our model estimates a fair value of €52.22 versus a price of €76.45, about −32% (overvalued).
What is the fair value of DWS?
Our model-based fair value for DWS Group is €52.22 (as of Jul 12, 2026), built from audited fundamentals. The current price is €76.45.
What is the quality score of DWS?
DWS Group has a Quality Score of 78/100. It combines two groups: business quality (profitability, growth, cash flow, balance-sheet strength) and market factors (price momentum, distance to the 52-week high, volatility). Both subtotals are shown separately in the detail view.
What is the revenue of DWS Group (DWS)?
DWS Group reported trailing-twelve-month revenue of about €4.7B (latest available figure, as of Jul 12, 2026).
What is the net profit margin of DWS?
The net profit margin of DWS Group is about 21.3%, meaning it keeps roughly 21.3% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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