Company Valuation: Commerzbank

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 8,377 11,066 13,345 18,629 39,584 45,233 - -
Change - 32.1% 20.59% 39.6% 112.49% 14.27% - -
Enterprise Value (EV) 8,377 11,066 13,345 18,629 39,584 45,233 45,233 45,233
Change - 32.1% 20.59% 39.6% 112.49% 14.27% 0% 0%
P/E 29.1x - 6.6x 7.56x 17.5x 13.4x 11x 8.96x
PBR 0.33x - 0.48x 0.6x 1.31x 1.43x 1.37x 1.29x
PEG - - - 0.3x -18.2x 0.3x 0.5x 0.4x
Capitalization / Revenue 0.99x 1.17x 1.28x 1.68x 3.25x 3.4x 3.17x 2.98x
EV / Revenue 0x 0x 0x 0x 0x 3.4x 3.17x 2.98x
EV / EBITDA - - - - - - - -
EV / EBIT 0x 0x 0x 0x 0x 7.16x 6.3x 5.71x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 - - 0.35 0.65 1.1 1.624 1.969 2.426
Rate of return - - 3.25% 4.13% 3.05% 3.88% 4.7% 5.8%
EPS 2 0.23 - 1.63 2.08 2.06 3.133 3.806 4.672
Distribution rate - - 21.5% 31.3% 53.4% 51.8% 51.7% 51.9%
Net sales 1 8,459 9,461 10,461 11,106 12,171 13,307 14,285 15,188
EBITDA - - - - - - - -
EBIT 1 1,753 2,975 4,039 4,580 5,231 6,320 7,177 7,916
Net income 1 430 1,435 2,224 2,677 2,625 3,390 3,914 4,563
Net Debt - - - - - - - -
Reference price 2 6.69 8.84 10.76 15.72 36.10 41.85 41.85 41.85
Nbr of stocks (in thousands) 1,252,358 1,252,358 1,240,223 1,184,669 1,096,524 1,080,847 - -
Announcement Date 2/17/22 2/16/23 2/15/24 2/13/25 2/11/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.94x - - 1.79% 936B
12.43x - - 2.06% 405B
12.54x - - 4.16% 351B
17.85x - - 2.36% 286B
11.83x - - 2.2% 262B
14.47x - - 2.72% 259B
11.7x - - 1.98% 211B
17.38x - - 2.54% 204B
22.84x - - 3.38% 182B
Average 15.00x 2.58% 344.03B
Weighted average by Cap. 14.41x 2.42%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

-40%: Exceptional extension
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