Company Valuation: Commerzbank AG

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 8,377 11,066 13,345 18,140 39,584 38,975 - -
Change - 32.1% 20.59% 35.93% 118.21% -1.54% - -
Enterprise Value (EV) 8,377 11,066 13,345 18,140 39,584 38,975 38,975 38,975
Change - 32.1% 20.59% 35.93% 118.21% -1.54% 0% 0%
P/E ratio 29.1x - 6.6x 7.56x 17.5x 11.8x 9.74x 8.11x
PBR 0.33x - 0.48x 0.6x 1.31x 1.23x 1.16x 1.09x
PEG - - - 0.3x -18.2x 0.2x 0.5x 0.4x
Capitalization / Revenue 0.99x 1.17x 1.28x 1.63x 3.25x 2.95x 2.77x 2.62x
EV / Revenue 0x 0x 0x 0x 0x 2.95x 2.77x 2.62x
EV / EBITDA - - - - - - - -
EV / EBIT 0x 0x 0x 0x 0x 6.34x 5.67x 5.21x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 - - 0.35 0.65 1.1 1.411 1.774 2.099
Rate of return - - 3.25% 4.13% 3.05% 3.91% 4.92% 5.82%
EPS 2 0.23 - 1.63 2.08 2.06 3.058 3.703 4.448
Distribution rate - - 21.5% 31.3% 53.4% 46.2% 47.9% 47.2%
Net sales 1 8,459 9,461 10,461 11,106 12,171 13,221 14,068 14,879
EBITDA - - - - - - - -
EBIT 1 1,753 2,975 4,039 4,580 5,231 6,149 6,878 7,487
Net income 1 430 1,435 2,224 2,677 2,625 3,297 3,785 4,229
Net Debt - - - - - - - -
Reference price 2 6.69 8.84 10.76 15.72 36.10 36.06 36.06 36.06
Nbr of stocks (in thousands) 1,252,358 1,252,358 1,240,223 1,153,591 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 ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11.79x - - 3.91% 46.01B
13.94x - - 2.03% 831B
12.05x - - 2.19% 384B
5.93x - - 5.24% 372B
11.88x - - 4.42% 317B
5.82x - - 5.23% 296B
6.01x - - 5.2% 257B
11.67x - - 2.31% 249B
15.66x - - 2.75% 250B
27.49x - - 2.84% 214B
Average 12.22x 3.61% 321.68B
Weighted average by Cap. 12.03x 3.36%

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

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