Deutsche Bank Ag revenue increased on 3.7% in 2015
28 Jan 2016 • About Deutsche Bank Ag (
$0H7D) • By InTwits
Deutsche Bank Ag reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Deutsche Bank Ag doesn't have a profitable business model yet: 2015 ROIC is -1.9%
- Deutsche Bank Ag has low CAPEX intensity: 5 year average CAPEX/Revenue was 1.5%. At the same time it's in pair with industry average of 5.3%.
- CAPEX is quite volatile: 432 in 2015, 669 in 2014, 589 in 2013, 777 in 2012, 1,130 in 2011
- The company has unprofitable business model: ROIC is at -1.9%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Deutsche Bank Ag ($0H7D) key annual financial indicators
| mln. € | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 53,790 | 51,957 | 45,256 | 45,396 | 47,093 | 3.7% |
| Net Income | 4,132 | 263 | 666 | 1,663 | -6,794 | -508.5% |
Balance Sheet
|
|---|
| Cash | 15,928 | 27,877 | 17,155 | 20,055 | 96,940 | 383.4% |
| Short Term Debt | 167,648 | 167,147 | 149,240 | 112,852 | 109,713 | -2.8% |
| Long Term Debt | 145,443 | 129,496 | 113,643 | 129,671 | 140,907 | 8.7% |
Cash flow
|
|---|
| Capex | 1,130 | 777 | 589 | 669 | 432 | -35.4% |
Ratios
|
|---|
| Revenue growth | 21.1% | -3.4% | -12.9% | 0.3% | 3.7% | |
| Net Income Margin | 7.7% | 0.5% | 1.5% | 3.7% | -14.4% | -18.1% |
| CAPEX, % of revenue | 2.1% | 1.5% | 1.3% | 1.5% | 0.9% | -0.6% |
| ROIC | 1.4% | 0.2% | 0.3% | 0.8% | -1.9% | -2.7% |
| ROE | 8.1% | 0.5% | 1.2% | 2.7% | -10.7% | -13.4% |
Revenue and profitability
Deutsche Bank Ag's Revenue increased on 3.7% in 2015.
Net Income marign dropped on 18.1 pp from 3.7% to -14.4% in 2015.
Capital expenditures (CAPEX) and working capital investments
Deutsche Bank Ag's CAPEX/Revenue was 0.92% in 2015. Deutsche Bank Ag's CAPEX/Revenue decreased slightly on 0.58 pp from 1.5% in 2012 to 0.92% in 2015. For the last three years the average CAPEX/Revenue was 1.2%.
Return on investment
The company operates at negative ROIC (-1.92%) and ROE (-10.72%). ROIC decreased on 2.7 pp from 0.76% to -1.9% in 2015. ROE dropped on 13.4 pp from 2.7% to -10.7% in 2015.
Leverage (Debt)
Debt increased on 3.3% in 2015 while cash jumped on 383% in 2015.
Appendix 1: Peers in Banks
Below you can find Deutsche Bank Ag benchmarking vs. other companies in Banks industry. It's shown for the period of 5 years for the key financial metrics. Each table has median value for all the companies in the industry together with individual financial data of the top-5 companies in the industry by particular financial metric.
Top companies by Revenue growth, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Banque Intl Arabe De Tunisie ($BIND) | 9.5% | -20.2% | 17.3% | 50.2% | |
| European Islamic Investment Bank ($EIIB) | -41.8% | 121.2% | 12.6% | 42.3% | |
| Tsb Banking Grp ($TSB) | | -3.2% | -33.8% | 39.2% | -1.4% |
| VTB Bank JSC ($VTBR) | 23.8% | 48.1% | 16.5% | 29.8% | |
| Bank Audi S.A.L. ($BQAD) | 7.1% | 9.1% | 11.7% | 23.9% | |
| |
|---|
| Median (43 companies) | 10.0% | 10.2% | 4.8% | 12.1% | 0.6% |
|---|
| Deutsche Bank Ag ($0H7D) | | -3.4% | -12.9% | 0.3% | 3.7% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Lloyds Banking Group ($LLPC) | | 8.0% | 8.9% | 13.1% | 13.6% |
| Banco Santander Sa ($BNC) | 2.2% | 2.7% | 2.6% | 8.9% | 10.2% |
| Finansbank ($FBKD) | 2.0% | 1.9% | 2.8% | 8.5% | |
| Tsb Banking Grp ($TSB) | 1.3% | 1.8% | 4.4% | 7.2% | 3.4% |
| Guaranty Trust Bank ($GRTB) | 10.0% | 6.7% | 6.1% | 6.8% | |
| |
|---|
| Median (40 companies) | 2.4% | 2.4% | 2.8% | 2.2% | 2.4% |
|---|
| Deutsche Bank Ag ($0H7D) | 2.1% | 1.5% | 1.3% | 1.5% | 0.9% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Commercial Intl Bank(Egypt)S.A.E ($CBKD) | 16.3% | 21.7% | 26.9% | 30.1% | |
| Guaranty Trust Bank ($GRTB) | 14.2% | 19.8% | 18.9% | 17.8% | |
| Mcb Bank Ltd ($MCBS) | 18.7% | 15.0% | 14.4% | 15.8% | |
| Zenith Bank ($ZENB) | 13.8% | 19.0% | 17.6% | 15.0% | |
| United Bank Ltd ($UBLS) | 12.6% | 11.7% | 11.8% | 13.8% | |
| |
|---|
| Median (43 companies) | 7.1% | 6.4% | 5.7% | 4.5% | 2.9% |
|---|
| Deutsche Bank Ag ($0H7D) | 1.4% | 0.2% | 0.3% | 0.8% | -1.9% |
