` Comparison: DB vs SAN - Alpha Spread
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DB
vs
SAN

Over the past 12 months, DB has underperformed SAN, delivering a return of +95% compared to the SAN's +96% growth.

Valuation Growth Profitability Solvency Stocks Performance
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DB
SAN
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Stocks Compared:
DB SAN
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Valuation Comparison

DB Intrinsic Value
57.17 USD
Undervaluation 35%
Intrinsic Value
Price
SAN Intrinsic Value
13.275 EUR
Undervaluation 19%
Intrinsic Value
Price
Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
Deutsche Bank AG
NYSE:DB
37.4 USD
Banco Santander SA
MAD:SAN
10.764 EUR
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Valuation Scenario:
Bear Case
Base Case
Bull Case

Growth Comparison

Growth Over Time
DB, SAN

DB
SAN
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Revenue
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Company LTM Historical Growth Growth Streak % Positive Years Max Drawdown Volatility Forecasted Growth
3 Years 5 Years 10 Years 1 Year 3 Years
Deutsche Bank AG
Revenue
Banco Santander SA
Revenue

All metrics are calculated based on data from the last 10 years.

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Profitability Comparison

Free Cash Flow
DB, SAN

DB
SAN
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Free Cash Flow
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Company LTM Average Historical Growth FCF Margin Conversion
3 Years 5 Years 3 Years 5 Years 10 Years
Deutsche Bank AG
NYSE:DB
FCF is not applicable for financial companies
Banco Santander SA
MAD:SAN
FCF is not applicable for financial companies
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What is Free Cash Flow?

Gross Margin

DB
SAN
LTM 3Y Avg 5Y Avg 10Y Avg
Deutsche Bank AG
Not applicable for financial companies
Banco Santander SA
Not applicable for financial companies

Operating Margin

DB
SAN
LTM 3Y Avg 5Y Avg 10Y Avg
Deutsche Bank AG
Not applicable for financial companies
Banco Santander SA
Not applicable for financial companies

Net Margin

DB
19.1%
SAN
21.3%

FCF Margin

DB
SAN
LTM 3Y Avg 5Y Avg 10Y Avg
Deutsche Bank AG
Not applicable for financial companies
Banco Santander SA
Not applicable for financial companies

ROE

DB
7.8%
SAN
14%

ROA

DB
0.4%
SAN
0.8%

ROIC

DB
SAN
LTM 3Y Avg 5Y Avg 10Y Avg
Deutsche Bank AG
Not applicable for financial companies
Banco Santander SA
Not applicable for financial companies

ROCE

DB
SAN
LTM 3Y Avg 5Y Avg 10Y Avg
Deutsche Bank AG
Not applicable for financial companies
Banco Santander SA
Not applicable for financial companies

Solvency Comparison

Deutsche Bank AG
Equity Waterfall
Assets
Liabilities
Equity
What is Equity Waterfall?
Banco Santander SA
Equity Waterfall
Assets
Liabilities
Equity
What is Equity Waterfall?
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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
DB, SAN

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SAN
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1Y 3Y 5Y 10Y 15Y 20Y
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Performance Gap
DB, SAN

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DB
SAN
Difference
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1Y 3Y 5Y 10Y 15Y 20Y

Performance By Year
DB, SAN

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SAN
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