
Deutsche Bank Aktiengesellschaft is undervalued, trading at lower multiples than peers despite strong Q3 results and robust forward guidance. Q3 delivered a record post-tax profit of €1.9B, 4% revenue growth, and an improved cost-to-income ratio, with most segments expanding except investment banking. DB targets >€33B revenue, and a cost/income ratio of 13% through 2028, supported by reduced SREP capital requirements.










