Deutsche Bank stock forecast 2027–2029
MyStockButler's October 2026 analysis: Deutsche Bank's weighted price is €39.76 at October 2029; the bear case carries 25%, the base case 55%, and the bull case 20%. It hinges on revenue moving toward €37 billion in 2028, cost growth staying below revenue growth, and phased migration delivering the €300 million savings run rate.
Where could Deutsche Bank's shares be by October 2029?
At the first forecast date, October 2027, the weighted price is €32.44. That implies a 7% return including dividends. At the final date, October 2029, the weighted price is €39.76. The bear case carries 25%. The base case carries 55%, and the bull case 20%.
| Case | Probability | October 2027 | October 2028 | October 2029 |
|---|---|---|---|---|
| Bear | 25 % | 25.76 (-15 %) | 23.69 (-18 %) | 22.46 (-18 %) |
| Base | 55 % | 33.24 (+10 %) | 37.96 (+29 %) | 42.25 (+47 %) |
| Bull | 20 % | 38.58 (+27 %) | 46.01 (+56 %) | 54.53 (+89 %) |
| Weighted | 100 % | 32.44 (+7 %) | 36.00 (+23 %) | 39.76 (+39 %) |
What has to go right or wrong for Deutsche Bank?
Weak trading and fee activity would also reduce revenue growth and compress the multiple. Conversely, revenue moving toward €37 billion in 2028, cost growth staying below revenue growth, and phased migration delivering the €300 million savings run rate would support the base or bull cases.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Book value | 70,121 (67,441 / 70,441) | 73,241 (68,761 / 74,241) | 76,601 (70,741 / 78,641) |
| Shares (millions) | 1,856 (1,885 / 1,826) | 1,833 (1,887 / 1,775) | 1,813 (1,890 / 1,730) |
| Dividends per share | 1.20 (1.00 / 1.30) | 1.30 (1.00 / 1.55) | 1.40 (1.10 / 1.80) |
| Price to book value | 0.88 (0.72 / 1.00) | 0.95 (0.65 / 1.10) | 1.00 (0.60 / 1.20) |
How much does Deutsche Bank really earn and give back?
Reported RoTE rose from 4.7% in 2024 to 10.3% in 2025. Adjusted RoTE was 7.1% and 10.4%, showing that exceptional legal costs mattered greatly in 2024 but little in 2025. For the first nine months of 2026, annualized RoTE was 11.5%.
A dividend is not simply whatever profit remains. CET1 is the strongest form of regulatory capital, mainly common shares and retained profits, and acts as a cushion against losses. Distributions reduce that cushion. Deutsche targets a 60% payout of attributable net income through dividends and buybacks, with possible additional distributions when CET1 is sustainably above 14%, subject to approvals.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| EPS, diluted | 3.09 | 1.37 | 2.03 | 2.37 | 0.93 |
| − Dividends declared divided by weighted-average diluted shares | 0.94 | 0.64 | 0.42 | 0.29 | 0.19 |
| − Share buybacks, per share | 0.50 | 0.33 | 0.21 | 0.14 | 0.00 |
| = Kept, per share | 1.65 | 0.39 | 1.40 | 1.95 | 0.74 |
What this means. The kept amount per share is not just profit after dividends: it also subtracts money spent buying back shares because that cash leaves the business.
What is Deutsche Bank priced at today?
Book value is the accounting value left after liabilities are deducted from assets. Tangible book removes goodwill and other intangible assets, which are not normally cash resources available to absorb loan losses. RoTE, or return on tangible equity, measures profit against that tangible capital. Deutsche’s RoTE was 11.5% for the first nine months of 2026, so the price asks whether that return can persist.