Deutsche Bank AG (DB) is slightly undervalued and HDFC Bank Ltd ADR (HDB) is slightly overvalued.
Against our estimates of intrinsic value, DB trades at the wider discount: a margin of safety of +14%, against -6% for HDB.
Values as of the 22 Sept 2026 close.
Book value at 0.98x, the multiple a 9.8% return on equity justifies, blended with earnings, values the shares at $43.54; the price of $37.56 is 14% below that value.
Leak Score 22/100 on 3 of 12 signals
Book value at 1.90x, the multiple a 13.7% return on equity justifies, blended with earnings, values the shares at $22.06; the price of $23.41 is 6% above that value.
Leak Score 14/100 on 3 of 12 signals
| Metric | DB | HDB |
|---|---|---|
| Verdict | Slightly undervalued | Slightly overvalued |
| Price | $37.56 | $23.41 |
| Intrinsic value | $43.54 | $22.06 |
| Margin of safety | +14% | -6% |
| Leak Score | 22/100 (3/12) | 14/100 (3/12) |
| Market cap | $70.6B | $120.3B |
| Revenue growth, 5 years | 13.7% | 21.8% |
| Operating margin | 16.5% | 21.9% |
| Net margin | 10.7% | 16.0% |
| Return on equity | 9.8% | 13.7% |
| Debt to equity | 2.22 | 0.93 |
| P/E | 9.8x | 13.8x |
| Forward P/E | 8.4x | 12.1x |
| P/B | 0.9x | 1.9x |
| Dividend yield | 3.5% | 1.8% |