Baader Bank AG (BWB) AI Stock Analysis

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Baader Bank AG

(XETRA:BWB)

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Rating:66Neutral

Price Target:EUR 7.00▲(1.45% Upside)

Action:downgraded

Date:09/26/26

The score is driven primarily by improved latest-year profitability and generally solid cash generation, tempered by cyclical/volatile historical performance and some balance-sheet datapoint inconsistencies. Valuation is supportive (low P/E and a ~3% yield), but technical indicators point to currently weak-to-neutral momentum with the stock trading slightly below key moving averages.

Positive Factors

Improved profitabilityThe latest annual period shows materially stronger revenue and profitability, indicating improved earnings capacity across Baader Bank’s capital-markets and securities-services activities. If retained, the higher operating margin can support internal investment, capital accumulation, and stronger performance through the next several quarters.

Negative Factors

Cyclical earnings visibilityBaader Bank’s earnings depend substantially on capital-markets activity, and the reported history shows meaningful variation across years. A near-break-even operating result in 2023 and lower revenue in 2024 indicate that profitability may weaken when trading activity or market conditions soften, reducing medium-term earnings visibility.

Baader Bank AG (BWB) vs. iShares MSCI Germany ETF (EWG)

Market Cap: EUR 334.75M
Dividend Yield: 2.90%
Average Volume (3M): 14.92K
Price to Earnings (P/E): 11.0
Beta (1Y): 0.36
Revenue Growth: 2.00%
EPS Growth: -35.47%
Country: Germany
Employees: 677
Sector: Financial
Sector Strength: 68
Industry: Investment - Banking & Investment Services

Baader Bank AG Business Overview & Revenue Model

Company Description

Baader Bank Aktiengesellschaft provides investment and banking services in Europe. The company trades in equities, bonds, funds and exchange traded funds, and securitized derivatives, as well as engages in the over-the-counter trading activities. It...

How the Company Makes Money

Baader Bank’s earnings are primarily generated from capital-markets activity and fee-based securities services. Key revenue streams typically include: (1) Trading and market-making income: As a designated market maker/liquidity provider, the bank par...

Baader Bank AG Financial Statement Overview

Summary

Income statement strength in the latest year (revenue up ~29% and net margin expanding to ~15.8%) supports a solid score, reinforced by generally positive operating and free cash flow in most years. Offsetting this is clear cyclicality/volatility in results and cash flows, plus balance-sheet data inconsistencies in 2025 that reduce confidence in assessing leverage and returns from the provided figures.

Income Statement

72Positive

Balance Sheet

64Positive

Cash Flow

70Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	326.88M	571.77M	247.60M	344.08M	249.96M	218.38M
Gross Profit	300.72M	290.21M	227.37M	328.69M	144.61M	305.45M
EBITDA	84.71M	85.62M	50.08M	10.26M	21.81M	64.12M
Net Income	50.70M	50.70M	23.50M	2.79M	8.69M	46.55M
Balance Sheet
Total Assets	3.23B	3.23B	4.82B	3.94B	2.38B	1.82B
Cash, Cash Equivalents and Short-Term Investments	29.55M	29.55M	66.68M	30.75M	160.01M	1.37B
Total Debt	66.69M	66.69M	59.81M	75.63M	117.64M	46.84M
Total Liabilities	3.00B	3.00B	4.64B	3.77B	2.21B	1.66B
Stockholders Equity	232.26M	232.26M	188.62M	164.76M	164.04M	163.52M
Cash Flow
Free Cash Flow	74.65M	74.65M	693.87M	1.64B	-20.27M	885.75M
Operating Cash Flow	88.87M	88.87M	708.21M	1.65B	366.37M	897.08M
Investing Cash Flow	-53.37M	-53.37M	113.28M	-22.69M	-277.75M	-10.87M
Financing Cash Flow	-1.68B	-1.68B	821.57M	-2.63M	-8.67M	-4.00M

Baader Bank AG Technical Analysis

Technical Analysis SentimentPositive

Last Price6.90

Price Trends

50DMA6.70Positive

100DMA6.71Positive

200DMA6.68Positive

Market Momentum

MACD0.05Negative

RSI57.36Neutral

STOCH89.58Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:BWB, the sentiment is Positive. The current price of 6.90 is above the 20-day moving average (MA) of 6.76, above the 50-day MA of 6.70, and above the 200-day MA of 6.68, indicating a bullish trend. The MACD of 0.05 indicates Negative momentum. The RSI at 57.36 is Neutral, neither overbought nor oversold. The STOCH value of 89.58 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DE:BWB.

Baader Bank AG Peers Comparison

Overall Rating

UnderperformOutperform

Sector (68)

Financial Indicators

DE:BWB against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
DE:BWB	66Neutral	EUR 332.85M	10.95	12.91%	2.90%	2.00%	-35.47%
DE:LUS1	64Neutral	EUR 144.40M	2.00	60.82%	26.85%	61.60%	138.84%
DE:FTK	62Neutral	EUR 2.51B	12.84	20.76%	1.33%	20.27%	50.28%
DE:NF4	49Neutral	EUR 188.66M	134.17	6.20%	0.43%	―	―

* Financial Sector Average

Performance Comparison

DE:BWB and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
DE:BWB	Baader Bank AG	6.90	0.74	11.94%
DE:FTK	flatexDEGIRO AG	22.60	-8.61	-27.58%
DE:QB7	Quirin Privatbank AG	2.90	-0.53	-15.38%
DE:NF4	Netfonds AG	80.50	35.90	80.49%
DE:LUS1	Lang & Schwarz AG	14.90	-5.41	-26.64%
DE:T2G	Tradegate AG Wertpapierhandelsbank	77.50	-8.99	-10.40%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Sep 26, 2026

Baader Bank AG AI Stock Analysis