Baader Bank Aktiengesellschaft

BWB.DE

Investment - Banking & Investment Services · Financial Services

Price

€6.76

-0.06 (-0.88%)

Market Cap

€329.9M

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+4.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 46.7M (2021) → 48.8M (2025)

Baader Bank AG is a German bank that specializes in capital markets services rather than everyday banking like savings accounts or loans. Its core business includes securities trading, market-making, and brokerage services, mainly for institutional clients like asset managers, fund companies, and other financial firms. The bank is one of the leading market makers on German stock exchanges, meaning it helps buyers and sellers trade shares smoothly by always being ready to quote prices.

Baader Bank earns money through trading commissions, spreads on securities transactions, and fees for services like custody and settlement. It operates primarily in Germany and the broader European market and is relatively small, with a market cap around €300 million. Its competitive position comes from deep expertise in European securities markets and long-standing relationships with institutional clients, though the business is sensitive to trading volumes, which tend to fall sharply when markets are quiet or uncertain — making revenue somewhat unpredictable from year to year.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+37.6% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+18.5% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

71.8%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$59M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Baader Bank Aktiengesellschaft grew revenue 38% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Operating Margin

-11.1%

Losing money on operations — -11.1%

ROCE

-4.5%

Weak — -4.5% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+29.9%

Fast-growing sales (29.9% YoY)

EPS YoY

+510.2%

Earnings growing fast (510.2% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

1109%

Turns 1109% of profit into real cash

FCF Margin

164.8%

Converts sales into free cash efficiently (164.8%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.42

Conservative — low debt load (0.42)

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

4.4x

Attractive valuation — P/E 4.4

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

1.87%

Small dividend — 1.87% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+128.1%

Dividend growing fast (128.1% YoY)

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