backtests
DCF Discount on German Stocks: 12.40% CAGR Over 25 Years of XETRA Data
We screened every German stock on XETRA for discount to intrinsic value using a Gordon Growth Model and backtested from 2000 to 2025. The strategy returned 12.40% CAGR vs 4.51% for the DAX (price index), +7.89% local excess (~+5pp after dividend adjustment).
