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Deutsche Bank shares have traded above their book value for the first time since the start of the global financial crisis, marking a milestone in the turnaround of Germany’s largest lender after years of legal setbacks, writedowns and restructuring.

The stock rose to €33.95 in early trading on Monday, climbing above the bank’s most recent reported book value per share of €33.66, a measure of total assets minus liabilities excluding shareholders’ equity.

Price to book ratio is a key valuation metric for banks, reflecting investor confidence in a lender’s assets, returns and growth outlook. Deutsche had traded at a discount to its book value since early 2008, when doubts about the health of the banking sector were mounting in the early stages of the financial crisis.

Passing the milestone is a boost for chief executive Christian Sewing, who has vowed to turn the lender into “the European champion in banking”.

At its lowest point in March 2020, the stock fell below €5, or 0.19 times book value, with investors fearing that the economic downturn caused by the Covid-19 pandemic could derail Sewing’s restructuring plan.

At the time, Deutsche’s earnings were dragged down by the European Central Bank’s negative interest rates as well as billions of euros in restructuring costs, while its job-cutting plans were hit by delays.

Investor confidence has slowly returned during a broad three-year rally in European bank shares. Deutsche has resolved long-running legal battles, including relating to mis-selling of mortgage-backed securities, exited lossmaking ventures such as its equities trading division, and increased its focus on fixed-income trading and corporate banking.

Despite roughly doubling over the past year, the German bank’s shares are still around half their level in early 2008. The bank’s market capitalisation — then about €35bn — has risen to about €65bn, after it raised about €33bn in fresh equity, most recently in 2017, to shore up a balance sheet hit by legal penalties and the costly acquisition of retail lender Postbank.

Deutsche reported in October its highest nine-month profits since 2007.

Berlin’s debt-financed investment drive is expected to benefit Deutsche’s investment banking arm as an adviser on sovereign bond issuance and corporate restructuring, according to analysts, while its lending business should profit from rising corporate credit demand.

Some investors remain cautious. “The recent share price gains simply reflect the move from negligible earnings to average profitability,” said Andreas Thomae, a strategist at Deka, a top-20 shareholder.

Analysts are confident Deutsche will hit its target of a 10 per cent return on tangible equity — a key profitability measure — when it reports its results for 2025. Its goal of reaching returns of 13 per cent by 2028 still lags those of European peers, which are aiming for up to 22 per cent.

Deutsche “will never reach the profitability levels of BBVA or Santander”, Thomae said, citing the bank’s capital-consuming investment banking division.

Despite the recent rally in the bank’s share price, its annualised total return over the past decade still trails the Stoxx600 Banks index as well as rivals such as Italy’s UniCredit and France’s BNP Paribas.

Deutsche’s performance is also overshadowed by domestic rival Commerzbank, whose price-to-book ratio has rebounded from 0.13 in March 2020 to more than 1.4 in 2025, helped by a potential takeover offer from UniCredit.

Deutsche’s problems integrating Postbank have weighed on its retail arm, though profitability has improved after branch closures and job cuts. DWS, its asset management arm, continues to face pressure in alternative investments despite inflows into low-margin passive products such as exchange traded funds.

While DWS is looking for acquisition targets, Sewing has ruled out major deals by the parent group. “When I still have the chance to get significantly better through my own effort, I don’t want to let anything hold me back from that,” he said last year.

Map the biggest risks and opportunities in 2026 with this series of articles based on insights, commercial and operational trends, as well as shifting regulation. Explore key trends in AI, cybersecurity, employment, trade, tax, M&A and more, and discover practical insights to help take strategic action for a strong start to 2026.

It’s just after five o’clock in the morning. While no one knows exactly what’s going to happen in an hour, many people have already gathered on the roads of the Turkish town of Göreme. Bundled up, they sip on their tea, check the battery level of their cell phones, and wait for the sign.

There’s snow on the ground in Cappadocia, which makes the plans all the more complicated. The thermometer reads minus nine degrees Celsius as light begins to fill the sky above the Central Anatolia region little by little. The volcanic landscape with its mysterious rock formations begins to take shape in a haze along the horizon, offering a preview of an area that, according to an old legend, once served as a playground of the gods.

The light dusting of snow – like a sprinkle of icing sugar – makes the landscape even more magical. Cappadocia is supposedly home to hundreds of thousands of the unusual tuff formations, which magically sprout out of the ground like asparagus spears and are reminiscent of pointed hats and giant mushrooms. 

Researchers agree that it took nature thousands of years to create this work of art. In addition to admiring the rocks, Cappadocians have also carved their homes and even churches into them. The rock formations were added to the UNESCO World Heritage list in 1985.

The new Porsche Macan 4S will put its off-road capabilities to the test in Cappadocia, which it’s well equipped to do as standard. Both axles are driven by an efficient, powerful electric motor. When Launch Control is activated, the system output is 380 kW (516 PS) with a torque of 820 Nm. To minimize slip to the highest degree possible, the electronics control the interplay of both electric motors almost in real time. In other words, Porsche Traction Management (ePTM) distributes the immense power within ten milliseconds, which is around five times faster than conventional all-wheel drive systems.

Adventure beyond the asphalt 

When the Macan 4S’s Matrix Design LED headlights illuminate the first rock formations in Göreme, sunrise is no longer far off.

Atıl Ulaş Cüce is taking us down narrow tracks that have never seen asphalt. The Cappadocia expert has been guiding tourists through the fascinating landscape in the heart of Türkiye for nearly 30 years, including some Porsche drivers. But none of them have gone as deep into the landscape as we will today, he says. The closer the Macan 4S gets to the mountains, the more demanding the route becomes, gradually deteriorating into ruts and bumps. Atıl’s face betrays his growing concern.

Two taps on the central display – and his smile is back. The activated off-road driving mode controls the all-wheel drive on challenging tracks. A virtual center differential lock limits the differential speed between the front and rear axles, which maximizes traction. The chassis also lifts to off-road height, with an additional 20 millimeters in the first setting.

And if you opt for special terrain, the Macan 4S offers an increase in ground clearance of 40 millimeters. The optional off-road design package offers an approach angle of up to 17.4 degrees at the front of our vehicle. It’s unanimous: these 4×4 options are a game changer. The Macan can now navigate the terrain with confidence and ease. From the front seats, we can see how wild the tracks become, but don’t feel any strain in the chassis or the drive.

Atıl’s cell phone rings, which is the sign we’ve been waiting for: the hot-air balloons will fly at sunrise. The atmosphere changes instantly in the playground of the gods. We park the Macan 4S on a hill and watch as the valley fills with buses big and small. Among them, there are old off-road vehicles towing balloon baskets on long trailers. And then pink American convertibles from the 1970s maneuver into position. Their drivers have brought changing rooms made of tent material. Balloon trips are now the top tourist attraction in Cappadocia. When they start, it’s about so much more than just extraordinary views. It’s also about creating the perfect picture.

One Porsche and a hundred balloons

A short time later, the first 20 balloons lift off. The flames of their burners illuminate the envelopes, together creating an absolutely breathtaking postcard image. Colorful balloons float over a valley full of bizarre rock formations as the sun rises. What sounds kitschy is actually kind of magical. And in the center of it all – the new Macan 4S in Oak Green Metallic – like an object from the future. “It’s like nothing else, isn’t it?” asks Atıl, his eyes sparkling. Even after his many years in Cappadocia, he’s never grown tired of this sight. And we can understand why.

The spectacle continues for about an hour. Around a hundred of the 170 hot-air balloons with an official permit are floating around us today. This number not only seems gigantic, it actually is. You could compare it with a bee colony scouring a single shrub for nectar all at once.  

We follow one of the colorful balloons to its landing location. The route takes us through the rocky landscape – the tall, narrow rocks standing there like silent observers, the guardians of Cappadocia. 

“Before the balloons began flying, I would take tourists hiking here,” says Atıl, showing the way. “There are some people who still hike, and others who only come for the balloons. The times are changing, and balloons are now the main attraction.”

Çağlar Aksoylu lands the basket of his balloon directly on the trailer to the cheering and applause of the 18 passengers. Çağlar, sporting a pair of reflective sunglasses, responds with a wide grin. The 35-year-old former basketball player has been a professional balloon pilot for four years. “I even help develop the balloons, baskets, and burners. We produce them here in the area,” he explains proudly. What does he like most about his job? “I can float on a cloud every day.”

News of the attraction seems to have spread far and wide around the world, accelerating local demand. How did it all start? “A German tour operator came up with the idea of flying a hot-air balloon over Cappadocia in the early 1990s,” explains Atıl. When the contract expired, the balloon pilot stuck around and continued offering flights. The services available expanded over the years to keep up with the interest. Social media ultimately fueled demand like a turbo engine.

Located in the village of Ayvali some 20 minutes away, the Green Garden restaurant seems like the polar opposite of this development.

The Macan 4S flaunts its softer side on the road, offering a quiet and highly comfortable drive, thanks in large part to the successful suspension management (PASM). With its two-valve technology, PASM can control the rebound and compression stages separately – and thus switch from performance to comfort in the blink of an eye. Or the other way around. Available in the Macan for the first time, rear-axle steering offers a steering angle of up to five degrees – yet another comfort highlight. 

With 15 percent more direct steering ratio at the front axle, the increase in agility is most noticeable in dynamic performance. But rear steering can also help in city traffic and maneuvering, with the rear wheels turning in the opposite direction of the front wheels at speeds of up to around 80 kmh. 

Güler Gürbüz is beaming from ear to ear as we enter her Green Garden restaurant, where she cooks traditional cuisine. Her most important tool is a special outdoor oven clad in terra-cotta, with which she prepares extremely tender meat dishes. Atıl tells us there are only two ovens like it remaining in the region.

After the meal, Atıl takes us out to see a stunning gorge. A steep track wide enough just for us leads downward. There’s a phone number written on the striking rock walls. “That’s the towing service, in case anyone in a rental car gets stuck. It happens often enough,” explains the guide. The Macan 4S handles the track with ease – on the way down and then back up again.

Stress-free charging

We take a leisurely drive back to Göreme at the end of the day. All the excitement of the morning has dissipated, and the tourists are all happily seated in the many restaurants. The Macan pulls up to one of the few charging stations in the small town. The high-voltage battery with 100 kWh of gross energy content is at around 45 percent. Thanks to the 800-volt system, the SUV battery could theoretically charge from 10 to 80 percent in just 21 minutes* if a CCS fast charging station were available. Here in Göreme, it’s 10.9 kW. But that’s not an issue, as we’re not going anywhere else today and can simply charge overnight.

Our last appointment for the day is a three-minute walk up the mountain to the hotel that Zehra Daşdeler took over from her father. Nestled in a picturesque landscape, Amber Cave Suites is not just any hotel, as its rooms are built inside fairy chimneys – the tall, narrow rock formations the Cappadocians once carved their homes into. Guests have the opportunity to sleep in a cozy cave, without having to give up any of the amenities of a good hotel. Zehra operates the hotel with lots of love, creating an ambience that’s as tasteful as it is extraordinary.

When she was growing up here, life and tourism were not quite so fast-paced. “Back then, people came for one or two weeks. Now they stay for a night or two. Some are only interested in taking a few photos for Instagram. But that, too, will change again.”

Her words echo as we embark on our journey of discovery at the next sunrise. With the Macan 4S’s battery full and the off-road program activated, we set off at a leisurely pace and let the day unfold. 

Atıl takes us to a climbing trail for cars, where the sun appears to jump back and forth between the rocks as it rises. That’s the magic of Cappadocia – a playground of the gods.

Info

Text first published in the Porsche magazine Christophorus 415.

Text: Dani Heyne
Images: Philipp Rupprecht

Copyright: All images, videos and audio files published in this article are subject to copyright. Reproduction in whole or in part is not permitted without the written consent of Dr. Ing. h.c. F. Porsche AG. Please contact newsroom@porsche.com for further information.