Gilp,
funny enough I happened to look at DB today post their numbers aswell so can share a few thoughts:
In general, I am not in the camp of people who say "all banks are on the too hard pile". Some banks have a relatively simple and stable business model and I would argue that the pure operations of DB (Investment Banking, Commercial Banking, Transaction Baking, Wealth Management) can be good businesses.
In terms of valuation, for conservativeness I would look at Tangible Book Value rather than Book Value, i.e. exclude intangible assets. In terms of DB:
Share price: 25 EUR
TBV/share: 37,37 EUR (1.5x Share Price)
BV/Share: 47,98 EUR (2x Share Price)
One issue with German banks has been lack of capital and resulting dilution of shareholders when capital had to be raised. DB raised some capital this year, they appear sufficiently capitalized now and easily passed the ECB "stress test" (they would have passed even without the 8.5 bn equity raise). Therefore, I do not think a further dilution is to be feared.
Normally, for a company to trade at 1x BV, it should earn precisely its cost of equity capital. Now, you can discuss what that is (or how much you need to make upon investing in DB). I would put the number in the area of 10%. DB has 66 bn EUR in equity, so it would need to make 6.6 bn EUR a year in order to be worth 48 EUR/share. DB has never made that much money in their history and their RoE in the last years was more like 2%.
If you look look at their presentation, you will see they made about 7 bn in what they call "Adjusted IBIT" in the first 9 months of 2014. "Adjusted IBIT" exclude costs for restructurings, litigations, their Non-Core Unit (internal bad bank), other non-ordinary factors and income taxes which have been weighing on their results for a long time - and an end does not appear in sight (yet).
Accordingly, if DB ever got to really "normalize" their business and managed to move away from their legacy problems, there might be a chance for significant price appreciation.
However, management has guided cautiously citing a weak macro-environment and DB may have to pour more money into lawsuits. So, the path to improvement is not clear.
So overall, in my view, investing in DB is not the worst idea, but will require some patience. Following poor returns and dilution by capital raise, DB is now a "hated" stock which in my view is a good thing.