Deutsche Boerse AG

Deutsche Boerse is a financial services provider. Co.'s segments include Eurex, which comprises areas such as T7 electronic derivatives market trading platform, T7 electronic options trading platform, and Eurex Repo® over-the-counter trading platform; Xetra, which comprises areas such as cash market, the Specialist trading, and Eurex Bonds® OTC trading platform. Clearstream, which comprises custody and settlement services, securities financing services and collateral management, and investment funds services; and Market Data + Services, which comprises areas such as Distribution of licenses for real-time trading and market signals, and development and sales of indices.
  • Ticker581005
  • ISINDE0005810055
  • SectorFinancial Services
  • CountryGermany

Analysts

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

More cracks begin to show Weaker than expected data out of China and an as-expected 0.1% preliminary GDP contraction for the 2nd quarter in Germany has global equities back on the defensive, with the MSCI ACWI, ACWI ex-US, and EAFE back near logical support. In last week's Int'l Compass we noted that some cracks are beginning to show in the form of STOXX 600 Banks and Brent crude breakdowns, which led us to believe global equities are vulnerable to a breakdown. Below we highlight more cracks that are showing, which only increases the likelihood that equities may be poised to break down. • Mo...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Developed Markets Stocks

Favor EAFE over EM The U.S. dollar remains elevated and as long as this remains the case we believe developed international equities (EAFE) will continue to outperform relative to emerging markets (MSCI EM)... see charts below. Below we highlight attractive and actionable themes within developed international: • Australia. Australia's All Ordinaries index exhibits bullish price and RS trends, a rarity when it comes to global markets considering most country-specific indexes display neutral or negative price trends. We highlight several Australian names, and would use recent broad market weak...

Roland Pfaender

Deutsche Börse : Q2 2019 in line with estimates and at the lower end of the targeted run rate

>Q2 2019 results broadly in line with estimates - Deutsche Börse reported Q2 2019 results broadly in line with estimates. Adj. EBIT stood at €410.8m, up 7.1% y-o-y (cons. €412.3m) and broadly met expectations. Adj. EPS came in at €1.58, up 11.3% y-o-y and slightly beat our and consensus estimates of €1.55 triggered by a positive one-off in the financial result (reversal of provisions for interest on expected tax payments) and by a favourable tax rate in the quarter.§r...

Deutsche Boerse

Deutsche Boerse

Roland Pfaender

Deutsche Börse : Q2 2019 in line with estimates and at the lower end of the targeted run rate

>Q2 2019 results broadly in line with estimates - Deutsche Börse reported Q2 2019 results broadly in line with estimates. Adj. EBIT stood at €410.8m, up 7.1% y-o-y (cons. €412.3m) and broadly met expectations. Adj. EPS came in at €1.58, up 11.3% y-o-y and slightly beat our and consensus estimates of €1.55 triggered by a positive one-off in the financial result (reversal of provisions for interest on expected tax payments) and by a favourable tax rate in the quarter.§r...

Roland Pfaender

Deutsche Börse : Deutsche Börse management fostering future structural growth

>Investor day provides a positive update on current business - At its investor day management provided a positive business update indicating that the company is well on track to deliver on its 3-year target of =5% secular net revenue growth (plus a possible uplift from cyclical components), translating into net profit growth of 10-15% (CAGR 2017-20). For 2019 management guided for ~5% secular net revenue growth and a 0% impact from cyclical components (Q1 2019 had a n...

Roland Pfaender

Deutsche Börse : Secular growth drivers held up well in Q1 2019

>Q1 2019 adj. EPS of € 1.59 moderately ahead of estimates - Deutsche Börse reported a solid set of Q1 2019 figures ahead of our estimates and consensus. Adj. group net revenues stood at € 720.8m (our estimate: € 717.1m, consensus: € 722.6m), up 4.2% yoy. Reported adj. EPS stood at € 1.59, up 9.8% yoy, ahead of our estimate of € 1.57 and consensus of € 1.54. Adjusted for a positive one-off related to the termination of a contract of a partner exchange, the clean adj. E...

Eric Compton

Morningstar | As Expected, Cyclical Growth Is Slowing for Deutsche Boerse; Underlying Secular Growth Still Fine

Narrow-moat Deutsche Boerse's first-quarter 2019 results were generally in line with our overall thesis on the firm, and we do not plan to make any material changes to our EUR 107 fair value estimate. As expected, cyclical growth drivers have subsided, with cyclical net revenue down 1%, while secular net revenue growth met the 5% target for the quarter. Adjusted operating costs were down 2%, while adjusted EBITDA was up 9%. Overall, the company is meeting its medium-term goals, with adjusted earnings per share up 10%. Eurex had an OK quarter. Net revenue was relatively flat, but cost savings ...

Eric Compton

As Expected, Cyclical Growth Is Slowing for Deutsche Boerse; Underlying Secular Growth Still Fine

Narrow-moat Deutsche Boerse's first-quarter 2019 results were generally in line with our overall thesis on the firm, and we do not plan to make any material changes to our EUR 107 fair value estimate. As expected, cyclical growth drivers have subsided, with cyclical net revenue down 1%, while secular net revenue growth met the 5% target for the quarter. Adjusted operating costs were down 2%, while adjusted EBITDA was up 9%. Overall, the company is meeting its medium-term goals, with adjusted ear...

Benoit Valleaux ...
  • Bruno Cavalier
  • Martial Descoutures
  • Pierre Corby
  • Roland Pfaender

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/27/2019

...

Benoit Valleaux ...
  • Bruno Cavalier
  • Jean Sassus
  • Martial Descoutures
  • Pierre Corby
  • Roland Pfaender
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 27/05/2019

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Delphine Brault
  • Louis Boujard
  • Martial Descoutures
  • Philippe Ourpatian
  • Pierre Corby
  • Roland Pfaender
  • Sven Edelfelt
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/02/2019

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Delphine Brault
  • Louis Boujard
  • Martial Descoutures
  • Philippe Ourpatian
  • Pierre Corby
  • Roland Pfaender
  • Sven Edelfelt
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 02/05/2019

...

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Martial Descoutures
  • Pierre Corby
  • Pierre Tegner
  • Roland Pfaender
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/17/2019

The M&A option that KBC is considering in Hungary is, in our view, illuminating as regards the M&A/dividend possibilities offered by a portion of the capital. Our estimates show that this scenario is of limited benefit to the shareholder and bear out our Neutral recommendation on the stock (unchanged target price of € 75.0). Cf. report published today. - ...

Deutsche Boerse

Deutsche Boerse

Deutsche Boerse

Deutsche Boerse

Deutsche Boerse

Expert Corporate Governance Service (ECGS)

Deutsche Börse - AGM 08 May 2019

Item 10: KPMG, Berlin, is proposed as auditor for the current financial year. Next to concerns over the ratio of non-audit/audit fees over a three-year aggregate period we note that KPMG has audited the Company since the financial year 2001 which exceeds our maximum acceptable term of office of 10 years in case no audit tender has taken place after the initial engagement period. We consider a longer term of office may impair the auditor's independence. We therefore recommend opposing the re-election of KPMG as auditor. 

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

More cracks begin to show Weaker than expected data out of China and an as-expected 0.1% preliminary GDP contraction for the 2nd quarter in Germany has global equities back on the defensive, with the MSCI ACWI, ACWI ex-US, and EAFE back near logical support. In last week's Int'l Compass we noted that some cracks are beginning to show in the form of STOXX 600 Banks and Brent crude breakdowns, which led us to believe global equities are vulnerable to a breakdown. Below we highlight more cracks that are showing, which only increases the likelihood that equities may be poised to break down. • Mo...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Developed Markets Stocks

Favor EAFE over EM The U.S. dollar remains elevated and as long as this remains the case we believe developed international equities (EAFE) will continue to outperform relative to emerging markets (MSCI EM)... see charts below. Below we highlight attractive and actionable themes within developed international: • Australia. Australia's All Ordinaries index exhibits bullish price and RS trends, a rarity when it comes to global markets considering most country-specific indexes display neutral or negative price trends. We highlight several Australian names, and would use recent broad market weak...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Developed Markets Leadership Chart Book

Europe in focus The U.S. dollar continues to grind marginally higher, and EM equities have suffered as a result. Meanwhile, RS for the MSCI EAFE index is bottoming when compared to the MSCI EM index, largely due to outperformance in Europe. With developed int'l markets beginning to outperform emerging markets, we recommend adding exposure to the developed int'l space. Below we highlight attractive and actionable themes within developed int'l: • Europe & Japan: Though this is an all-encompassing bottoms-up chart book for developed ex-U.S., make no mistake, the vast majority of today's buy rec...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Opportunities in Europe, Japan As markets pull back amid the tariff saga we continue to believe this is an attractive time to add exposure. This view is supported by the technicals with all major global indexes (MSCI ACWI, ACWI ex-U.S., EAFE, and EM) pulling back to their respective 200-day moving averages... see charts below. • Actionable Sectors: Services and Consumer Staples in Europe and Japan. We often view the Services Sector as a defensive way to invest in Technology. We also highlight several Consumer Staples stocks within Europe (the STOXX 600 Food & Beverage index remains leadersh...

Valérie GASTALDY

Short term view - DEUTSCHE BOERSE AG : The trend is bearish.

The trend is bearish. Prices are falling again, but the movement has become hesitant. The next support is at €109.31. The bearish trend would be challenged above €121.73.

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