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

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...

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

...

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...

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...

Roland Pfaender

Deutsche Börse : Q1 2019 might show moderate growth in a more challenging market environment

>We forecast adjusted net income of € 288.3m, up 6.5% - We expect Deutsche Börse to report a solid set of Q1 2019 results which might have been held back by a more challenging capital market environment. We estimate Q1 net revenues of € 717.1m, up 3.7% y-o-y, and adjusted EPS of € 1.57, implying 8.4% growth y-o-y. Deutsche Börse is due to release its Q1 2019 results on 29 April after the market close.EEX, 360T and STOXX the main growth drivers in Q1 2019 - ...

Roland Pfaender

Deutsche Börse : Axioma acquisition highly complementary but deal looks expensive and should be mid-term dilutive

>Deutsche Börse to acquire Axioma for USD 850m - Deutsche Börse announced it plans to acquire Axioma for $ 850m in cash and plans to combine it with its index business (STOXX and DAX) into a new company. As part of the transaction, Deutsche Börse has entered into a strategic partnership with General Atlantic (PE investor) which will invest around $ 715m into the new company, in order to finance the acquisition of Axioma. A number of the Axioma management will re-inves...

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. - ...

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

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 17/04/2019

La piste M&A envisagée par KBC en Hongrie apporte selon nous un éclairage intéressant sur l’optionalité M&A/dividende sur une partie du capital. Nos estimations en démontrent in fine les limites de son intérêt pour l’actionnaire et nous confortent dans notre opinion Neutre sur le titre (OC inchangé à 75.0 €). Cf. étude publiée ce jour. - ...

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

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.

Valérie GASTALDY

Analyse court terme - DEUTSCHE BOERSE AG : La tendance est baissière.

La tendance est baissière. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 109,31 €. La tendance baissière serait remise en cause au-dessus de 121,73 €.

Valérie GASTALDY

Short term view - DEUTSCHE BOERSE AG : The movement goes on.

The trend is bearish. The movement goes on. The next target is at €109.31, then €104.79. Passing €121.73 would question the continuation of the fall.

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