Deutsche Boerse AG

DB1: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€443.00	Jnj	Ctmrrpld

Deutsche Boerse Keeps Performing as Expected; Fair Value Estimate Maintained

Niklas Kammer

Oct 21, 2021

Wide-moat Deutsche Boerse keeps delivering on its 2023 growth ambitions. Third-quarter revenue came in at EUR 838 million, up 18% versus last year, while EBITDA grew 25% to EUR 500 million. Performance by segment was mixed, owing to Deutsche Boerse’s diversified structure, but overall positive. We maintain our fair value estimate of EUR 150 per share and wide moat rating.

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