Deutsche Boerse Reports Strong Start to 2022

Higher trading activity in volatile markets has driven a strong start to the year for Deutsche Boerse. The wide-moat exchange group reported net revenue of EUR 1,062 million in the first quarter, up 24% compared with the same period a year ago. EBITDA came in at EUR 687 million, 6% ahead of consensus estimates pulled by Deutsche Boerse. On the basis of such good results, Deutsche Boerse now believes it can outperform its previous full-year guidance of EUR 3.8 billion in net revenue and EUR 2.2 billion EBITDA. We anticipate a marginal increase in our current EUR 168 per-share fair value estimate when we publish our updated model shortly.