Deutsche Boerse Lifts Guidance for 2022 as Group Enjoys Cyclical Wave

Wide-moat Deutsche Boerse reported a good third quarter, with EBITDA of EUR 642 million compared with the EUR 590 million consensus estimates as collected by the group itself. Performance across all segments was good, driving 8% secular growth at the revenue line, while continued high demand for hedging products owing to interest-rate changes and uncertainty in energy markets resulted in cyclical growth of 20%. Given this strong cyclical momentum, management lifted guidance to above EUR 4.1 billion in net revenue and above EUR 2.3 billion in EBITDA for 2022. We maintain our fair value estimate of EUR 180 per share.