Deutsche Boerse Earnings: Cyclical Tailwinds Still a Positive, but Have Likely Reached the Peak

Wide-moat Deutsche Boerse reported a decent third quarter with net revenue growing to EUR 1.18 billion (up 9%) and EBTIDA of EUR 685 million (up 13%) excluding one-offs. The group continues to enjoy solid structural growth dynamics in the analytics and index business, while cyclical tailwinds remain a positive contributor to the top line. That said, cyclical drivers are starting to become more mixed with volatility and interest rates having peaked or about to do so. We maintain our EUR 180 per-share fair value estimate.