Company Reports

In a Financial Times interview, Euronext CEO Stéphane Boujnah said that the pan-European exchange group is open to a combination with Deutsche Boerse.

Deutsche Börse reported first-quarter revenue and EBITDA growth excluding treasury income of 12% and 18%, respectively.

A compelling suite of services makes Deutsche Börse one of the dominant exchange groups in Europe. It operates a derivative trading and clearing business, a leading international central securities depository, a leading fund distribution platform, exchanges in cash equities, commodities, and foreign exchange, and an index and analytics business.

A compelling suite of services makes Deutsche Börse one of the dominant exchange groups in Europe. It operates a derivative trading and clearing business, a leading international central securities depository, a leading fund distribution platform, exchanges in cash equities, commodities, and foreign exchange, and an index and analytics business.

Deutsche Boerse reported fourth-quarter EBITDA excluding treasury results of EUR 670 million, up 10% versus the year ago period. Lower interest rates compared with the year-ago period weighed on treasury income as expected.

Deutsche Boerse and Allfunds have reached an agreement for the German exchange group to acquire the fund distribution platform for EUR 8.80 per share, pending regulatory approvals.

Deutsche Boerse made an offer to acquire the European funds platform Allfunds for EUR 8.80 per share.

Deutsche Boerse reported third-quarter EBITDA growth of close to 5%, in line with our full-year expectations. Treasury income is still a headwind, as interest rates have come down, but underlying performance remains good.

A compelling suite of services makes Deutsche Boerse one of the dominant exchange groups in Europe. It operates a derivative trading and clearing business, a leading international central securities depository, a leading fund distribution platform, exchanges in cash equities, commodities, and foreign exchange, and an index and analytics business.

Deutsche Boerse reported second-quarter EBITDA of EUR 891 million, up 5% versus the same period a year ago. Excluding treasury results, EBITDA increased by 19%.

Deutsche Boerse reported first-quarter revenue of EUR 1,507 million, 2% shy of company-compiled consensus estimates. As we expected, the treasury result formed a headwind, declining to EUR 230 million from EUR 262 million last year. We maintain our EUR 220 fair value estimate and wide economic moat.

Deutsche Boerse reported full-year EBITDA of EUR 3.4 billion, slightly ahead of our EUR 3.3 billion estimate. Organic revenue growth of 8% and operating cost inflation of 3% lifted EBITDA by 14%, which was expectedly strong for 2024. The exchange group continues to benefit from structural growth drivers supporting demand for its products and services, which should culminate in a 3% top-line growth rate after absorbing a lower contribution from the banking business in 2025. Higher interest rates have significantly contributed to Deutsche Boerse’s operating performance since 2022. However, over the next two years, results will face weaker contributions from the treasury business as rates continue to come down. This will offset organic growth in the mid- to high single digits. We maintain our wide economic moat rating and reiterate our EUR 220 fair value estimate.

Deutsche Boerse's compelling suite of services make it one of the dominant exchange groups in Europe. It operates a derivative trading and clearing business, a leading international central securities depository, or ICSD, a leading fund distribution platform, exchanges in cash equities, commodities and foreign exchange, and an index and analytics business.

Wide-moat Deutsche Boerse reported a good third quarter. Following better-than-expected performance in commodities and higher net interest income, the exchange group increased its guidance for net revenue to EUR 5.8 billion from over EUR 5.7 billion and for EBITDA to between EUR 3.3 billion and EUR 3.4 billion from above EUR 3.3 billion. We maintain our EUR 201 per share fair value estimate.

Deutsche Boerse posted a good second quarter, supported by the SimCorp acquisition and good underlying growth dynamics. On an organic basis, revenue grew 8% compared with the same quarter a year ago. Operating expenses increased 6%, driven by inflation and investments. EBITDA grew 12% on an organic basis, aided by revenue outpacing costs. As a result of the good performance in commodities and higher net interest expectations as interest rate cuts are being pushed out, the exchange group raised its revenue guidance to above EUR 5.7 billion from above EUR 5.6 billion and its EBITDA guidance to above EUR 3.3 billion compared with above EUR 3.2 billion previously. We maintain our EUR 201 per share fair value estimate and wide moat rating.

Deutsche Boerse reported first-quarter EPS of EUR 2.70, up 5% versus the same period last year and consensus estimates of EUR 2.56 per share collected by the exchange group prior to the release. Revenue grew 6% organically, if we exclude the contribution of the SimCorp acquisition. Net interest income continued to boost Deutsche Boerse’s fund services and securities services segment, carried by higher interest rates than in the year-ago period and only marginally smaller cash balances. Derivatives trading showed a mixed quarter due to divergent volatility backdrops. Compared with the heightened uncertainty surrounding the banking stress in the US and consolidation of the Swiss banking market at the beginning of last year, equity derivatives declined 21% as volatility returned toward its long-term average. Fixed income remained flat, aided by the anticipation of potential rate cuts. On the other hand, commodities enjoyed greater volume as power prices declined, lifting revenue by 18% in this subsegment. Operating expenses increased 4%, again after excluding SimCorp, which is a good development considering the exchange group is currently investing in cost synergies and therefore front-loading expenses. We maintain our EUR 201 per-share fair value estimate and wide moat rating.

Deutsche Boerse reported a good set of fourth-quarter results. In the spotlight were the better-than-expected contributions from Simcorp, which Deutsche Boerse added to its roster of data-related businesses in the fourth quarter. Other businesses performed largely within our expectations, as DB continued to benefit from both structural and cyclical tailwinds. A storyline that we saw throughout the year and which also shone again in the fourth quarter was the impact of higher interest rates on the business. While only marginally lower, higher net interest income, lower cash balances, and increased demand for interest-rate derivatives proved to be a boon for Deutsche Boerse again. Revenue for the group grew 17% to EUR 1,437 million in the quarter, which translates to 5% organic growth if excluding the impact of the Simcorp addition. EBITDA grew 23%, or 13% organically. We maintain our wide economic moat rating but raise our fair value estimate to EUR 201 per share from EUR 180 after updating our model with 2023 figures.

Deutsche Boerse has a compelling suite of services, making it one of the dominant exchange groups in Europe. It operates a derivative trading and clearing business, a leading international central securities depository, or ICSD, a leading fund distribution platform, exchanges in cash equities, commodities and foreign exchange, and an index and analytics business.

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.

Wide-moat Deutsche Boerse reported second-quarter EBITDA of EUR 733 million, up 25% compared with the same period a year ago and ahead of the EUR 703 million expected by the consensus collected by Deutsche Boerse. We maintain our EUR 180 per share fair value estimate.