Deutsche Boerse AG

Deutsche Boerse is a financial services provider. Co.'s segments include Eurex, which comprises areas such as T7 electronic derivatives market trading platform, T7 electronic options trading platform, and Eurex Repo® over-the-counter trading platform; Xetra, which comprises areas such as cash market, the Specialist trading, and Eurex Bonds® OTC trading platform. Clearstream, which comprises custody and settlement services, securities financing services and collateral management, and investment funds services; and Market Data + Services, which comprises areas such as Distribution of licenses for real-time trading and market signals, and development and sales of indices.
  • TickerDB1
  • ISINDE0005810055
  • SectorFinancial Services
  • CountryGermany

Increased risk weighs on DEUTSCHE BOERSE, penalising its rating down to Neutral

The independent financial analyst theScreener just lowered the general evaluation of DEUTSCHE BOERSE (DE), active in the Investment Services industry. As regards its fundamental valuation, the title still shows 1 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as moderately risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Neutral. As of the analysis date September 4, 2020, the closing price was EUR 149.05 and its target price was estimated at EUR 132.08.

Alain William

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/06/2020

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Alain William

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/08/2020

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Roland Pfaender,MBA,CFA,CCRA

Deutsche Borse : Q2 2020 in line with expectation; more cyclical headwind in H2 2020e

>Flattish development of Q2 2020 bottom line results, in line with expectations - Deutsche Börse reported broadly flat bottom line results for Q2 2020, in line with expectations. Adjusted EPS stood at € 1.57 (down by 0.6% y-o-y) and compares to our € 1.58 and € 1.56 consensus estimate. Net revenue stood at € 777.5m supported by a healthy growth rate of 7.3% y-o-y (7% structural growth, 2% positive consolidation effect and 2% negative cyclical growth). Operating cost ...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Global Equities Dive, Testing Major Support Global equities have gone from extreme bullish sentiment and an extended market to panic and fear over coronavirus concerns. It is virtually impossible to predict what will happen regarding the virus or how much further markets could sell off as a result. Below we explain our outlook based on what we do know, which has been dampened but is not yet dire. • Indexes Testing Major Support. Major indexes are testing long-term base support and/or support at their respective 200-day MAs. These include the MSCI ACWI, ACWI ex-US, EAFE, EM, S&P 500, Nikkei...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Growth Over Value We continue to see coronavirus concerns as helping correct the excess bullish sentiment in the short-term. Additionally, considering the dearth of breakdowns, we continue to believe this is a bull market until proven otherwise and a “buy the dip” strategy remains warranted. • Major Indexes Holding Up Well. As mentioned above, breakdowns in major indexes are hard to come by. EM (MSCI EM), China (MSCI China), Europe (STOXX 600), MSCI ACWI, ACWI ex-US, and EAFE have all pulled back to their 50-day MAs, while Japan (TOPIX) appears to be finding support at its 100-day MA. ...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Breakout probability on the rise The probability for a breakout for global equities (MSCI ACWI) has increased in the past week based on several positive technical developments which we highlight below. Still, there are several indicators that continue to tell us we are not yet out of the woods. • Emerging Markets. The MSCI EM index exhibits bullish price and RS reversals -- add exposure/market weight. This is a major positive for both EM and global equities as it is a characteristic consistent with global bull markets and signals a significant improvement in investors' risk appetites... s...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

More cracks begin to show Weaker than expected data out of China and an as-expected 0.1% preliminary GDP contraction for the 2nd quarter in Germany has global equities back on the defensive, with the MSCI ACWI, ACWI ex-US, and EAFE back near logical support. In last week's Int'l Compass we noted that some cracks are beginning to show in the form of STOXX 600 Banks and Brent crude breakdowns, which led us to believe global equities are vulnerable to a breakdown. Below we highlight more cracks that are showing, which only increases the likelihood that equities may be poised to break down. • ...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Developed Markets Stocks

Favor EAFE over EM The U.S. dollar remains elevated and as long as this remains the case we believe developed international equities (EAFE) will continue to outperform relative to emerging markets (MSCI EM)... see charts below. Below we highlight attractive and actionable themes within developed international: • Australia. Australia's All Ordinaries index exhibits bullish price and RS trends, a rarity when it comes to global markets considering most country-specific indexes display neutral or negative price trends. We highlight several Australian names, and would use recent broad market we...

Roland Pfaender,MBA,CFA,CCRA

Deutsche Borse : Q2 2020 in line with expectation; more cyclical headwind in H2 2020e

>Flattish development of Q2 2020 bottom line results, in line with expectations - Deutsche Börse reported broadly flat bottom line results for Q2 2020, in line with expectations. Adjusted EPS stood at € 1.57 (down by 0.6% y-o-y) and compares to our € 1.58 and € 1.56 consensus estimate. Net revenue stood at € 777.5m supported by a healthy growth rate of 7.3% y-o-y (7% structural growth, 2% positive consolidation effect and 2% negative cyclical growth). Operating cost ...

Roland Pfaender,MBA,CFA,CCRA

Deutsche Borse : Q2 2020e results: back to a more normalised run-rate

>We forecast € 289.2m adjusted net profit for Q2 2020e - Deutsche Börse is due to report Q2 2020 results on 29 July post market close. Following a very strong Q1 2020, which was driven by elevated volatility in the markets, we expect a solid Q2 2020 which should reflect a more normalised run-rate. We forecast € 772.9m net revenue for the quarter (up 6.6% y-o-y) and adjusted net attributable profit of € 289.2m (up 0.3% y-o-y).Eurex with more modest growth ...

Roland Pfaender,MBA,CFA,CCRA

Deutsche Borse : Q1 2020 results even stronger than expected

>Positive cyclical effects were main profit drivers in Q1 2020 - Deutsche Börse reported net revenue growth of 27% y-o-y in Q1 2020 to € 914.8m (ODDO BHF: € 888.2m, consensus € 878m). Cyclical growth stood at 16%, secular growth at 8% and consolidation effects contributed 3% to overall net revenue growth in the quarter. Major positive deviations to our estimates were attributable to the Eurex and Clearstream business segments. Adjusted EPS came in at € 2.11, ahead of ...

Roland Pfaender,MBA,CFA,CCRA

Deutsche Borse : A quarter to remember

>We forecast Q1 2020 EPS of € 2.04, up 28.1% y-o-y - Deutsche Börse is due to report very strong Q1 2020e results on 29 April post market close. We estimate the group to have generated net revenue of € 888m in Q1 2020e, up 23.2% y-o-y (consensus € 878m net revenue) and adj. EPS of € 2.04, up 28.1% y-o-y (consensus adj. EPS € 2.03). The company strongly benefited from elevated volatility which drove cash equities and derivatives trading. Eurex revenues st...

Roland Pfaender,MBA,CFA,CCRA

Deutsche Borse : Volatility drives transaction growth; NII takes hit from policy decisions

>Our estimates fine-tuned; new TP of € 137, Neutral rating maintained - We have revisited our estimates following the outbreak of COVID-19 which has triggered elevated volatility in the financial markets and prompted central banks to lower short-term interest rates further. We have increased our 2020e adj. EPS estimate from € 6.57 to € 6.62 and have lowered our 2021e adj. EPS estimate from € 7.03 to € 6.50. For 2022e, we forecast adj. EPS of € 6.93. We reiterate our N...

Alain William

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/06/2020

...

Alain William

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/08/2020

...

Ahmed Ben Salem ...
  • Alain William
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Bruno Cavalier
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Louis Boujard, CFA
  • Olfa Taamallah
  • Philippe Ourpatian
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/04/2020

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Increased risk weighs on DEUTSCHE BOERSE, penalising its rating down to Neutral

The independent financial analyst theScreener just lowered the general evaluation of DEUTSCHE BOERSE (DE), active in the Investment Services industry. As regards its fundamental valuation, the title still shows 1 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as moderately risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Neutral. As of the analysis date September 4, 2020, the closing price was EUR 149.05 and its target price was estimated at EUR 132.08.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the we...

Expert Corporate Governance Service (ECGS)

Deutsche Börse – AGM 19 May 2020

General: The AGM is to be held in the form of a virtual AGM in accordance with the German Law to Mitigate the Consequences of the COVID-19 Pandemic. The physical presence of shareholders or their authorised proxies is not possible. The voting rights may therefore be exercised solely by (electronic) postal vote or by granting authority to the proxies designated by the Company.   Item 8: We recommend to oppose the approval of the remuneration system for the Management Board members due to our concerns over the insufficient disclosure on future remuneration amounts and the structure of remunera...

Expert Corporate Governance Service (ECGS)

Deutsche Börse - AGM 08 May 2019

Item 10: KPMG, Berlin, is proposed as auditor for the current financial year. Next to concerns over the ratio of non-audit/audit fees over a three-year aggregate period we note that KPMG has audited the Company since the financial year 2001 which exceeds our maximum acceptable term of office of 10 years in case no audit tender has taken place after the initial engagement period. We consider a longer term of office may impair the auditor's independence. We therefore recommend opposing the re-election of KPMG as auditor. 

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