As Expected, Cyclical Growth Is Slowing for Deutsche Boerse; Underlying Secular Growth Still Fine
Narrow-moat Deutsche Boerse's first-quarter 2019 results were generally in line with our overall thesis on the firm, and we do not plan to make any material changes to our EUR 107 fair value estimate. As expected, cyclical growth drivers have subsided, with cyclical net revenue down 1%, while secular net revenue growth met the 5% target for the quarter. Adjusted operating costs were down 2%, while adjusted EBITDA was up 9%. Overall, the company is meeting its medium-term goals, with adjusted ear...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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