Cyclical Headwinds Weigh Down Deutsche Boerse's Results; Maintaining FVE
Narrow-moat Deutsche Boerse published somewhat disappointing half-year results, weighed down mostly by top-line growth below our expectations. That said, our long-term expectations for the business are unchanged, and we are maintaining our fair value estimate of EUR 87 per share. The firm has issued net revenue guidance at a compound annual growth rate of 5%-10% until 2019. Despite what are largely cyclical headwinds due to an environment of reduced volatility, management believes it can still r...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.
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