Deutsche Boerse Is Fighting for Increased Share in Europe Amid Brexit Uncertainty
Narrow-moat Deutsche Boerse's fourth-quarter and full-year 2018 results were roughly in line with our overall thesis on the firm. We do not plan to make any material changes to our EUR 107 fair value estimate. Overall, the company met its medium-term goals. Net revenue was up 13% for the full year, operating costs rose only 5%, and EBITDA was up 17%, all on an adjusted basis. This led to an increase in adjusted net income for shareholders of 17%, as adjusted earnings per share increased 18% to E...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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