Strong Finish to 2016 for Deutsche Boerse as the Proposed Merger With LSE Hangs in the Balance
Narrow-moat rated Deutsche Boerse’s fourth-quarter and full-year results were largely in line with our expectations, and we are maintaining our current fair value estimate of EUR 81 per share. This includes a 25% chance of the merger between Deutsche Boerse and the London Stock Exchange taking place.Adjusted operating margins came in at 40% of total revenue for the quarter and 46% for the year compared with the 43% seen for full-year 2015. Management was able to make good on its promise of grea...
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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