Strong Year-Over-Year Growth in Key Products for Deutsche Boerse in 1Q of 2018
Nothing in narrow-moat Deutsche Boerse's first-quarter results materially alters our long-term view of the firm, and we are maintaining our fair value estimate of EUR 109 per share. The firm performed as expected, meeting, and even exceeding in some areas, key revenue and net income growth goals for the quarter. Net revenue was up 11%, operating costs were only up 4%, and net profit was up 17% year over year, all on an adjusted basis. Eurex and Xetra showed strong performances as derivatives, OT...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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