Deutsche Boerse Continues to Aggressively Cut Expenses
Nothing in narrow-moat Deutsche Boerse’s fourth-quarter results materially alters our long-term view of the firm. As expected, the firm fell well short of its original top-line guidance of a net revenue increase of 5%-10% for full-year 2017. This was mostly due to a cyclical headwind attributable to equity index derivatives. Even so, the firm achieved structural revenue growth of 5% for the year, allowing net revenue to increase 3% compared with the previous year for total net revenue of EUR 2,4...
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