Deutsche Börse : We are downgrading to Reduce ahead of a strong Q3 2019e reporting
>We are downgrading to Reduce based on lower EPS estimates for 2020e and 2021e and based on valuation considerations - Ahead of the Q3 2019 reporting, we have revisited our estimates for Deutsche Börse. Our adj. EPS estimate increases for 2019e from € 5.85 to € 6.05, driven by better-than-expected volume development at Eurex and EEX. For 2020e and 2021e we have lowered our adj. EPS estimates by 2% and by 5% to € 6.35 and € 6.65 respectively. Our lower EPS estimates ar...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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