Report
Roland Pfaender,MBA,CFA,CCRA

Deutsche Borse : Back to solid growth momentum in H2 2021e

>We increase estimates and our target price following the CMD - We are becoming more comfortable with the idea that Deutsche Börse’s bottom line growth momentum will improve more markedly starting in H2 2021e based on solid momentum from secular growth, M&A additions and a petering out of cyclical headwinds. We increase our adjusted EPS estimates for 2021e by 4.3% to € 6.81 (consensus € 6.56) and by 10.0% to € 7.65 (consensus € 7.19) for 2022e. We have updated our SOT...
Underlying
Deutsche Boerse AG

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.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Roland Pfaender,MBA,CFA,CCRA

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