Deutsche Börse : Upgrade to Neutral on earnings tailwinds from elevated volatility
>Upgrade to Neutral following model and valuation update - We have revisited our estimates following the preliminary results reported by Deutsche Börse for 2019. We have increased our adjusted EPS estimates for the group by 3.5% to € 6.57 for 2020e and by 5.8% to € 7.03 for 2021e. Our new estimates reflect increased tailwinds from elevated volatility which is pushing trading volumes of cash equities and the Eurex business segment. This should more than compensate for ...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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