Deutsche Borse: Structural drivers intact despite normalizing volumes

Research evidence excerpt

Deutsche Borse: Structural drivers intact despite normalizing volumes

iQprofile SM Deutsche Borse

Key Income Statement Data (Dec) 2024A 2025A 2026E 2027E 2028E Company Sector

(EUR Millions) Other Financials

Sales revenue 5972 6542 7058 7553 8077

EBITDA 3396 3510 3836 4164 4446

Depreciation -496 -502 -518 -529 -539 Company Description EBIT 2900 3009 3317 3636 3906

Net interest income/(expense) -155 -154 -168 -172 -172 Deutsche Borse operates the Frankfurt Stock Exchange

Adjusted PBT 2745 2855 3149 3464 3734 running both floor trading and an electronic order system

Net income 1949 1992 2206 2442 2640 called Xetra. It also operates Eurex, one of the largest

Adjusted net income 1923 1980 2212 2450 2648 derivative exchanges in the world. Revenue is earned

Key Balance Sheet Data through charging transaction fees on trades, as well as the

Fixed assets 685 0 635 635 635 sale of information and IT products related to the

Total non-current assets 22335 22573 23523 23523 23523 exchanges. Following the full acquisition of Clearstream in

Cash & cash equivalents 50845 53921 62338 63330 64382 2002, the company now also operates a settlement

Total current assets 199777 274605 340604 341596 342648

business. Total assets 222112 297178 364127 365119 366171

Short term debt 18281 18760 18760 18760 18760

Total current liabilities 196291 270673 337046 337046 337046

Total non-current liabilities 14561 14676 16199 16199 16199 Investment Rationale

Minorities 489 517 388 388 388 Deutsche Börse provides a diversified revenue mix across

equities, fixed income and derivatives markets. InKey Metrics

Clearstream, the company can also boast a strong presence EBITDA margin 48 47 48 50 50

Analyst EBIT margin 47 47 49 50 52 in clearing & settlement. Furthermore, management