Deutsche Borse: Upside from cyclical and regulatory tailwinds

Research evidence excerpt

Deutsche Borse: Upside from cyclical and regulatory tailwinds

iQprofile SM Deutsche Borse

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

(EUR Millions) Other Financials

Sales revenue 5972 6542 7187 7509 8101

EBITDA 3396 3510 3918 4149 4520

Depreciation -496 -502 -519 -529 -540 Company Description EBIT 2900 3009 3398 3619 3980

Net interest income/(expense) -155 -154 -166 -170 -170 Deutsche Borse operates the Frankfurt Stock Exchange

Adjusted PBT 2745 2855 3232 3449 3810 running both floor trading and an electronic order system

Net income 1949 1992 2270 2436 2700 called Xetra. It also operates Eurex, one of the largest

Adjusted net income 1923 1980 2270 2435 2699 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 63316 64420 2002, the company now also operates a settlement

Total current assets 199777 274605 340604 341582 342686

business. Total assets 222112 297178 364127 365105 366209

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 49 49 50

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