Deutsche Boerse: Quality beat and upgrades

研报英文原文证据摘录

Deutsche Boerse: Quality beat and upgrades

Deutsche Bank

Research

Rating Company Date

Buy Deutsche Boerse 23 July 2026

Company Update

Europe

Germany

Reuters Bloomberg Exchange Ticker Price at 23 Jul 2026 (EUR) 254.40

DB1Gn.DE DB1 GR GER DB1Gn

Price Target (EUR) 305.00

Diversified Financials

Specialty Financials ADR ISIN 52-week range (EUR) 267.30203.30-

DBOEY US2515421061

Quality beat and upgrades

Valuation & Risks

Benjamin Goy

Good results, good outlook Research Analyst

At second glance, we even regard 2Q26 results as an overall good performance, +49-69-910-31946

rather than merely solid, characterized by a quality top-line beat combined with

Marlene Eibensteiner

effective cost control driving operating leverage. Key drivers of the 2Q26 beat, Research Analyst

Securities Services and Fixed Income Trading & Clearing, appear relatively +49-69-910-46423

sustainable to us due to structural trends and cyclical momentum. Additionally,

after a modest miss in the second quarter, SimCorp is likely to accelerate, bolstered Key changes

by a major client win ahead. Furthermore, the accretive Allfunds deal remains on 300.00 to

TP ↑ 1.7%

track for 2027. Post-results, we modestly raise our above-consensus forecasts by 305.00

1% and lift our target price to EUR 305. Trading at 17.5x 2027E EPS and 12.5x 2027E DB EPS (EUR) 13.27 to 13.44 ↑ 1.2%

EV/EBIT, we continue to consider Deutsche Boerse an attractive quality growth Revenue (EURm) 7,931 to 8,055 ↑ 1.6%

story. Buy confirmed. Source: Deutsche Bank

Securities Services: another quarter with mid teens growth

Securities Services had long been a high-margin but slower-growth business for

Deutsche Boerse, with significant growth accelerations or decelerations typically

driven by the more volatile net interest income (NII).