Q2 26: Confident in growth

研报英文原文证据摘录

Q2 26: Confident in growth

Equity Research

European Diversified Financials

24 July 2026

Deutsche Boerse AG

Post Q2 we leave EPS broadly unch each year, with softer IMS

revs offset by structural o/p of Securities Services. We

continue to see a double digit EPS CAGR to 28E achievable – DB1Gn.DE/DB1 GR OVERWEIGHT Unchanged

but don't think this sustained, diversified growth is reflected European Diversified POSITIVE

in valuation & see shares attractive at 18.5x 27 BARCe EPS Financials Unchanged

Price Target EUR 310.00

• We remain confident in DD% EPS growth: Post-Q2 we continue to look for a double-digit Unchanged

Price (23-Jul-26) EUR 253.20 EPS CAGR to 2028E, before the acquisition of Allfunds1 – this includes 17% EPS growth in

Potential Upside/Downside +22.4% 2026E. Of note, we continue to look for double-digit revenue growth in SimCorp in 2026E, Source: Bloomberg, Barclays Research

albeit tempering our IMS revenue estimates each year (particularly on ESG). However, this is

offset by the strength of Securities Services, where we reflect a structural outperformance of

Market Cap (EUR mn) 47171 the business in our updated forecasts. Given limited changes elsewhere (we make small

Shares Outstanding (mn) 186.30 tweaks to depreciation), this results in our earnings forecasts and price target broadly

Free Float (%) 98.57 unchanged.

52 Wk Avg Daily Volume (mn) 0.4

• Latest trading data points to derivatives +c20% YoY: We reflect the latest derivatives data Dividend Yield (%) 1.67

from Eurex a few days ahead of July-end in our updated numbers; derivative volumes for July Return on Equity TTM (%) 20.23

are trending down c30% MoM after a strong June (see Figure 1) but are still tracking +c20% Current BVPS (EUR) 56.87

Source: Bloomberg

YoY (Figure 2).