Financials Deutsche Börse AG Deutsche Boerse AG

Equities

63DA

US2515421061

Financial & Commodity Market Operators

Market Closed - Deutsche Boerse AG Other stock markets 07:02:49 17/05/2024 BST			5-day change	1st Jan Change
17.9 ^EUR	+0.56%		-3.76%	-4.79%

05-07	Exchange operator Cboe launches push to attract retail investors in Europe	RE
05-07	Race for Europe's first 'real-time' stock trade tape heats up	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	25,689	25,542	26,996	29,637	34,267	34,163	-	-
Enterprise Value (EV) ¹	27,424	28,942	29,506	32,896	40,096	39,567	38,572	38,952
P/E ratio	25.6 x	23.5 x	21.1 x	19.8 x	19.9 x	18.5 x	17.3 x	16.2 x
Yield	2.07%	2.15%	2.18%	2.23%	2.04%	2.15%	2.3%	2.41%
Capitalization / Revenue	8.75 x	7.95 x	7.69 x	6.83 x	6.75 x	5.95 x	5.7 x	5.44 x
EV / Revenue	9.34 x	9.01 x	8.41 x	7.58 x	7.9 x	6.89 x	6.44 x	6.2 x
EV / EBITDA	15.1 x	14.3 x	14.4 x	13 x	13.6 x	12 x	11.2 x	10.7 x
EV / FCF	37 x	23.8 x	42 x	15.2 x	17.6 x	20.8 x	18.4 x	18.2 x
FCF Yield	2.7%	4.2%	2.38%	6.57%	5.69%	4.81%	5.44%	5.49%
Price to Book	4.48 x	4.14 x	3.75 x	3.5 x	3.57 x	3.22 x	2.87 x	2.53 x
Nbr of stocks (in thousands)	183,300	183,429	183,521	183,623	183,739	185,112	-	-
Reference price ²	140.2	139.2	147.1	161.4	186.5	184.6	184.6	184.6
Announcement Date	18/02/20	10/02/21	09/02/22	08/02/23	06/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,936	3,214	3,510	4,338	5,077	5,745	5,992	6,285
EBITDA ¹	1,813	2,025	2,043	2,526	2,944	3,286	3,441	3,627
EBIT ¹	1,590	1,766	1,749	2,170	2,526	2,785	2,928	3,117
Operating Margin	54.17%	54.93%	49.85%	50.03%	49.75%	48.47%	48.87%	49.59%
Earnings before Tax (EBT) ¹	1,398	1,536	1,709	2,106	2,452	2,614	2,751	2,922
Net income ¹	1,004	1,088	1,210	1,494	1,724	1,845	1,949	2,077
Net margin	34.19%	33.85%	34.47%	34.45%	33.96%	32.12%	32.52%	33.04%
EPS ²	5.470	5.930	6.980	8.140	9.350	9.998	10.65	11.37
Free Cash Flow ¹	741.2	1,216	702.5	2,160	2,281	1,902	2,098	2,139
FCF margin	25.25%	37.85%	20.02%	49.8%	44.93%	33.11%	35.01%	34.04%
FCF Conversion (EBITDA)	40.88%	60.08%	34.38%	85.53%	77.48%	57.87%	60.97%	58.98%
FCF Conversion (Net income)	73.83%	111.83%	58.07%	144.55%	132.31%	103.07%	107.63%	103%
Dividend per Share ²	2.900	3.000	3.200	3.600	3.800	3.967	4.247	4.443
Announcement Date	18/02/20	10/02/21	09/02/22	08/02/23	06/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	1,692	-	934.8	1,062	1,018	-	1,090	1,168	1,231	1,221	-	1,188	1,436	1,427	1,431	1,411	1,503	1,479	1,455
EBITDA ¹	-	-	504.4	687.4	584.9	1,272	642.3	611	772.1	733	-	684.8	754.4	875.3	845.7	838.7	851	-	-
EBIT ¹	-	-	416.2	603	503.3	1,106	549.7	514	683.8	643	-	570	629	757.8	718.2	677.9	687.8	785.4	739.2
Operating Margin	-	-	44.52%	56.8%	49.45%	-	50.42%	44.01%	55.54%	52.68%	-	47.97%	43.79%	53.09%	50.18%	48.05%	45.77%	53.11%	50.8%
Earnings before Tax (EBT) ¹	-	881.5	389.3	594.2	477.6	1,072	528.6	506.1	674.7	632.7	-	559	585.4	715.7	681.6	641.9	651.8	744.5	700.3
Net income ¹	-	628.2	281.2	420.8	341.1	761.9	373.3	359.2	473.3	443.2	-	400.3	407.2	497.6	479.4	450.9	456.1	516.1	491.3
Net margin	-	-	30.08%	39.64%	33.51%	-	34.24%	30.75%	38.44%	36.31%	-	33.69%	28.35%	34.86%	33.49%	31.96%	30.35%	34.9%	33.76%
EPS ²	3.400	3.420	1.640	2.290	1.860	4.150	2.030	1.960	2.580	2.400	4.980	2.160	2.200	2.700	2.606	2.456	2.483	2.820	2.700
Dividend per Share ²	-	-	3.200	-	-	-	-	3.600	-	-	-	-	3.800	-	-	-	4.100	-	-
Announcement Date	30/07/20	27/07/21	09/02/22	25/04/22	26/07/22	26/07/22	19/10/22	08/02/23	26/04/23	25/07/23	25/07/23	18/10/23	06/02/24	23/04/24	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,734	3,400	2,510	3,259	5,829	5,405	4,409	4,789
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.9566 x	1.679 x	1.229 x	1.291 x	1.98 x	1.644 x	1.282 x	1.32 x
Free Cash Flow ¹	741	1,217	703	2,160	2,281	1,902	2,098	2,139
ROE (net income / shareholders' equity)	20.8%	18.3%	18.1%	19.1%	19%	18.3%	17.4%	16.7%
ROA (Net income/ Total Assets)	0.67%	0.75%	0.64%	0.61%	0.68%	1.15%	1.04%	1.09%
Assets ¹	149,657	145,040	187,798	246,194	253,306	160,686	187,830	190,107
Book Value Per Share ²	31.30	33.60	39.20	46.10	52.20	57.40	64.40	73.00
Cash Flow per Share ²	5.050	7.700	4.940	13.50	13.80	9.930	12.90	13.50
Capex ¹	185	196	206	324	268	386	345	364
Capex / Sales	6.3%	6.08%	5.88%	7.46%	5.28%	6.72%	5.75%	5.8%
Announcement Date	18/02/20	10/02/21	09/02/22	08/02/23	06/02/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Deutsche Börse AG

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

184.6 EUR

Average target price

204.7 EUR

Spread / Average Target

+10.90%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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