Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on DEUTSCHE BOERSE AG. We currently have 9 research reports from 1 professional analysts.
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DEUTSCHE BOERSE AG
DEUTSCHE BOERSE AG
Weaker (misleading) Q3 profit figure, but waiting for the EU merger decision
28 Oct 16
Net profit attributable to shareholders declined by 9% to €151m for Q3 16 compared to Q3 15. Sales revenues were flat at €600m for Q3 16 compared to Q3 15. Total expenses decreased by 3% to €375m for Q3 16. The result from equity investments was a profit of €3.2m for Q3 16 compared to €0.1m for Q3 15. EBIT rose by 10% to €258m for Q3 16 compared to Q3 15. The financial result was expenses of €17m in Q3 16 compared with €14m in Q3 15. The tax ratio was slightly up to 27% for Q3 16 compared to 26% for Q3 15. Net profit from continuing operations increased by 8% to €176m for Q3 16 compared to Q3 15. The net result from discontinuing operations was a loss of €19m Q3 16 compared to a profit of €10m for Q3 15. Deutsche Boerse said that it sold around one third of its stake in BATS Global Markets (BATS) on 26 October for around $86m. With this, the company expects a positive impact on earnings after tax of around €23m in Q4 16.
Net profit from ISE sale of €565m in Q2
28 Jul 16
Net income from continuing operations increased by 6% to €190m for Q2 16 compared to a restated Q2 15. Net profit from discontinued operations (ISE) was €564m for Q2 16 compared to €7m for Q2 15. Net income attributable to shareholders was therefore €747m for Q2 16 compared to €175m for Q2 15. Sales revenues were up by 8% to €645m for Q2 16 compared to Q2 15. Total expenses rose by 10% to €387m for Q2 16. Volume-related costs increased by 5% to €71m in the same period. EBIT was up by 8% to €279m for Q2 16 compared to Q2 15. The financial result was expenses of €18m in Q2 16 compared with €14m in Q2 15. Pre-tax profit from continuing operations rose by 7% to €261m for Q2 16 compared to Q2 15. The tax ratio was 27% for Q2 16 compared to 26% for Q2 15. The CFO confirmed the profit forecast for 2016 of a double-digit growth.
Merger documents published
01 Jun 16
Deutsche Boerse and LSEG released today the scheme document, exchange offer document and HoldCo prospectus regarding the planned merger. Exchange Offer for Deutsche Börse Shareholders Shareholders of Deutsche Börse can tender their shares effective immediately. The acceptance period will end on 12 July 2016, 24.00 hours (CEST). It is a condition of the Exchange Offer and the Merger that the total number of Deutsche Börse Shares that HoldCo already holds or has acquired, equals at least 75% of the Deutsche Börse Shares existing. Deutsche Börse shareholders will be entitled to receive one HoldCo Share in exchange for each Deutsche Börse Share. Timetable for the Exchange Offer Event Expected time/date Publication of the Scheme Document, the Exchange Offer Document and the HoldCo Prospectus 1 June 2016 Commencement of the Acceptance Period under the Exchange Offer 1 June 2016 Expiration of Acceptance Period under the Exchange Offer 24:00 on 12 July 2016 Publication of the results of the Exchange Offer 18 July 2016 Additional two week acceptance period under the Exchange Offer if 75% acceptance threshold has been achieved by end of the initial Acceptance Period 19 July – 1 August 2016 The following dates and times are indicative only and subject to change Scheme Court Hearing (to sanction the Scheme) A date expected to be in the first quarter of 2017, subject to regulatory and merger control clearances (D) Effective Date of the Scheme (T) D+2 Business Days Last day of dealings in Deutsche Börse Shares tendered into the Exchange Offer T Commencement of conditional dealings in HoldCo Shares on the London Stock Exchange and potentially on the Frankfurt Stock Exchange By 8:00 a.m. on T Admission and commencement of unconditional dealings in HoldCo Shares on the London Stock Exchange and Frankfurt Stock Exchange T+5-9 Business Days
Mixed start into FY2016
28 Apr 16
Net income decreased by 8% to €205m for Q1 16 compared to Q1 15. Sales revenues were up by 9% to €739m for Q1 16 compared to Q1 15. Total expenses rose by 18% to €454m for Q1 16. Volume-related costs increased by 22% to €114m in the same period. EBIT was mainly flat at €311m for Q1 16 compared to Q1 15. The financial result was expenses of €20m in Q1 16 compared with a profit of €6m in Q1 15 which benefited from positive FX effects. Pre-tax profit declined by 9% to €291m for Q1 16 compared to Q1 15. The tax ratio was 27% for Q1 16 compared to 26% for Q1 15. Deutsche Boerse said that the net profit would be €234m for Q1 16 compared to €229m for Q1 15 adjusted for non-recurring items. The CFO said that it is “fair to expect that we will achieve our targeted double-digit profit growth for 2016”.
Sale of ISE for cash
10 Mar 16
Deutsche Boerse AG (“Deutsche Börse”) and NASDAQ Inc. (“NASDAQ”) have entered into an agreement regarding the sale of International Securities Exchange Holdings Inc. (“ISE”), operator of three US equity options exchanges, and ISE’s holding company US Exchange Holdings Inc., to NASDAQ for a total cash consideration of $1.1bn. The agreement excludes ownership interest in Bats Global Markets Inc. and in Digital Asset Holdings LLC, both of which will continue to be owned by Deutsche Börse. “At the time of the acquisition ISE was allocated to the Eurex segment from a balance sheet perspective. With the divestiture, the goodwill of the Eurex segment will only reduce partially, so that a high triple-digit million euro disposal gain is expected for Deutsche Boerse on the group level” said the company. The completion of the transaction is subject to the approval by competition and supervisory authorities and is expected in the second half of 2016.
Deutsche Boerse and LSE are in merger talks, a Brexit reinsurance?
23 Feb 16
Deutsche Boerse released an ad hoc announcement this afternoon. It said that "Further to recent speculation, the Management Board of Deutsche Börse and the Board of LSE confirm that they are in detailed discussions about a potential merger of equals of the two businesses (the "Potential Merger"). The Potential Merger would be structured as an all-share merger of equals under a new holding company. Under the terms of the Potential Merger, Deutsche Börse shareholders would be entitled to receive one new share in exchange for each Deutsche Börse share and LSE shareholders would be entitled to receive 0.4421 new shares in exchange for each LSE share. Based on this exchange ratio, the parties anticipate that Deutsche Börse shareholders would hold 54.4%, and LSE shareholders would hold 45.6% of the enlarged issued and to be issued share capital of the combined group. The combined group would have a unitary board composed of equal numbers of Deutsche Börse and LSE directors. All key businesses of Deutsche Börse and LSE would continue to operate under their current brand names. The existing regulatory framework of all regulated entities within the combined group would remain unchanged, subject to customary and final regulatory approvals. There can be no certainty that any transaction will occur. Any transaction would be subject to regulatory approval, Deutsche Börse shareholders' acceptance and LSE shareholder approval, as well as other customary conditions. Under the UK City Code on Takeovers and Mergers (the "Code"), the new holding company or Deutsche Börse are required, by no later than 5.00 pm on 22 March 2016 (if not extended with the consent of the UK Takeover Panel), to do one of the following: (i) announce a firm intention to make an offer for LSE in accordance with the Code; or (ii) announce that they do not intend to make an offer and that they will not make an offer for LSE for a period of 6 months."
N+1 Singer - Best Ideas 2017 - Top picks
04 Jan 17
Today we publish our Best Ideas for 2017 - 12 stocks that we believe have excellent prospects in the current year together with a detailed discussion of what we see as the key sector and market themes for 2017. Our top picks are Cineworld, Elementis, Herald Investment Trust, Hill & Smith, IQE, MySale, Redde, ReNeuron, RhythmOne, SDL, Servelec and Severfield.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
Making Mobiles Better
17 Jan 17
Mobile phones are increasingly the key connection for the modern world. This means that the performance of mobile phones, and their networks, is going to become more critical for all the apps and businesses that rely on them. New technologies such as VR, AR, and AV will need better, more reliable connections to really move into the mainstream. In this thematic piece we attempt to identify some of the most important issues facing mobile phone networks and their users, and start to identify solutions and enablers that will solve these problems and create value by doing so.
11 Jan 17
Joules Group (JOU): Strong festive trading (BUY) | Shoe Zone (SHOE): Tough FY16 could be just the beginning (HOLD) | H&T (HAT): Alternative lender emerging (BUY) | Omega Diagnostics* (ODX): ISO accreditation received for Pune, India (CORP) | Redcentric* (RCN): Interims – restoring forecasts (CORP)
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.