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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."
Positive returns from all asset classes in Q316
28 Nov 16
Tetragon Financial Group (TFG) reported fair value earnings of US$49.7m for the third quarter of 2016, with positive contributions made by all asset classes. NAV total return was 1.3% for the quarter and 7.8% for the nine months to 30 September 2016. Having completed a US$100m tender offer in June 2016, TFG commenced a US$50m tender offer on 9 November 2016, which should be meaningfully accretive to NAV per share given the current wide share price discount to NAV. Consistent with previous years, the third interim dividend was held in line with the second interim, confirming TFG’s 5.9% yield.
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
Small Cap Breakfast
28 Nov 16
Warpaint London—Schedule one update. Raising £2.5m at 97p. Expected mkt cap £62.6m vs revenues of £22.3m Walls & Futures REIT — Has raised £1m at £1 to acquire, refurbish or develop residential properties in the UK . Due to arrive on ISDX on 29 November Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
Long-term investment in Asian small caps
10 Nov 16
Scottish Oriental Smaller Companies Trust (SST) aims to generate long-term capital growth by investing in a portfolio of small-cap Asia ex-Japan equities. Vinay Agarwal is the interim lead fund manager while Wee-Li Hee is on maternity leave; he is assisted by Martin Lau, Scott McNab and the broader First State Stewart Asia team. Stocks are selected on a bottom-up basis, with a view to preserving capital on the downside as well as achieving capital growth. SST has significantly outperformed the peers and the MSCI AC Asia ex-Japan and MSCI AC Asia ex-Japan Small Cap indices over both five and 10 years.
Interims reveal value creation
28 Nov 16
In June Draper Esprit was listed on the LSE. Today its maiden interim results reveal substantial progress since IPO. In addition to strengthening the executive team with the appointment of Ben Wilkinson as CFO, Draper Esprit has created shareholder value through new investment and realisations.