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Research Tree provides access to ongoing research coverage, media content and regulatory news on DEUTSCHE BOERSE AG. We currently have 10 research reports from 1 professional analysts.
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DEUTSCHE BOERSE AG
DEUTSCHE BOERSE AG
Good FY2016 results but humble dividend increase
16 Feb 17
Deutsche Boerse has released preliminary (ISE adjusted) figures for FY2016. Net profit attributable to shareholders rose by 18% to €722m for FY2016 compared to FY2015. Sales revenue increased by 6% to €2.56bn for 2016 compared to 2015. Operating expenses were up by 3% to €1.42bn for 2016 compared to 2015. Staff costs were down by 2% to €586m in the same period. EBIT increased by 18% to €1.11bn for 2016. The effective group tax rate was 27.7% in 2016 compared to 26.1% in 2015. The released preliminary figures do not include the disposal gain from the ISE sale of around €570m in Q2 16 which are included in our forecast for 2016. The dividend proposal per share for FY2016 increased slightly to €2.35 compared to €2.25 per share for FY2015. Deutsche Boerse confirmed the targets for 2017 which it released on a stand-alone (adjusted) basis until FY2018. It projects a net revenues growth of 5% to 10% (basis €2,389m) and a net income growth of 10% to 15% (basis €811m) for the current year. No comments were released regarding the merger process with LSEG or the insider trading investigation of a German prosecutor against the CEO, Carsten Kengeter.
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.
Another positive verdict
20 Mar 17
Burford’s results for 2016 produced another outstanding set of figures. Revenue grew by 60% to $163.4m with strong growth in the litigation finance business and an additional boost from a secondary sale in the Petersen case. On an underlying basis net income grew to $114m, a 75% increase despite the investment in growing capacity which increased costs. A combination of ongoing investment and gains and increases on valuation saw the fair value of the litigation assets increase 67% to $559m, underpinned by a growth in invested capital to $394m. With the results statement there was an announcement of a further sale of 9% of the Petersen case at a valuation of 20 times the cost of investment.
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
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N+1 Singer - N1S Trend spotting - Strategy update
08 Mar 17
In this new product we present some strategy theme updates arising out of our latest analysis of macro trends and economic data and our innovative Quant work. We also look at upcoming events and suggest topping up on some of our Best Ideas for 2017.