Download PDF

1. Company Snapshot

1.a. Company Description

Deutsche Börse AG operates as an exchange organization in Europe, the United States, and the Asia-Pacific.The company operates through seven segments: Eurex (Financial Derivatives), EEX (Commodities), 360T (Foreign Exchange), Xetra (Cash Equities), Clearstream (Post-Trading), IFS (Investment Fund Services), and Qontigo (index and analytics business).The company engages in the electronic trading of derivatives, electricity and gas products, emission rights, and foreign exchange; operating of Eurex Repo over the counter (OTC) trading platform and electronic clearing architecture; and operating as a central counterparty for on-and-off exchange derivatives, repo transactions, and OTC and exchange-traded derivatives.


It also operates in the cash market through Xetra, Börse Frankfurt, and Tradegate trading venues; operates as a central counterparty for equities and bonds; and provides listing services.In addition, the company offers custody and settlement services for securities; investment fund services; global securities financing services; and collateral management, as well as secured money, market transaction, and repos and securities lending transaction services.Further, it develops and markets indices, as well as portfolio management and risk analysis software; markets licenses for trading and market signals; provides technology and reporting solutions for external customers; and offers link-up of trading participants.


Deutsche Börse AG was founded in 1585 and is headquartered in Eschborn, Germany.

Show Full description

1.b. Last Insights on DB1

Deutsche Börse AG's recent performance was negatively impacted by heightened sensitivity to institutional investor sentiment, as evidenced by a 3.6% decline in their holdings last week. The company's stock price is heavily influenced by institutional ownership, making it vulnerable to fluctuations in investor confidence. Furthermore, the Basic Materials sector, in which Deutsche Börse operates, is at risk of issuing profit warnings, as highlighted in recent market talks. Additionally, the company's exposure to the Auto and Transport sector, which has faced challenges with Tesla and FedEx, may also be a concern.

1.c. Company Highlights

2. Deutsche Borse AG Delivers Record-Breaking Results

Deutsche Borse AG reported a strong financial performance in 2025, with net revenues without treasury results increasing by 9% to EUR 5.2 billion, and EBITDA growing 14%. The company's cash EPS came in at EUR 11.65, significantly higher than the previous year. However, the actual EPS was EUR 2.77, which was lower than the estimated EUR 5.51. The fourth quarter saw net revenues grow 7%, driving a 10% increase in EBITDA without treasury results.

Publication Date: Feb -13

📋 Highlights
  • Record Financial Performance:: 2025 saw 9% net revenue growth to EUR 5.2 billion and 14% EBITDA increase, driven by a resilient diversified business model.
  • Shareholder Returns:: Proposed 5% dividend raise to EUR 4.20/share and EUR 500M accelerated share buyback, delivering EUR 1.3 billion total shareholder payout (63% payout ratio).
  • High-Growth Divisions:: SimCorp Software Solutions (+18% CCB) and Security Services (+17%) led Q4 performance, with collateral management balances surging 28% to EUR 932 billion.
  • Strategic AI Integration:: AI is embedded as a growth engine, enhancing productivity via SaaS expansion and internal efficiency, aligned with the "Leading the Transformation" roadmap.
  • 2026 Outlook:: Targets EUR 5.7 billion net revenue and EUR 3.1 billion EBITDA (excluding treasury), with 8% CAGR guidance to reach EUR 6.5 billion by 2028 under the OneGroup operating model.

Segment Performance

The company's segments performed well, with SimCorp Software Solutions growing 18% on a constant currency basis, driven by client wins and the continued expansion of its SaaS offering. The Security Services business also achieved significant growth, with net revenue increasing by 17% without treasury results. The Trading & Clearing division achieved 3% growth without treasury results, driven by strong performance in structural drivers, including commodities, cash equities, and foreign exchange.

Valuation Metrics

Deutsche Borse AG's valuation metrics indicate a relatively stable position. The company's P/E Ratio stands at 19.27, P/B Ratio at 3.63, and Dividend Yield at 1.92%. The EV/EBITDA ratio is 10.56, suggesting a reasonable valuation. The ROE is 18.67%, indicating a good return on equity. With a Net Debt / EBITDA ratio of -0.49, the company has a net cash position, which is a positive indicator.

Outlook and Strategy

The company is confident in its ability to achieve its targets, driven by sustained business momentum, including recent client wins and continued momentum from secular growth trends. Deutsche Borse AG is targeting an 8% organic net revenue growth through 2028 and will evolve its operating model to efficiently deliver this growth. The company is also leveraging AI to enhance internal efficiency and boost client productivity. As Stephan Leithner mentioned, "We view AI not as a threat, but as a powerful engine for our growth."

Dividend and Share Buyback

The company is proposing a 5% dividend increase to EUR 4.20 per share and will launch a EUR 500 million share buyback program on an accelerated basis. This delivers a record distribution of EUR 1.3 billion to shareholders in 2026, a total payout of around 63%. Analysts estimate next year's revenue growth at 4.0%, which is lower than the company's target.

3. NewsRoom

Card image cap

CME Group Outperforms Industry, Trades at a Premium: Hold Now?

Mar -18

Source: zacks.com

Card image cap

Deutsche Boerse AG (DBOEF) Q4 2025 Earnings Call Highlights: Record Revenue Growth and ...

Feb -12

Source:

Card image cap

Germany Deal Value More Than Doubles to $26 Billion Early 2026

Feb -06

Source:

Card image cap

Lexston Mining Corporation Announces Phase 1 of the Garfield Hills Work Program

Feb -02

Source:

Card image cap

Deutsche Borse Group to Acquire Allfunds for $6.19 Billion

Jan -21

Source:

Card image cap

CME Group Trades Above 50- and 200-Day SMA: How to Play the Stock?

Jan -20

Source: zacks.com

Card image cap

Deutsche Börse (XTRA:DB1): Is the Market Undervaluing Its Rebuilding Momentum and Long-Term Earnings Power?

Dec -18

Source:

Card image cap

Is Deutsche Börse Fairly Priced After Strong Multi Year Gains And Modest Recent Pullback

Dec -17

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.93%)

6. Segments

Trading & Clearing

Expected Growth: 6.3%

Deutsche Börse AG's trading and clearing services growth is driven by its market share gains, increasing demand for derivatives trading, and a growing need for risk management solutions.

Securities Services

Expected Growth: 6.5%

Increasing demand for risk management and trading efficiency drives growth in clearing services, with Deutsche Börse AG's strong market position and innovative offerings supporting its market share.

Investment Management Solutions

Expected Growth: 8.4%

Deutsche Börse AG’s investment management solutions drive growth, fueled by increasing demand for diversified investment portfolios and rising adoption of digital investment platforms.

Fund Services

Expected Growth: 7.6%

Growing demand for investment fund administration drives Deutsche Börse AG's Fund Services segment, fueled by increasing complexity in fund management and regulatory pressures.

7. Detailed Products

Xetra

Xetra is a fully electronic trading system that provides a platform for trading in shares, exchange-traded funds (ETFs), and exchange-traded commodities (ETCs).

Eurex

Eurex is a leading international derivatives exchange that offers a wide range of derivatives products, including futures and options on indices, commodities, and interest rates.

Eurex Clearing

Eurex Clearing is a central counterparty (CCP) that provides clearing services for derivatives and securities transactions.

Frankfurt Stock Exchange

The Frankfurt Stock Exchange is one of the largest stock exchanges in Europe, providing a platform for trading in shares, bonds, and other securities.

STOXX

STOXX is a leading provider of indices and index-based products, including the EURO STOXX 50 and STOXX Europe 600.

Deutsche Börse Market Data + Services

Deutsche Börse Market Data + Services provides real-time and historical market data, as well as analytics and other services, to financial institutions and investors.

8. Deutsche Börse AG's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Deutsche Börse AG is medium, as there are alternative platforms for trading and investment, but the company's strong brand and established customer base mitigate this threat.

Bargaining Power Of Customers

The bargaining power of customers is low, as Deutsche Börse AG is a dominant player in the German stock exchange market, and customers have limited alternatives.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium, as Deutsche Börse AG relies on a few key suppliers for its operations, but the company's size and market position give it some negotiating power.

Threat Of New Entrants

The threat of new entrants is low, as entering the stock exchange market requires significant capital and regulatory approvals, making it difficult for new competitors to enter the market.

Intensity Of Rivalry

The intensity of rivalry is high, as Deutsche Börse AG operates in a highly competitive market with several established players, and the company must continually innovate and improve its services to maintain its market position.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 47.31%
Debt Cost 3.95%
Equity Weight 52.69%
Equity Cost 6.76%
WACC 5.43%
Leverage 89.79%

11. Quality Control: Deutsche Börse AG passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Crédit Agricole

A-Score: 7.5/10

Value: 8.4

Growth: 3.7

Quality: 6.9

Yield: 9.4

Momentum: 8.0

Volatility: 8.7

1-Year Total Return ->

View Full Report
Stock-Card
BBVA

A-Score: 7.4/10

Value: 6.4

Growth: 9.2

Quality: 5.9

Yield: 7.5

Momentum: 9.5

Volatility: 6.0

1-Year Total Return ->

View Full Report
Stock-Card
Erste Bank

A-Score: 6.4/10

Value: 5.1

Growth: 5.4

Quality: 5.4

Yield: 6.9

Momentum: 9.5

Volatility: 6.3

1-Year Total Return ->

View Full Report
Stock-Card
Swiss Re

A-Score: 5.8/10

Value: 3.0

Growth: 3.0

Quality: 6.1

Yield: 8.8

Momentum: 5.5

Volatility: 8.3

1-Year Total Return ->

View Full Report
Stock-Card
Deutsche Börse

A-Score: 5.6/10

Value: 3.2

Growth: 7.9

Quality: 6.7

Yield: 3.8

Momentum: 3.0

Volatility: 9.3

1-Year Total Return ->

View Full Report
Stock-Card
LSEG

A-Score: 4.4/10

Value: 3.0

Growth: 7.9

Quality: 5.5

Yield: 1.9

Momentum: 0.5

Volatility: 7.3

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

246.7$

Current Price

246.7$

Potential

-0.00%

Expected Cash-Flows