(DB1) Deutsche Börse - Overview
Sector: Financial Services | Industry: Financial Data & Stock Exchanges | Exchange: XETRA (Germany) | Market Cap: 46.619m EUR | Total Return: -9.6% in 12m
Avg Turnover: 97.0M
EPS Trend: 97.7%
Qual. Beats: 0
Rev. Trend: 30.8%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
Idiosyncratic Leader
Deutsche Börse AG is a global exchange organization headquartered in Germany, providing a comprehensive infrastructure for capital markets. The company operates through four primary segments: Investment Management Solutions, Trading & Clearing, Fund Services, and Securities Services. Its business model covers the entire value chain of financial transactions, ranging from data analytics and index provision to the execution, clearing, and settlement of diverse asset classes including derivatives, commodities, and digital assets.
Operating within the Financial Exchanges & Data sector, the company benefits from a diversified revenue stream that balances transaction-based fees with recurring income from data and software-as-a-service (SaaS) solutions. Unlike traditional banks, exchange operators typically experience increased volatility-driven revenue during periods of high market activity. For a deeper look into these fundamental drivers, consider reviewing the latest metrics on ValueRay.
The firm maintains a significant role in European financial infrastructure through its ownership of the Eurex derivatives exchange and the Clearstream settlement provider. This integrated model allows the company to manage systemic risk via its central counterparty clearing houses while providing custody and liquidity management services for global institutional clients.
- Interest rate volatility drives Eurex derivatives trading volume and clearing revenue
- Integration of SimCorp accelerates recurring software-as-a-service revenue and margin growth
- High net interest income from cash balances remains sensitive to ECB policy
- Consolidation of European fund services market increases assets under custody and administration
- Regulatory pressure on market data pricing threatens high-margin information services revenue
| Net Income: 2.06b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.01 > 0.02 and ΔFCF/TA -0.17 > 1.0 |
| NWC/Revenue: 46.98% < 20% (prev 41.56%; Δ 5.42% < -1%) |
| CFO/TA 0.01 > 3% & CFO 2.81b > Net Income 2.06b |
| Net Debt (-240b) to EBITDA (3.62b): -66.23 < 3 |
| Current Ratio: 1.01 > 1.5 & < 3 |
| Outstanding Shares: last quarter (182.2m) vs 12m ago -0.70% < -2% |
| Gross Margin: 67.94% > 18% (prev 0.64%; Δ 6.73k% > 0.5%) |
| Asset Turnover: 2.58% > 50% (prev 4.01%; Δ -1.43% > 0%) |
| Interest Coverage Ratio: 19.95 > 6 (EBITDA TTM 3.62b / Interest Expense TTM 156.0m) |
| A: 0.01 (Total Current Assets 341b - Total Current Liabilities 337b) / Total Assets 364b |
| B: 0.03 (Retained Earnings 10.2b / Total Assets 364b) |
| C: 0.01 (EBIT TTM 3.11b / Avg Total Assets 293b) |
| D: 0.03 (Book Value of Equity 10.7b / Total Liabilities 353b) |
| Altman-Z'' = 0.26 = B |
| DSRI: 0.99 (Receivables 16.8b/19.9b, Revenue 7.57b/8.90b) |
| GMI: 0.93 (GM 67.94% / 63.52%) |
| AQI: 0.60 (AQ_t 0.06 / AQ_t-1 0.10) |
| SGI: 0.85 (Revenue 7.57b / 8.90b) |
| TATA: -0.00 (NI 2.06b - CFO 2.81b) / TA 364b) |
| Beneish M = -3.43 (Cap -4..+1) = AA |
As of May 26, 2026, the stock is trading at EUR 256.50 with a total of 157,783 shares traded.
Over the past week, the price has changed by +0.27%,
over one month by -2.04%,
over three months by +19.38% and
over the past year by -9.64%.
Deutsche Börse has no consensus analysts rating.
P/E Trailing = 22.8164
P/E Forward = 21.1864
P/S = 6.1837
P/B = 4.4772
P/EG = 3.2415
Revenue TTM = 7.57b EUR
EBIT TTM = 3.11b EUR
EBITDA TTM = 3.62b EUR
Long Term Debt = 5.09b EUR (from longTermDebt, last fiscal year)
Short Term Debt = 2.60b EUR (from shortTermDebt, last fiscal year)
Debt = 8.66b EUR (from shortLongTermDebtTotal, last fiscal year) + Leases 521.0m
Net Debt = -240b EUR (calculated: Debt 8.66b - CCE 248b)
Enterprise Value = 46.6b EUR (floored to Market Cap, CCE > MCap+Debt)
Interest Coverage Ratio = 19.95 (Ebit TTM 3.11b / Interest Expense TTM 156.0m)
EV/FCF = 16.92x (Enterprise Value 46.6b / FCF TTM 2.75b)
FCF Yield = 5.91% (FCF TTM 2.75b / Enterprise Value 46.6b)
FCF Margin = 36.38% (FCF TTM 2.75b / Revenue TTM 7.57b)
Net Margin = 27.14% (Net Income TTM 2.06b / Revenue TTM 7.57b)
Gross Margin = 67.94% ((Revenue TTM 7.57b - Cost of Revenue TTM 2.43b) / Revenue TTM)
Gross Margin QoQ = 59.01% (prev 55.01%)
Tobins Q-Ratio = 0.13 (Enterprise Value 46.6b / Total Assets 364b)
Interest Expense / Debt = 1.80% (Interest Expense 156.0m / Debt 8.66b)
Taxrate = 26.73% (224.0m / 838.0m)
NOPAT = 2.28b (EBIT 3.11b * (1 - 26.73%))
Current Ratio = 1.01 (Total Current Assets 341b / Total Current Liabilities 337b)
Debt / Equity = 0.82 (Debt 8.66b / totalStockholderEquity, last quarter 10.5b)
Debt / EBITDA = -66.23 (Net Debt -240b / EBITDA 3.62b)
Debt / FCF = -87.00 (Net Debt -240b / FCF TTM 2.75b)
Total Stockholder Equity = 10.8b (last 4 quarters mean from totalStockholderEquity)
RoA = 0.70% (Net Income 2.06b / Total Assets 364b)
RoE = 19.06% (Net Income TTM 2.06b / Total Stockholder Equity 10.8b)
RoCE = 19.62% (EBIT 3.11b / Capital Employed (Equity 10.8b + L.T.Debt 5.09b))
RoIC = 8.44% (NOPAT 2.28b / Invested Capital 27.0b)
WACC = 5.12% (E(46.6b)/V(55.3b) * Re(5.82%) + D(8.66b)/V(55.3b) * Rd(1.80%) * (1-Tc(0.27)))
Discount Rate = 5.82% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -84.11 | Cagr: -0.71%
[DCF] Terminal Value 77.97% ; FCFF base≈2.47b ; Y1≈2.83b ; Y5≈4.17b
[DCF] Fair Price = 1.66k (EV 62.8b - Net Debt -240b = Equity 302b / Shares 182.1m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 97.72 | EPS CAGR: 9.14% | SUE: 0.56 | # QB: 0
Revenue Correlation: 30.80 | Revenue CAGR: 6.30% | SUE: 0.62 | # QB: 0
EPS current Quarter (2026-06-30): EPS=3.05 | Chg30d=+2.75% | Revisions=+20% | Analysts=2
EPS next Quarter (2026-09-30): EPS=3.01 | Chg30d=+2.00% | Revisions=+20% | Analysts=2
EPS current Year (2026-12-31): EPS=12.41 | Chg30d=+3.10% | Revisions=+45% | GrowthEPS=+13.8% | GrowthRev=+7.1%
EPS next Year (2027-12-31): EPS=13.26 | Chg30d=+2.94% | Revisions=+27% | GrowthEPS=+6.9% | GrowthRev=+4.1%
[Analyst] Revisions Ratio: +45%