Analyst Research Report Snapshot

Title:

DEUTSCHE BÖRSE - REGULATORY UNCERTAINTY

Price:

$10.00

Provider:

Edison Investment Research

Date:

22 Feb 2013

Pages:

2

Type:

AcrobatPDF

Companies referenced:

DB1Gn.DE

Available for Immediate Download
Summary:

Having pre-announced results on 5 February, Deutsche Börse 2012 results contained few surprises. FY12 revenues declined 9%, mainly reflecting weak market trading volumes. Excluding exceptional items operating expenses increased by 5% leaving operating profit on the same basis down 19%. Based on consensus estimates, the company trades on a lower P/E than peers with a higher yield. We do not see an immediate catalyst for a re-rating until the impact of planned regulatory changes including the financial transactions tax becomes clearer.

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