Financials Deutsche Börse AG

Equities

DB1

DE0005810055

Financial & Commodity Market Operators

Market Closed - Xetra Other stock markets 11:39:07 2024-10-09 am EDT			5-day change	1st Jan Change
212.80 ^EUR	+0.24%		+0.09%	+14.10%

Oct. 08	DEUTSCHE BÖRSE AG : Warburg Research remains its Buy rating	ZD
Oct. 08	European Commission Joins Deutsche Börse's Eurex Repo Segment	MT

Projected Income Statement: Deutsche Börse AG

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,936	3,214	3,510	4,338	5,077	5,811	6,003	6,293
Change	-	9.46%	9.2%	23.6%	17.04%	14.48%	3.29%	4.83%
EBITDA ¹	1,813	2,025	2,043	2,526	2,944	3,351	3,461	3,638
Change	-	11.68%	0.91%	23.62%	16.58%	13.82%	3.28%	5.11%
EBIT ¹	1,590	1,766	1,749	2,170	2,526	2,843	2,957	3,134
Change	-	11.02%	-0.91%	24.04%	16.4%	12.58%	4%	5.98%
Interest Paid ¹	-53.7	-76.9	-40.1	-63.6	-74	-160.4	-154.3	-148.5
Earnings before Tax (EBT) ¹	1,398	1,536	1,709	2,106	2,452	2,685	2,777	2,942
Change	-	9.85%	11.28%	23.24%	16.39%	9.49%	3.46%	5.94%
Net income ¹	1,004	1,088	1,210	1,494	1,724	1,913	1,975	2,096
Change	-	8.36%	11.21%	23.53%	15.36%	10.99%	3.24%	6.08%
Announcement Date	2/18/20	2/10/21	2/9/22	2/8/23	2/6/24	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2019 Q3	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	733.8	756.6	914.8	777.5	773.5	814	855.1	881.7	837.9	934.8	1,062	1,018	1,090	1,168	1,231	1,221	1,188	1,436	1,427	1,450	1,417	1,526	1,485	1,485	1,468	1,539
Change	-	3.11%	20.91%	-15.01%	-0.51%	5.24%	5.05%	3.11%	-4.97%	11.56%	13.56%	-4.13%	7.11%	7.14%	5.41%	-0.86%	-2.65%	20.89%	-0.64%	1.56%	-2.21%	7.63%	-2.68%	0.02%	-1.16%	4.83%
EBITDA ¹	461.7	410.5	619.8	483.1	431.4	490.4	521.2	478	499.5	504.4	687.4	584.9	642.3	611	772.1	733	684.8	754.4	875.3	848.1	846.8	885	-	-	-	-
Change	-	-11.09%	50.99%	-22.06%	-10.7%	13.68%	6.28%	-8.29%	4.5%	0.98%	36.28%	-14.91%	9.81%	-4.87%	26.37%	-5.06%	-6.58%	10.16%	16.03%	-3.11%	-0.15%	4.52%	-100%	-	-	-
EBIT ¹	408.1	348.8	558.1	420.8	369.1	417.5	459.5	407.2	426.5	416.2	603	503.3	549.7	514	683.8	643	570	629	757.8	719.9	697.1	715.1	792.6	751.1	692.5	694.5
Change	-	-14.53%	60.01%	-24.6%	-12.29%	13.11%	10.06%	-11.38%	4.74%	-2.42%	44.88%	-16.53%	9.22%	-6.49%	33.04%	-5.97%	-11.35%	10.35%	20.48%	-5%	-3.17%	2.58%	10.84%	-5.24%	-7.8%	0.29%
Charge d'intérêts	-16.8	-8.4	-16.5	-18.4	-15.8	-26.2	-13.9	-11.3	-3.7	-11.2	-8.8	-25.7	-21.1	-8	-9.1	-10.3	-	-43.6	-42.1	-37.6	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	345	305.5	514	359.7	320.9	341.5	445.6	435.9	422.8	389.3	594.2	477.6	528.6	506.1	674.7	632.7	559	585.4	715.7	682.3	662.3	680.4	754.7	713.2	654.6	656.6
Change	-	-11.45%	68.25%	-30.02%	-10.79%	6.42%	30.48%	-2.18%	-3.01%	-7.92%	52.63%	-19.62%	10.68%	-4.26%	33.31%	-6.22%	-11.65%	4.72%	22.26%	-4.67%	-2.93%	2.73%	10.92%	-5.5%	-8.22%	0.31%
Net income ¹	248.6	213.2	367.2	256.7	227.1	236.8	317.3	310.9	300.3	281.2	420.8	341.1	373.3	359.2	473.3	443.2	400.3	407.2	497.6	498.6	464.7	476	523.9	498.6	458	455.6
Change	-	-14.24%	72.23%	-30.09%	-11.53%	4.27%	33.99%	-2.02%	-3.41%	-6.36%	49.64%	-18.94%	9.44%	-3.78%	31.77%	-6.36%	-9.68%	1.72%	22.2%	0.2%	-6.8%	2.43%	10.06%	-4.83%	-8.14%	-0.52%
Announcement Date	10/28/19	2/18/20	4/29/20	7/30/20	10/28/20	2/10/21	4/21/21	7/27/21	10/19/21	2/9/22	4/25/22	7/26/22	10/19/22	2/8/23	4/26/23	7/25/23	10/18/23	2/6/24	4/23/24	7/24/24	-	-	-	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020 S1	2021 S1	2022 S1
Net sales	1,692	-	-
Change	-	-100%	-
EBITDA ¹	-	-	1,272
Change	-	-	-
EBIT ¹	-	-	1,106
Change	-	-	-
Charge d'intérêts ¹	-	-	-34.5
Earnings before Tax (EBT) ¹	-	881.5	1,072
Change	-	-	21.59%
Net income ¹	-	628.2	761.9
Change	-	-	21.28%
Announcement Date	7/30/20	7/27/21	7/26/22

¹EUR in Million

Estimates

Forecast Balance Sheet: Deutsche Börse AG

balance-sheet-analysis-chart DEUTSCHE-BORSE-AG

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,734	3,400	2,510	3,259	5,829	4,891	3,990	3,035
Change	-	96.08%	-26.18%	29.84%	78.86%	-16.09%	-18.42%	-23.93%
Announcement Date	2/18/20	2/10/21	2/9/22	2/8/23	2/6/24	-	-	-

¹EUR in Million

Estimates

Cash Flow Forecast: Deutsche Börse AG

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	184.9	195.5	206.4	323.5	267.9	358.7	335.5	353.2
Change	-	5.73%	5.58%	56.73%	-17.19%	33.9%	-6.47%	5.29%
Free Cash Flow (FCF) ¹	741.2	1,216	702.5	2,160	2,281	1,903	2,153	2,224
Change	-	64.13%	-42.25%	207.49%	5.6%	-16.58%	13.17%	3.3%
Announcement Date	2/18/20	2/10/21	2/9/22	2/8/23	2/6/24	-	-	-

¹EUR in Million

Estimates

Forecast Financial Ratios: Deutsche Börse AG

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	61.75%	63%	58.22%	58.23%	58%	57.66%	57.65%	57.81%
EBIT Margin (%)	54.17%	54.93%	49.85%	50.03%	49.75%	48.93%	49.26%	49.81%
EBT Margin (%)	47.63%	47.8%	48.7%	48.56%	48.3%	46.19%	46.27%	46.76%
Net margin (%)	34.19%	33.85%	34.47%	34.45%	33.96%	32.92%	32.91%	33.3%
FCF margin (%)	25.25%	37.85%	20.02%	49.8%	44.93%	32.74%	35.87%	35.35%
FCF / Net Income (%)	73.83%	111.83%	58.07%	144.55%	132.31%	99.45%	109.01%	106.15%
Profitability
ROA	0.67%	0.75%	0.64%	0.61%	0.68%	1%	1.3%	1.37%
ROE	20.84%	18.28%	18.11%	19.06%	19.01%	18.86%	17.55%	16.66%
Financial Health
Leverage (Debt/EBITDA)	0.96x	1.68x	1.23x	1.29x	1.98x	1.46x	1.15x	0.83x
Debt / Free cash flow	2.34x	2.79x	3.57x	1.51x	2.56x	2.57x	1.85x	1.36x
Capital Intensity
CAPEX / Current Assets (%)	6.3%	6.08%	5.88%	7.46%	5.28%	6.17%	5.59%	5.61%
CAPEX / EBITDA (%)	10.2%	9.66%	10.1%	12.81%	9.1%	10.7%	9.69%	9.71%
CAPEX / FCF (%)	24.95%	16.07%	29.38%	14.98%	11.74%	18.85%	15.58%	15.88%
Items per share
Cash flow per share ¹	5.05	7.697	4.942	13.5	13.81	10.27	12.72	13.28
Change	-	52.41%	-35.79%	173.15%	2.3%	-25.65%	23.9%	4.4%
Dividend per Share ¹	2.9	3	3.2	3.6	3.8	4.071	4.287	4.471
Change	-	3.45%	6.67%	12.5%	5.56%	7.12%	5.31%	4.3%
Book Value Per Share ¹	31.27	33.61	39.18	46.11	52.19	57.41	64.37	73.02
Change	-	7.5%	16.56%	17.69%	13.2%	10%	12.11%	13.44%
EPS ¹	5.47	5.93	6.98	8.14	9.35	10.35	10.74	11.45
Change	-	8.41%	17.71%	16.62%	14.86%	10.65%	3.81%	6.59%
Nbr of stocks (in thousands)	183,300	183,429	183,521	183,623	183,739	183,412	183,412	183,412
Announcement Date	2/18/20	2/10/21	2/9/22	2/8/23	2/6/24	-	-	-