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DEUTSCHE BÖRSE AG

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After Wirecard, a pitch for bigger DAX with stricter rules

10/05/2020 | 04:31am EDT
FILE PHOTO: The headquarters of Wirecard AG, an independent provider of outsourcing and white label solutions for electronic payment transactions is seen in Aschheim

FRANKFURT (Reuters) - Germany's blue-chip DAX <.GDAXI> index should expand to 40 from 30 companies with tougher membership criteria, exchange operator Deutsche Boerse said on Monday while outlining proposed reforms in the wake of the Wirecard accounting scandal.

In a set of proposals published on its website, Deutsche Boerse also suggested index bans for companies that fail to submit quarterly figures on time.

"It is no secret that I personally would welcome the expansion of the DAX 30 to a DAX 40," Deutsche Boerse Chief Executive Theodor Weimer said in an emailed statement.

Since its founding in 1988, the DAX has been Germany's answer to the Dow Jones Industrial Average in New York and the FTSE in London, with 30 members forming the corporate elite in one of the world's largest economies.

Most of the index's founding members have since dropped out.

The most recent departure was payments company Wirecard, which in a blow to Germany's capital markets, filed for insolvency just two years after its promotion to the index. The payments company owed creditors billions in what auditor EY described as a sophisticated global fraud.

Weimer has since changed rules to allow for a quicker expulsion of companies in the wake of the scandal.

The rules proposed on Monday would make proven profitability a requirement for joining the DAX.

The proposal also suggested reducing the number of constituents in the mid-cap index to 50 from 60.

Companies where sales of controversial weapons make up more than 10% of revenue should also be excluded from the DAX selection indices, which include the DAX, MDAX, TecDAX and SDAX, Deutsche Boerse said.

Investors now have until Nov. 4 to respond to the proposal. Deutsche Boerse said it would publish the results of the consultation and any decision on changes to the index rules, by Nov. 23.

(Reporting by Hans Seidenstuecker; writing by Caroline Copley and Tom Sims; Editing by Riham Alkousaa, Maria Sheahan and Tomasz Janowski)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
DAX 0.78% 15693.27 Delayed Quote.14.39%
DEUTSCHE BÖRSE AG 0.97% 134.85 Delayed Quote.-3.16%
DJ INDUSTRIAL 0.04% 34479.6 Delayed Quote.12.61%
MDAX 0.73% 34017.59 Delayed Quote.10.46%
NASDAQ 100 0.27% 13998.297914 Delayed Quote.8.61%
NASDAQ COMP. 0.35% 14069.423379 Delayed Quote.9.16%
S&P 500 0.19% 4247.44 Delayed Quote.13.08%
SDAX PERFORMANCE INDEX 9:00-20:00 0.72% 16354.35 Delayed Quote.10.77%
TECDAX PERFORMANCE INDEX 9:00-20:00 0.97% 3471.72 Delayed Quote.8.06%
WIRECARD AG 1.44% 0.4159 Delayed Quote.33.26%
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Financials
Sales 2021 3 464 M 4 193 M 4 193 M
Net income 2021 1 180 M 1 428 M 1 428 M
Net Debt 2021 2 553 M 3 090 M 3 090 M
P/E ratio 2021 21,1x
Yield 2021 2,40%
Capitalization 24 748 M 29 936 M 29 950 M
EV / Sales 2021 7,88x
EV / Sales 2022 7,24x
Nbr of Employees 6 881
Free-Float 96,6%
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Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 160,43 €
Last Close Price 134,85 €
Spread / Highest target 40,9%
Spread / Average Target 19,0%
Spread / Lowest Target 3,82%
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Managers and Directors
NameTitle
Theodor Weimer Chief Executive Officer
Gregor Pottmeyer Chief Financial Officer
Martin Jetter Chairman-Supervisory Board
Christoph Böhm Chief Operating & Information Officer
Mareike Sich Head-Financial, Corporate & IT
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