Rankings Financial data & insurance broking Deutsche Börse

Deutsche Börse

Financial data & insurance broking · GermanyRank 219 of 829Prices 3 Nov 2026Model 1.4

15070100

A strong score: the model found few serious problems, but analysts see limited upside from here.

Biggest deductions

Multiples vs own history−6
Allfunds acquisition−3
Quality of growth−2

Strengths

Broad growth and operating leverage+2
Raised guidance+1
Dividend and buybacks+1

How the score is built

From 100 to 74, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.

100Start

74Score

Hover or select a step to see what drove it. Steps with findings open them below.

Key numbers

As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.

Price: 313.40 EUR
Median analyst target: 320.00 EUR
Upside to median: +2.1%
Analysts: 14
Target range: 252.00 – 347.00 EUR
52-week change: +43%
P/E (trailing): 25.9
Forward P/E: 23.2
PEG: 2.01

Findings

Every deduction and every plus, with its source. Open a step to read them.

Business

Is the company getting stronger, not just bigger? · 2 findings−3 of −30

Quality of growth
SimCorp's software ARR grew 14% vs 18% a year earlier, on-premise revenue (+21%) was helped by an 'unusually strong' renewal cycle, and the ESG business has 'subdued demand'. The treasury result (over EUR 0.7bn, about 11% of net revenue) is interest income, not business growth.
investing.com
−2
ROIC and capital allocation
ROIC is 14.0% (11.2–13.1% in 2021–2025) despite a 41% EBIT margin, because acquisitions (SimCorp for about EUR 3.9bn in 2023) have filled the balance sheet with goodwill; P/TBV is negative. Growth is largely bought.
stockanalysis.com
−1

Price

Today's multiples against the company's own history and its peers. · 2 findings−8 of −35

Multiples vs own history
Trailing P/E 24.8 vs 19.8–22.3 in 2021–2025 (a record), forward P/E 21.8 vs 17.7–22.2, P/B 4.82 vs 3.27–3.62 and a dividend yield of 1.47% vs 1.9–2.4%. The share price is +28% in a year while EPS grew 7.6%.
stockanalysis.com
−6
Peers
Forward P/E 21.8 and EV/EBITDA 16.4 vs LSEG (16.0/15.5), Euronext (18.3/14.9), ICE (18.6/15.7) and CME (21.2/20.2). Deutsche Börse is the most expensive European exchange on forward P/E without growing faster.
stockanalysis.com
−2

Cracks

Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−6 of −35

Allfunds acquisition
The purchase of Allfunds for about EUR 5.3bn (EUR 6.00 in cash + 0.0122 new Deutsche Börse shares per share) awaits regulatory approval until H1 2027; it brings new debt, dilution and integration risk, and a EUR 600m convertible bond was issued on 9 Sep.
deutsche-boerse.com
−3
Interest rates
The treasury result (EUR 205m in Q2, −1%) depends directly on interest rates and clients' cash balances; lower ECB and Fed rates hit the bottom line directly, and the 2026 guidance upgrade came precisely from treasury, not the core (unchanged at 5.7bn).
vermoegenszentrum.ch
−2
Volume dependence
Trading and clearing income follows volatility: commodities normalised after an exceptional Q1, and 80% of the new OTC clearing clients are not yet active.
investing.com
−1

Plus

Only documented strengths. · 3 findings+4 of +15

Broad growth and operating leverage
Net revenue excl. treasury +9% and EBITDA +13% in Q2; six of eight business areas grew, Fund Services +14% with a record EUR 5,000bn in custody (+25%), and collateral management passed EUR 1,000bn.
deutsche-boerse.com
+2
Raised guidance
Total 2026 guidance raised to over EUR 6.4bn in net revenue and over 3.8bn in EBITDA (treasury over 0.7bn); core guidance of 5.7/3.1bn confirmed with half delivered in H1.
vermoegenszentrum.ch
+1
Dividend and buybacks
Dividends of EUR 760m + buybacks of 500m (completed in Q2) = 1.26bn, below FCF of 2.9bn and net profit of 2.1bn; share count −1.1%, but total shareholder yield only 2.6%.
stockanalysis.com
+1

Caveats

What the score does not capture, or where the data is weak.

Stockanalysis' revenue (7.75bn) is gross including treasury income; the company manages on net revenue (2026: over 6.4bn, of which core 5.7bn). The revenue forecast (−11.5% in 2026) is therefore a definitional artefact. The Allfunds acquisition (EUR 5.3bn, closing H1 2027) is not yet in the figures. Insider ownership is not disclosed. AI competition against SimCorp and ISS STOXX has not been examined separately. The share is +28% over one year; Q3 results 20 Oct.