DGAP-News: Silvia Quandt&Cie. AG: Deutsche Börse AG / Rating: Buy / Target price: EUR 75.0 / Analyst: Christian Muschick

Silvia Quandt&Cie. AG, Merchant&Investment Banking / Research Update

12.05.2010 11:15

Veröffentlichung einer Corporate News,übermittelt
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Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich.

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Deutsche Börse AG / Buy recommendation, PT EUR 75 affirmed / Analyst:
Christian Muschick

Rating: Buy
Target price: EUR75.0
Close 10/05/11: EUR55.35
Code: DB1 GR

* Facts: Day before yesterday, Deutsche Börse released 1Q10 figures
somewhat below our and market expectation, especially on back of lower net
interest income from banking business. Never the less, clear recovery
tendencies are visible throughout all segments. The company also reiterated
its FY10e cost guidance and reiterated that it expects restructuring to
lower the cost base in line with
previous indications.

* We adjust our model for lower net interest income and the development of
the exchange rate of EUR and USD. We now assume an annual average exchange
rate of 1.28 (was 1.50) for FY10e and the midterm. While lower net interest
income lowers net profitability, a weakening USD should have a net
positive effect on the P&L as rising refinancing cost should be
overcompensated by the rising contribution from ISE. In effect, FY10e EPS
come down by 15% to EUR 3.06 and FY11e EPS decline by 3% to EUR 5.01. For
FY12e and FY13e the net effect however turns positive with EPS increasing
slightly to EUR 5.76 (was: EUR 5.72) and EUR 6.07 (was: EUR 6.04). Thus the
effect on valuation remains insignificant.

Comment: Deutsche Börse changed its reporting structure and issued figures
slightly below our expectation. This and the most probably sustainable
shift of the exchange rate of EUR and USD made model adjustments necessary.
However, the new information given did not change our positive view. We
still see the recovery on track and believe in further positive news flow
going forward. We therefore stick to our our Buy recommendation with a
price target of EUR 75.00.

Christian Muschick
+49 (0)69 95 92 90 93 0
www.silviaquandt.de

12.05.2010 11:15 Ad-hoc-Meldungen, Finanznachrichten und Pressemitteilungenübermittelt durch die DGAP. Medienarchiv unterwww.dgap-medientreff.deundwww.dgap.de—————————————————————————