Metzler Keeps Deutsche Börse at Buy Amid 'Benign' Earnings Trajectory

05:28 AM EDT, 09/14/2026 (MT Newswires) -- Metzler Capital Markets reiterated its investment opinion on Deutsche Börse (DB1.F), noting a "benign" earnings momentum for the German exchange operator. "Following a model review, we lift our EPS estimates for 2026e-2028e by between 3% and 5%. The upgrades relate mainly to Eurex (interest rate derivative trading volumes) and Clearstream (revenues from custody and settlement, as well as net interest income). Simultaneously, in our [cost of equity] estimate for Deutsche Börse Group, we have reflected the rise in the yield on 10y German Bunds over recent weeks. Overall, this leads to an unchanged [price target] of EUR 303 per DB1 share, and we reiterate our BUY recommendation," the research firm said Monday. Analysts forecast that Deutsche Börse will raise its full-year 2026 outlook during its third-quarter results, with Metler projecting 6.59 billion euros in net revenue and 3.95 billion euros in EBITDA. These estimates surpass the company's targets of more than 6.4 billion euros and 3.8 billion euros, respectively, both including the treasury results. "DB1 shares currently trade at a P/E 2027e of ~20. In our view, this does not fully reflect the group's strong market position in many product areas, nor does it mirror its long-term earnings upside," the note said.