Metzler Sees 'Strong' Midterm Earnings Growth Prospects for Deutsche Börse Post-Q3 Results

05:45 AM EDT, 10/22/2026 (MT Newswires) -- Metzler Capital Markets sees "strong" midterm earnings growth potential for Deutsche Börse (DB1.F) after the German exchange operator reported a 15% year-over-year rise in EPS for the first nine months of 2026. In a Wednesday note, the research firm projected a 13% EPS compound annual growth rate from full-year 2025 through 2028, after the company reported a 13% year-over-year third-quarter net revenue increase to 1.63 billion euros, compared with the company-compiled consensus of 1.60 billion euros and Metzler's forecast of 1.63 billion euros. The forecast also follows Deutsche Börse's upgraded full-year 2026 outlook, including an increase to its net revenue target of more than 6.5 billion euros from the previous goal of over 6.4 billion euros. "Even based on an elevated EPS 2026e, and despite anticipated one-off accounting headwinds for Simcorp in 2027e, we deem an EPS growth of 9% to be feasible in 2027e. In our view, these growth rates are driven by a combination of secular growth (e.g. volumes in OTC derivatives clearing, power derivatives), cyclical growth (e.g. volumes in interest rate derivatives trading & clearing, treasury result of Clearstream), and strong market positions. We also believe that operating leverage is becoming visible again: our projections foresee [disproportionately] larger EPS growth compared to net revenue growth from 2025 to 2028e," the note said. Meanwhile, analysts upgraded their EPS forecasts for full-year 2027 and 2028 by 2% and 3%, respectively, to reflect interest rate derivatives trading and clearing. Mezler also raised its price target to 327 euros from 303 euros, while reiterating the stock's buy rating. "In our view, the group's earnings prospects and its market positions in many product areas would even allow for a higher valuation," the research firm wrote.