Metzler Sees 'Strong' Medium-term Earnings Growth Potential for Deutsche Börse; Price Target, Estimates Up

06:26 AM EST, 11/12/2026 (MT Newswires) -- Metzler Capital Markets lifted its price target and earnings forecasts for Deutsche Börse (DB1.F), maintaining its view of "strong" medium-term earnings growth potential. In a model update, the research firm said it continues to expect an EPS compound annual growth rate of 13% for full-year 2025 through 2028, alongside a projected return on equity of 20%. "The EPS growth expectation is 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. In the current market environment, with revenue tailwind for several of Deutsche Börse's business fields, we view the group's high proportion of fixed costs in its cost base positively, as it should lead to operating leverage," analysts wrote. Accordingly, the research firm lifted its 2027 and 2028 EPS projections by 1% and 1.5%, respectively, due mainly to net interest income. Metzler also raised the stock's price target to 344 euros from 327 euros, with an unchanged buy rating. "However, in our view, this multiple does still not adequately reflect the group's earnings growth prospects and its strong market positions in many product areas," the note said.