Deutsche Börse
Note: This is a daily stock update and the information stands true as of 22/01/26, 09:00 CET.
Company Update:
Expert Opinion:
Deutsche Börse is back to attractive levels in terms of valuation (PE26 at 16.6x and PE27 at 15.2x). The integration of Allfunds will be earnings-enhancing as of 2028, with the synergies generated. The stock massively underperformed Euronext over the last 24 months. The uncertainty on that deal is now less, and our expert expects Deutsche Börse to gradually catch up.
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Company Update:
Deutsche Börse (DB1) announced today that it has reached an agreement with the Allfunds board on the terms of a recommended acquisition.
DB1 confirmed the total valuation of €8.80 per share, with the payment structure finalized as:
• €6.00 in cash.
• 0.0122 DB1 shares (valued at around €2.60).
• A €0.20 permitted dividend for FY2025 (payable May 2026).
DB1 has already secured c. 48.9% in irrevocable undertakings from key shareholders LHC3 and BNP Paribas. The deal will be executed via a UK Scheme of Arrangement, requiring 75% shareholder approval.
While the deal implies a c. 4% dilution, it is expected to be highly accretive. DB1 guides for high single-digit cash EPS accretion within the first full year. This is underpinned by €60m in annual run-rate cost synergies (c. 15% of the combined Clearstream/Allfunds cost base) and €30m in annual capex savings. 50% of these synergies are expected to be realized by year-end 2028.
We view the announcement as positive: the board recommendation and secured undertakings significantly de-risk the deal and virtually eliminate counter-bid risks. The concrete synergy targets reinforce our view that the transaction is strongly margin-accretive.
Deutsche Börse is back to attractive levels in terms of valuation (PE26 at 16.6x and PE27 at 15.2x). The integration of Allfunds will be earnings-enhancing as of 2028, with the synergies generated. The stock massively underperformed Euronext over the last 24 months. The uncertainty on that deal is now less, and our expert expects Deutsche Börse to gradually catch up.
For daily updates, subscribe to our newsletter and for detailed information, reach out to us at sales@alphavalue.eu
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