Feb 22nd 2013 - Edison Investment Research today published a report on quickview entitled "Regulatory Uncertainty". In summary, the report says:
Having pre-announced results on 5 February, Deutsche Börse 2012 results contained few surprises. FY12 revenues declined 9%, mainly reflecting weak market trading volumes. Excluding exceptional items operating expenses increased by 5% leaving operating profit on the same basis down 19%. Based on consensus estimates, the company trades on a lower P/E than peers with a higher yield. We do not see an immediate catalyst for a re-rating until the impact of planned regulatory changes including the financial transactions tax becomes clearer.
Edison Investment Research is a leading international investment research company. It has won industry recognition, with awards both in the UK and internationally. The team of 95 includes over 60 analysts supported by a department of supervisory analysts, editors and assistants. Edison writes on more than 400 companies across every sector and works directly with corporates, fund managers, investment banks, brokers and other advisers. Edison’s research is read by institutional investors, alternative funds and wealth managers in more than 100 countries. Edison, founded in 2003, has offices in London, New York and Sydney and is authorised and regulated by the Financial Services Authority (www.fsa.gov.uk/register/firmBasicDetails.do?sid=181584). more »