If you browse the German stock market for companies that are still doing good business in this uncertain economic environment, you will inevitably come across Deutsche Börse in the Dax.

supply chain issues?

Doesn't exist, the exchange doesn't need any imports from the Far East or Russia.

Expensive raw materials?

Do not burden the stock exchange because it does not need any significant gas or oil or any other raw materials.

turnaround in interest rates?

The stock exchange is well financed and was only recently able to issue new bonds on good terms.

risk of recession?

The stock exchange's business does not depend on the consumer's desire to consume.

Daniel Mohr

Editor in Business.

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In short: The major risks for the export nation Germany and the many industrial companies hardly affect the stock market.

That is why it is also one of the few stocks in Germany that has been able to keep up since the beginning of the year and has outperformed the Dax by around 30 percent (see chart).

Because the risks for other companies are primarily opportunities for the stock market.

Example interest rate turnaround.

In the settlement of securities transactions, the stock exchange is the intermediary between buyers and sellers.

It ensures that the securities are transferred from A to B and the money for the transaction from B to A accordingly. This process still takes about two days, and during that time the exchange holds the money in its inventory for a short time.

For a long time, this could only be parked overnight at negative or zero interest rates.

In America, there are now noteworthy short-term positive interest rates again, and even after the interest rate hike by the European Central Bank (ECB) last week, the interest rate situation for companies like Deutsche Börse is also improving in Europe.

In addition, the major market participants have to deposit collateral for their transactions with the exchange.

Again, this is often cash that the exchange must park for the short term.

After years of almost no income, the stock exchange's “net interest income from banking business” doubled in the first half of the year.

In the second quarter, which the stock exchange reported on Tuesday evening, the plus was even 143 percent.

In an uncertain environment, the stock exchange also benefits from the fact that market participants have to deposit significantly more collateral and the exchange collects correspondingly more fees for this.

In view of the sudden price changes on the commodity, stock and bond markets, the stock exchange also benefits from the fact that hedging transactions have to be renewed more frequently.

The exchange is currently doing good business on its raw materials exchange EEX in Leipzig, one of the world's leading trading centers for electricity and gas.

Stock exchange wants to “significantly” exceed annual targets

In the first half, net sales rose 20 percent to 2.1 billion euros and net income rose 22 percent to 793 million euros.

While other companies are currently adding big question marks to their annual targets and analysts are poking around in the fog as to how things could continue in view of the dwindling gas imports, the stock exchange can confidently announce that it will “significantly” exceed its annual targets this year.

With a market value of a good 30 billion euros, the rather small Dax company with a good 10,000 employees is close to the valuation of industrial giants such as BASF with 38 billion euros.

With many more employees and a market value of 17 billion euros, Deutsche Bank is only a good half of the value of the stock exchange.

The stock exchange is highly profitable and, with the takeover of the American data provider ISS, has created a significant pillar in the area of ​​investments classified as sustainable (ESG).

The stock exchange has also developed a good business segment in the area of ​​fund services, largely independent of what is happening on the market.

After all, stock exchange business is still not risk-free.

When there is a severe market slump, the exchange benefits from the brisk trading in such market phases, but on balance it suffers when the value of the trades falls.

A lively up and down is an ideal environment.

Most observers expect that for the next few months, and so most analysts are optimistic about the stock exchange's shares, even after the current quarterly figures.

Twelve have reiterated their forecasts on Tuesday night's numbers.

Five advise buying, six recommend holding and only one expects the market to underperform.

On average, 10 percent upside potential is seen in the stock market price, while the downside risk is considered low.

Which stocks already have this?

The valuation with a price-earnings ratio of 21 for this year and 19 for next year is favorable for an exchange in historical comparison, also in international comparison.

At 167 euros, the price rose by more than 3 percent at times on Wednesday and is one of the few Dax shares to be close to its high for the year.