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4-Traders Homepage  >  Equities  >  Xetra  >  Deutsche Boerse    DB1   DE0005810055

DEUTSCHE BOERSE (DB1)
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Deutsche Boerse : to review CEO's future after inquiry prolonged

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10/24/2017 | 03:55pm CET
Kengeter, CEO of Deutsche Boerse attends the initial public offering of Scale at the Frankfurt stock exchange in Frankfurt,

Deutsche Boerse's supervisory board will meet on Thursday to discuss the future of Carsten Kengeter after a court setback for the CEO in an insider trading inquiry, a source close to the situation said.

A settlement deal that would have ended the probe was blocked by a court on Monday, leading Deutsche Boerse supervisory board chairman Joachim Faber to break off a trip to China and return to Frankfurt, the person said on Tuesday.

Kengeter, who denies any wrongdoing, made share purchases worth 4.5 million euros shortly before formal merger talks between Deutsche Boerse and the London Stock Exchange were announced in early 2016.

Deutsche Boerse and Kengeter have said he was authorised to buy the shares as part of his pay scheme at a fixed time, between Dec. 1 and Dec. 21, 2015.

"Faber is back and there will be a discussion on Thursday about what happens next," the source, who spoke on condition of anonymity due to the sensitivity of the matter, added.

Deutsche Boerse's shares extended losses to nearly 2 percent on Tuesday, making them the weakest performer in the 30-share DAX Index. The exchange operator is also due to report its quarterly results on Thursday.

Deutsche Boerse said on Monday a Frankfurt court had refused to ratify a settlement between the prosecutors, the exchange and Kengeter, whereby Deutsche Boerse had agreed to pay 10.5 million euros ($12 million) in fines, while Kengeter would pay 500,000 euros personally.

Frankfurt's public prosecutor said after the ruling that its investigation into Kengeter, which started early this year, could extend beyond next March.

Kengeter's contract as chief executive expires at the end of March 2018 and Deutsche Boerse has said it would not move to renew it until the insider trading case is settled.

"The investigations are continuing. Everything is possible: A termination of the investigation, an indictment, or also a new deal," the prosecutor's spokeswoman said.

Separate investigations by two other regulators are due to start only after the Frankfurt investigation is completed.

Further investigation could lead to a closure of proceedings due to lack of adequate evidence, or to an indictment, Deutsche Boerse said.

(Additional reporting by Andreas Cremer; Writing by Tom Sims and Douglas Busvine; Editing by David Evans/Greg Mahlich/Alexander Smith)

By Andreas Framke

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Financials (€)
Sales 2017 2 569 M
EBIT 2017 1 283 M
Net income 2017 864 M
Debt 2017 786 M
Yield 2017 2,48%
P/E ratio 2017 21,37
P/E ratio 2018 18,94
EV / Sales 2017 7,71x
EV / Sales 2018 7,10x
Capitalization 19 034 M
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Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 101 €
Spread / Average Target 2,0%
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Managers
NameTitle
Theodor Weimer Chief Executive Officer
Joachim Faber Chairman-Supervisory Board
Gregor Pottmeyer Chief Financial Officer
Richard David Antony Berliand Deputy Chairman-Supervisory Board
Hans-Peter Gabe Member-Supervisory Board
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