TRADING TALK
DB1: Key Takeaways From 2Q12 Earnings
Below are what we believe to be the key takeaways from DB1’s Q1 earnings announcement. As always, please contact us with any questions.
• Adjusted EPS of €1.01 -6% y/y (flat q/q). Net revenue of €506.7m flat y/y and q/q. Adjusted operating expenses of €224m +3% y/y (-1% q/q). Full year cost guidance of less than €930m affirmed despite postponed consolidation of its European Energy Exchange (EEX) unit, as stronger USD and higher costs for regulatory initiatives and investment for future growth offset the €50m of annualized expenses that were expected to come on as part of the EEX consolidation.