VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Sunday, January 11, 2026

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Stock Comparison

Deutsche Boerse AG vs InterContinental Hotels Group PLC

Compare moat strength, market structure, and segment coverage to understand how each company defends its edge.

Deutsche Boerse AG

DB1 · Xetra

Market cap (USD)$39B

Gross margin (TTM)54.3%

Operating margin (TTM)40.7%

Net margin (TTM)27.5%

SectorFinancials

IndustryFinancial - Data & Stock Exchanges

CountryDE

Data as of2026-01-03

Moat score

81/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Deutsche Boerse AG's moat claims, evidence, and risks.

View DB1 analysis

InterContinental Hotels Group PLC

IHG · London Stock Exchange

Market cap (USD)$18.8B

Gross margin (TTM)—

Operating margin (TTM)—

Net margin (TTM)—

SectorConsumer

Industry—

CountryGB

Data as of2026-01-10

Moat score

57/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into InterContinental Hotels Group PLC's moat claims, evidence, and risks.

View IHG analysis

Comparison highlights

Moat score gap: Deutsche Boerse AG leads (81 / 100 vs 57 / 100 for InterContinental Hotels Group PLC).
Segment focus: Deutsche Boerse AG has 8 segments (28.2% in Securities Services (Clearstream: ICSD/CSD settlement + custody)); InterContinental Hotels Group PLC has 5 segments (36% in Fee business (franchise, management and ancillary fees)).
Primary market structure: Duopoly vs Oligopoly. Pricing power: Moderate vs Moderate.
Moat breadth: Deutsche Boerse AG has 12 moat types across 5 domains; InterContinental Hotels Group PLC has 8 across 3.

Primary market context

Deutsche Boerse AG

Securities Services (Clearstream: ICSD/CSD settlement + custody)

Market

Securities settlement and custody infrastructure (ICSD/CSD) for Eurobonds and domestic markets

Geography

Global (Eurobonds + multiple domestic markets)

Customer

Custodian banks, broker-dealers, central banks, institutional investors

Role

Settlement/custody infrastructure and asset servicing

Revenue share

28.2%

InterContinental Hotels Group PLC

Fee business (franchise, management and ancillary fees)

Market

Branded hotel franchising and management services

Geography

Global

Customer

Hotel owners and developers

Role

Franchisor and hotel manager (asset-light brand platform)

Revenue share

36%

Side-by-side metrics

Deutsche Boerse AG

InterContinental Hotels Group PLC

Ticker / Exchange

DB1 - Xetra

IHG - London Stock Exchange

Market cap (USD)

$39B

$18.8B

Gross margin (TTM)

54.3%

n/a

Operating margin (TTM)

40.7%

n/a

Net margin (TTM)

27.5%

n/a

Sector

Financials

Consumer

Industry

Financial - Data & Stock Exchanges

n/a

HQ country

Primary segment

Securities Services (Clearstream: ICSD/CSD settlement + custody)

Fee business (franchise, management and ancillary fees)

Market structure

Duopoly

Oligopoly

Market share

n/a

HHI estimate

n/a

Pricing power

Moderate

Moat score

81 / 100

57 / 100

Moat domains

Legal, Network, Demand, Financial, Supply

Demand, Supply, Network

Last update

2026-01-03

2026-01-10

Moat coverage

Shared moat types

Two Sided NetworkBrand TrustScale Economies Unit Cost

Deutsche Boerse AG strengths

Regulated Standards PipeDe Facto StandardClearing SettlementInteroperability HubFloat PrepaymentSwitching Costs GeneralData Workflow LockinSuite BundlingFormat Lock In

InterContinental Hotels Group PLC strengths

Long Term ContractsDistribution ControlPass-through reimbursement revenueAsset-heavy hotel operations (limited moat)Immaterial ancillary activity

Segment mix

Deutsche Boerse AG segments

Full profile >

Financial Derivatives (Eurex trading + Eurex Clearing)

Oligopoly

22.4%

Commodities (EEX marketplaces + clearing)

Oligopoly

10.9%

Cash Equities (Xetra + Boerse Frankfurt)

Quasi-Monopoly

5.1%

FX & Digital Assets (360T + Crypto Finance)

Competitive

2.8%

Securities Services (Clearstream: ICSD/CSD settlement + custody)

Duopoly

28.2%

Fund Services (Vestima fund processing + Fund Centre distribution)

Oligopoly

8.5%

Software Solutions (SimCorp + Axioma Analytics)

Competitive

11.9%

ESG & Index (ISS STOXX: indices + ESG/governance data)

Oligopoly

10.1%

InterContinental Hotels Group PLC segments

Full profile >

Fee business (franchise, management and ancillary fees)

Oligopoly

36%

System Fund (marketing, reservations and loyalty assessments)

Monopoly

32.7%

Reimbursable revenues (managed hotel staff reimbursements)

Competitive

20.3%

Owned, leased and managed lease hotels

Competitive

10.5%

Insurance activities (ancillary)

Competitive

0.5%

Want the full wide moat stocks list?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

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Looking for expansion-stage stocks?

Proven models entering the expansion stage with unit economics that work.

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Curation & Accuracy

This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).

Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.