Update: Successful organic and inorganic growth
LSE Group seeks to diversify its income by geography and product and grow its business organically and through acquisitions. In 2014 it was successful in these aims. 2014 saw underlying income rise 7% and adjusted operating profits 8%, and it completed the acquisition of the Frank Russell Company, which will boost its index business and increase its US presence. We have raised our adjusted EPS forecasts but a large part of the increase arises at the Investment Management business, which the company is looking to sell. LSE’s share price has risen 35% over the last six months and the shares are trading in line with our fundamental DCF valuation and global peers. The next major development is likely to be an announcement on the disposal of the Frank Russell Investment Management business and what it will do with the proceeds.London Stock Exchange Group is a global markets infrastructure business based in the United Kingdom. Co's operating segments include: Information Services, which provides a range of information and data products including indexes and benchmarks; Post Trade Services LCH, which provides clearing services through which counterparty risk is mitigated across multiple asset classes; Capital Markets, provides access to capital for domestic and international businesses and electronic platforms for secondary market trading of equities, bonds and derivatives; and Group Technology, which provides secure technologies to customers that require performance at high levels of availability and throughput.
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