EURONEXT: Investing in Growth
Euronext is an undervalued financial market infrastructure player with a great M&A track record in a consolidating market. This is supported by strong financials and cash generation, with additional upside from further diversification and optimisation. Our DCF and SOTP valuation points a target price of €80. Given the 14% upside, we initiate coverage with a Buy recommendation.Euronext is a cross-border exchange. Co. operates combined regulated markets across Belgium, France, the Netherlands, Portugal and the United Kingdom (derivatives only). Co. offers a range of integrated services including the listing of financial instruments, trading in securities and derivatives, clearing, netting and settlement, market data dissemination and IT solutions and support. Co.'s customers include listed companies, members, institutional and individual investors who trade on Co. markets, other organizations, notably exchanges that use its technologies and services, and users of the financial and information generated by market activity.
We are a financial services provider for several types of professional clients, each with distinct needs.
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