EURONEXT: Italian deal remains undervalued ENX FP
Following the closing of the LSE-Refinitiv deal last Friday, we have reviewed our model of Euronext and specifically the Borsa Italiana acquisition. We remain positive on the deal and, after finetuning our numbers, increase our TP from € 110 to € 115. Given 26% upside, we upgrade from Accumulate to BUY.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.
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