EURONEXT: 1Q22: demonstrating the stock is undervalued ENX FP
Euronext released once again a very strong set of results. We see this as further supporting our view that the market is unfairly underappreciating the stock. Euronext demonstrates strong fundamentals with very limited inflation and interest rate risk, supplemented by significant synergy potential and M&A optionality. We reiterate our €115 TP and 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.
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