Euronext Trump triggered market rotation benefitting Euronext
Euronext reported strong trading volumes in April, after already elevated volumes in 1Q25. The erratic nature of Trump's policies are clearly benefitting Euronext. Given that we believe this benefit to persist into the next few quarters and years (though not to the same extend as observed in April), we increased our estimates materially, landing on a new TP of €150. Given limited upside following the strong 35% YtD performance, we move from a Buy rating to Accumulate.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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