Euronext : Raising our TP on CMD expectations (8 November), with organic growth and capital allocation key topics
>Q3 net profit materially boosted by Euroclear divi - ENX is set to come out with its Q3 figures and CMD presentation on 7 November post-market. Overall, we forecast revenue of € 402.7m in the quarter, up 11.8% YoY (but down 2.5% QoQ). The main drivers of growth in the quarter are trading (up 15.4% YoY, lifted by outstanding performance in fixed income trading at 47.9% YoY) and post-trade business (up 27.6% YoY, on the back of ENX Clearing expansion). We expect ENX to...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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