In the sweet spot

Research evidence excerpt

In the sweet spot

Deutsche Bank

Research

Rating Company Date

Buy Euronext 17 June 2026

Forecast Change

Europe

France

Reuters Bloomberg Exchange Ticker Price at 16 Jun 2026 (EUR) 148.40

Netherlands ENX.PA ENX FP PAR ENX

Price Target (EUR) 180.00

153.30 -

Diversified Financials 52-week range (EUR) 113.90

Specialty Financials

Valuation & Risks

Benjamin Goy

Cyclical tailwinds & increasingly structural growth should drive EPS upgrades Research Analyst

We believe Euronext is strategically positioned to capitalize on current cyclical +49-69-910-31946

tailwinds in both trading and post-trading, while simultaneously generating

Rishika Garg

structural growth through ongoing investments. Furthermore, we anticipate an Research Associate

acceleration in EBITDA margin expansion as investments have peaked and the

group begins to realize efficiency gains from AI integration. Furthermore, Euronext

is least exposed to industry risks such as AI disruption and perpetual futures in our Key changes

view. Coupled with anticipated consensus earnings upgrades, we believe a further 170.00 to

TP ↑ 5.9%

re-rating from the current 14.8x 2027E EPS, a PEG ratio below 1x, and 11x 2027E 180.00

EV/EBITDA is justified. We reiterate our Buy rating and confirm Euronext's status as DB EPS (EUR) 8.48 to 8.55 ↑ 0.8%

our top pick among European exchanges, with higher EPS forecasts and a new Revenue (EURm) 2,032 to 2,059 ↑ 1.3%

target price of EUR180. Source: Deutsche Bank

The best business model right now as well as...

Euronext's business model remains closest to the traditional capital markets value

chain, thereby the group is best positioned to capture strong trading volumes in

cash equities, market tailwinds for its custody business as well as a reacceleration

of its fixed income franchise.