LSE Group "Valuation Deep Dive: Slicing & Dicing LSEG (Including SOTP);..."

研报英文原文证据摘录

LSE Group "Valuation Deep Dive: Slicing & Dicing LSEG (Including SOTP);..."

on but at a discount of 12/28E 637.57 604.83

11% and 32% when looking at its EBITDA and EPS growth given LSEG's better

operating leverage and FCF generation (which is likely to be used for SBBs). Michael Werner

Analyst

michael.werner@ubs.comH1:26 results the next major catalyst

+44-20-7568 8086

We don’t envision any major catalysts for LSEG shares before its scheduled H1:26 results

Haley Tam(30 July). LSEG mgmt is expected to disclose the commercial framework (i.e., the pricing

model) of its MCP server which provides structured data to 3rd-party AI agents. We

haley.tam@ubs.com

expect LSEG to begin monetising the MCP Server in 2027. As it sits outside the +44-20-7567 6176

perimeters of LSEG's existing enterprise contracts and licensing agreements, this

Amit Jagadeeshrepresents an incremental revenue opportunity.

amit.jagadeesh@ubs.com

LSEG: We reiterate our Buy rating (PT: £117) +44-20-7567 9705

We see limited risk of LSEG's businesses being displaced by AI. Its client base consists

largely of regulated entities where LSEG provides infrastructure and data that support

mission-critical workflows. In its desktop business, most of the clients are sellside

institutions which we think are less likely to employ AI-driven substitutes to the the

current mission-critical offerings LSEG provides. While AI will certainly have an impact

on data providers, we think the impact will be a net positive for LSEG. We rate LSEG a

Buy with £117 price target.

Highlights (£m) 12/23 12/24 12/25 12/26E 12/27E 12/28E 12/29E 12/30E

Revenues 8,379 8,858 9,346 9,969 10,577 11,290 12,055 12,879

EBIT (UBS) 2,748 3,065 3,418 3,783 4,153 4,591 5,058 5,573

Net earnings (UBS) 1,775 1,934 2,204 2,359 2,615 2,908 3,220 3,565