Euronext NV "Positioned for Earnings Upside & Multiple Expansion" (Buy) Werner

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Euronext NV "Positioned for Earnings Upside & Multiple Expansion" (Buy) Werner

2) consensus 12/28E 11.13 9.16

EPS growth outlook is at four-year highs (2-std deviations above norm); 3) structural

tailwinds are accelerating; and 4) ENX's resilient positioning to geopolitics. Michael Werner

Analyst

michael.werner@ubs.comResilient positioning with a number of upcoming catalysts

+44-20-7568 8086

We think ENX is resiliently positioned, as we expect tailwinds to its business model

Haley Tamirrespective of whether the Middle East conflict is resolved in the near term (via volatility

if the conflict persists and via a rebound to European equity inflows if the conflict is

haley.tam@ubs.com

resolved). Independent of geopolitics, we expect a number positive catalysts in the +44-20-7567 6176

coming 12 months - the first being upgrades to consensus EPS at the end of Q2:26 as

Amit Jagadeeshthe QTD cash equity volumes (c.20% of ENX revenues) are running 8% above

consensus. amit.jagadeesh@ubs.com

+44-20-7567 9705

Valuation: We reiterate our Buy rating; PT: €175/share, based on DCF

ENX is our top pick among the EU exchanges. We expect the company to benefit from a

number of structural tailwinds (improving European cash equity volumes and retail

participation) and idiosyncratic opportunities like the CSD expansion. We argue,

amongst the EU exchanges, ENX should benefit the most from the European Savings

and Investment Union (SIU), even if these measures are gradual.

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

Revenues 1,475 1,627 1,819 2,094 2,302 2,489 2,656 2,829

EBIT (UBS) 734 919 1,049 1,252 1,429 1,576 1,697 1,822

Net earnings (UBS) 585 682 736 871 998 1,103 1,190 1,278

EPS (UBS, diluted) (€) 5.50 6.56 7.18 8.41 9.85 11.13 12.23 13.34