European Exchanges 2Q26 Preview; Prefer ENX

研报英文原文证据摘录

European Exchanges 2Q26 Preview; Prefer ENX

EUROPE | Brokers, Asset Mgrs &

Exchanges EquityJulyResearch5, 2026

KEY STOCKS FEATURED INCLUDE:European Exchanges 2Q26 Preview; Prefer

TICKER RATING PRICE TARGETENX

DB1 GR BUY €280.00

EU exchange share prices are up ~3% on avg. since 31-Mar, even as P/E LSEG LN BUY £110.00

multiples have modestly fallen (ENX is the outlier: SP +9% on a flat multiple). ENX FP BUY €170.00

Conventionally, still-favourable operating trends combined w/ notable u/p

vs the SXFP (+14% on a +12% re-rating) would set up a low bar for results.

However, we are mindful of how the damage done to US cap mkt exchange

KEY CHANGES INCLUDE:

multiples (CBOE, CME, ICE have all de-rated low-20s %) compresses upside.

TICKER RATING PRICE TARGET

ENX — Equity story on track. ENX shares are still trading ~15% below their peak May-25 P/ ENX FP BUY €170.00 (€160.00)

E multiple, despite strong EPS momentum in 1H26. Encouragingly, market confidence in the

sustainability of volume growth is building, in good part driven by a strong retail participation

kicker — ETF order book volume, as a proxy, is +>40% y/y and +120% vs 2022-24 avg. — Rating, PT and reporting date

and MTS should be back to record levels in 2Q. There's also plenty more good news for the Stock 2Q26 date Rec PT

equity story hopper: ENX's CSD opportunity goes live at the end of 3Q (we think cons still DB1 22-Jul BUY €280

looks conservative); regulatory discussions around SIU / single supervisor appear directionally LSEG 30-Jul BUY £110

favourable; a sizeable new share buyback is likely at 3Q; and a new CEO announcement, . ENX 30-Jul BUY €170

possibly before YE, will reinvigorate strategic vision. Source: Company reports, Jefferies

Reiterate Buy (PT €170.00): We look for 2Q26 revenue of €523m (VA cons.