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H126 preview: consistent progress, update on Al monetization
研报英文原文证据摘录
H126 preview: consistent progress, update on Al monetization
iQprofile SM London Stock Exchange Group
Key Income Statement Data (Dec) 2024A 2025A 2026E 2027E 2028E Company Sector
(£ Millions) Other Financials
Sales revenue 8858 9346 10003 10645 11348
EBITDA 4148 4523 4965 5329 5745
Depreciation -983 -1017 -1073 -1111 -1159 Company Description EBIT 3165 3506 3893 4218 4586
Net Interest Income/(Expense) -195 -168 -286 -285 -295 The London Stock Exchange Group owns Refinitiv (now
Adjusted PBT 2970 3338 3607 3933 4291 LSEG Data & Analytics) , which should make it one of the
Net Income 1934 2204 2335 2544 2778 global leaders in financial information and data. LSE
Adjusted Net Income 1934 2204 2335 2544 2778 currently owns LCH, the leading global wholesale clearer,
Key Balance Sheet Data and FTSE Russell, one of the leading providers of index data.
Other intangibles 32970 31273 31273 31273 31273 It also operates various capital markets, including the
Fixed assets 681 695 695 695 695 London cash equity market. This business combination
Total non-current assets 34777 33134 33134 33134 33134 should produce consistent revenue and earnings growth,
Cash & Cash Equivalents 3475 3949 5464 8187 7795
arguing for a premium valuation. Total current assets 698042 763570 765076 767799 767407
Total Assets 732819 796704 798210 800933 800541
Short term debt 1592 3325 3325 3325 3325
Total current liabilities 696535 763515 763515 763515 763515 Investment Rationale
Long term debt 8373 8393 8393 8393 8393 LSE Group is an increasingly diversified market structure
Total non-current liabilities 11131 11021 12549 14642 13574 company, with key assets favoured by the regulatory
Minorities 2140 2389 2389 2389 2389
environment. We see FTSE Russell as a global leader in
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