European Diversified Financials: What You May Have Missed

研报英文原文证据摘录

European Diversified Financials: What You May Have Missed

Roundup |

European Diversified Financials

What You May Have Missed 03 Aug 2026 13:17:16 ET

ACWestern Europe Hannah Leivdal

Focus +44-20-7500-4475

LSEG: Solid H1, but shares were weak on 2026 revenue guidance that was below AC Andrew Lowe, CFA

consensus, as well as factor headwinds and TW weakness – LSEG shares fell by

+44-20-7986-4042

5.2% following H1 results. The shares initially underperformed peers by 2-3%, but

then faced further pressure from weakness in Tradeweb shares (we estimate that its Nicholas Herman AC

10% decline on the day was a 1.8ppt headwind to LSEG’s SOTP valuation) and +44-20-7986-4203

weakness across other stocks with perceived AI risks (for example, RELX and

Experian were down 4-6%). LSEG’s H1 figures themselves were stronger than

expected, with in-line revenues and an underlying 1% cost beat (excluding

investment phase in). However, unchanged 7.0-7.5% organic constant currency

revenue growth guidance sits below consensus of 7.8%. This is understandable, in

our view, with LSEG embedding conservatism into its assumed H2 Tradeweb

revenues. We expect consensus may be happy to remain above the guided range, as

long as Tradeweb consensus revenues are not downgraded. The conference call

provided helpful colour on how LSEG is adapting its business to adopt AI, with

detailed arguments about why the market is wrong to assume that AI will disrupt

rather than enhance its revenue growth. See our feedback from the conference call

here, along with our initial results take here.

Euronext: Strong Q2 beat across revenues and earnings – Euronext delivered a

strong Q2 result, with revenues beating consensus by 4%, driven by strength across