Reported Earnings • Jul 31
Second quarter 2026 earnings released: EPS: €2.16 (vs €1.81 in 2Q 2025) Second quarter 2026 results: EPS: €2.16 (up from €1.81 in 2Q 2025). Revenue: €543.3m (up 17% from 2Q 2025). Net income: €218.9m (up 19% from 2Q 2025). Profit margin: 40% (in line with 2Q 2025). Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 1.7% growth forecast for the Capital Markets industry in Germany. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Jun 25
Now 21% undervalued Over the last 90 days, the stock has risen 9.0% to €145. The fair value is estimated to be €182, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 18%. For the next 3 years, revenue is forecast to grow by 5.3% per annum. Earnings are also forecast to grow by 6.4% per annum over the same time period. Announcement • May 22
Euronext N.V. Approves Dividend, Payable on 27 May 2026 Euronext N.V. at its AGM held on May 20, 2026, approved proposal to adopt a dividend of €3.18 per ordinary share. The payment of the annual dividend will occur on 27 May 2026, with ex-dividend on 25 May 2026 and record date on
26 May 2026. Declared Dividend • May 20
Dividend increased to €3.18 Dividend of €3.18 is 9.7% higher than last year. Ex-date: 25th May 2026 Payment date: 27th May 2026 Dividend yield will be 2.2%, which is lower than the industry average of 2.7%. Sustainability & Growth Dividend is well covered by both earnings (50% earnings payout ratio) and cash flows (33% cash payout ratio). The dividend has increased by an average of 9.9% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 25% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 08
Euronext N.V. Proposes Dividend Euronext N.V. at its AGM to be held on May 20, 2026 Proposed to adopt a dividend of €3.18 per ordinary share. Announcement • Mar 03
Euronext Appoints Judith Stein as Head of Investor Relations Euronext has appointed Judith Stein as Head of Investor Relations. In this role, Judith Stein is responsible for defining and executing Euronext’s investor relations strategy and ensuring transparent, consistent and high-quality financial communication with the market. Judith Stein is the main contact for financial analysts, investors and shareholders of Euronext as a listed company on all its markets. Judith Stein is based in Paris and reports to Giorgio Modica, Euronext’s Chief Financial Officer. Judith Stein has previously worked as Investor Relations Senior Manager at Euronext and joined the Group in 2020, after starting her career at the European Court of Auditors in Luxembourg. Judith Stein is a graduate of the School of Management of Sciences Po Paris and the University of Münster. Announcement • Feb 19
Euronext N.V. Proposes Dividend Euronext N.V. announced that a dividend of €321.5 million will be proposed at the Annual General Meeting on 20 May 2026. This represents 50% of 2025 reported net income, in line with Euronext’s dividend policy. This dividend represents an increase of +9.8% compared to 2024. Announcement • Nov 08
Euronext N.V., Annual General Meeting, May 20, 2026 Euronext N.V., Annual General Meeting, May 20, 2026. Announcement • Jul 03
Euronext N.V. (ENXTPA:ENX) proposed to acquire Hellenic Exchanges - Athens Stock Exchange S.A. (ATSE:EXAE) for approximately €400 million. Euronext N.V. (ENXTPA:ENX) proposed to acquire Hellenic Exchanges - Athens Stock Exchange S.A. (ATSE:EXAE) for approximately €400 million on July 1, 2025. A cash consideration valued at €6.9 per share will be paid by Euronext N.V. As part of consideration, an undisclosed value is paid towards common equity of Hellenic Exchanges - Athens Stock Exchange S.A. This potential offer would be structured as a share exchange valuing ATHEX at €6.90 per share, leading to a fixed conversion rate of 21.029 ATHEX ordinary shares for each new Euronext share. The potential offer would value the entire issued and to be issued ordinary share capital of ATHEX at €399 million on a fully diluted basis. The submission of an offer would be subject notably to due diligence. Announcement • Jul 02
Euronext in Talks to Buy Athens Stock Exchange for $470 Million Euronext N.V. (ENXTPA:ENX) is in talks to buy up to 100% of the Athens Stock Exchange (Hellenic Exchanges - Athens Stock Exchange S.A. (ATSE:EXAE)) in a EUR 399 million ($470 million) all-share deal that would be the latest for a group that already operates stock markets in countries including France and the Netherlands. Euronext said on July 1, 2025 it planned to offer one new share for every 21 shares held by investors in the Athens Stock Exchange, valuing ATHEX stock at EUR 6.90 a piece. ATHEX shares closed on July 1, 2025 at EUR 6.03. The Greek Finance Ministry welcomed the offer and said in a statement it views a possible agreement "very positively". "A possible acquisition of the Athens Stock Exchange by Euronext constitutes a practical vote of confidence in the stability and positive course of the Greek economy," it added. A combination with the Greek company would align with Euronext's ambition to consolidate European capital markets as it sees fragmentation as one of the reasons behind a competitiveness gap with U.S. markets. Announcement • Apr 02
Euronext N.V. Proposes Payment of Dividend, Payable on 28 May 2025 Euronext N.V. proposed to distribute 50% of 2024 reported net profit. As a consequence and subject to approval of shareholders at the Company’s Annual General Meeting to be held on 15 May 2025, the annual gross dividend on the 2024 results to be paid in 2025 amounts to €292.8 million, corresponding to a dividend per share of €2.90 (based on the total number of eligible shares). Payment of the annual dividend will occur as follows:Ex-dividend date: 26 May 2025, Record date: 27 May 2025, Payment date: 28 May 2025. Announcement • Feb 16
Euronext N.V., Annual General Meeting, May 15, 2025 Euronext N.V., Annual General Meeting, May 15, 2025. Announcement • Feb 15
Euronext N.V. Proposes Dividend Euronext N.V. announced a dividend of €292.8 million will be proposed to the Annual General Meeting on 15 May 2025. This represents 50% of 2024 reported net income, in line with Euronext’s dividend policy. This dividend represents an increase of +14.0% compared to 20235F. Reported Earnings • Nov 10
Third quarter 2024 earnings released: EPS: €1.54 (vs €1.56 in 3Q 2023) Third quarter 2024 results: EPS: €1.54 (down from €1.56 in 3Q 2023). Revenue: €396.3m (up 10.0% from 3Q 2023). Net income: €159.5m (down 4.2% from 3Q 2023). Profit margin: 40% (down from 46% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 29
Second quarter 2024 earnings released: EPS: €1.37 (vs €1.12 in 2Q 2023) Second quarter 2024 results: EPS: €1.37 (up from €1.12 in 2Q 2023). Revenue: €412.9m (up 12% from 2Q 2023). Net income: €141.7m (up 18% from 2Q 2023). Profit margin: 34% (up from 33% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 1.3% growth forecast for the Capital Markets industry in Germany. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Jun 14
Now 24% undervalued Over the last 90 days, the stock has risen 2.8% to €88.85. The fair value is estimated to be €116, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 5.0% per annum. Earnings are also forecast to grow by 6.7% per annum over the same time period. Announcement • Jun 05
Euronext N.V. (ENXTPA:ENX) completed the acquisition of 75% stake in Global Rate Set Systems. Euronext N.V. (ENXTPA:ENX) has entered into an agreement to acquire 75% stake in Global Rate Set Systems on March 29, 2024. This acquisition significantly strengthens the Euronext index franchise adding very strong capabilities in contributed data indices and data from a highly respected provider. The acquisition of GRSS further diversifies and strengthens Euronext’s index franchise, positioning the Group as a leading player for calculating and administrating Interbank Offered Rate (IBOR) indices. In partnership with GRSS management and its founder, Euronext aims to reinforce the positioning of GRSS to become the go-to provider in the contributed data and indices space, leveraging on Euronext’s global leadership and recognition. This acquisition contributes to the growth of Euronext’s fixed and subscription-based revenue. The transaction will be fully financed with existing cash and will not impact Euronext’s deleveraging path. IN year ended on march 2023, Global Rate Set Systems had revenues of NZD 14.9 million. The completion of the transaction is expected in Q2 2024 and is subject to the usual regulatory approvals.Euronext N.V. (ENXTPA:ENX) completed the acquisition of 75% stake in Global Rate Set Systems on June 3, 2024. Buy Or Sell Opportunity • May 21
Now 23% undervalued Over the last 90 days, the stock has risen 5.2% to €86.45. The fair value is estimated to be €113, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 4.9% per annum. Earnings are also forecast to grow by 6.4% per annum over the same time period. Declared Dividend • May 20
Dividend of €2.48 announced Shareholders will receive a dividend of €2.48. Ex-date: 21st May 2024 Payment date: 23rd May 2024 Dividend yield will be 2.7%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (51% earnings payout ratio) and cash flows (43% cash payout ratio). The dividend has increased by an average of 13% per year over the past 9 years and payments have been stable during that time. EPS is expected to grow by 19% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 16
Euronext N.V. Proposes Payment of Dividend, Payable on 23 May 2024 Euronext N.V. proposed for approval at the AGM the payment of a dividend of €2.48 per ordinary share. The dividend would be distributed evenly (pro rata the number of shares held) to holders of ordinary shares on the dividend record date set on 22 May 2024 (ex-dividend date is set on 21 May 2024 and payment date is set on 23 May 2024). This dividend represents a pay-out ratio of 50% of the reported net income, in line with Euronext’s current dividend policy. Reported Earnings • May 15
First quarter 2024 earnings released: EPS: €1.35 (vs €0.90 in 1Q 2023) First quarter 2024 results: EPS: €1.35 (up from €0.90 in 1Q 2023). Revenue: €402.1m (up 8.0% from 1Q 2023). Net income: €139.7m (up 45% from 1Q 2023). Profit margin: 35% (up from 26% in 1Q 2023). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 1.7% growth forecast for the Capital Markets industry in Germany. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 1% per year. Reported Earnings • Mar 30
Full year 2023 earnings released: EPS: €4.84 (vs €4.11 in FY 2022) Full year 2023 results: EPS: €4.84 (up from €4.11 in FY 2022). Revenue: €1.47b (up 3.9% from FY 2022). Net income: €513.6m (up 17% from FY 2022). Profit margin: 35% (up from 31% in FY 2022). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Capital Markets industry in Germany. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has remained flat. Reported Earnings • Feb 16
Full year 2023 earnings released Full year 2023 results: Revenue: €1.47b (up 3.9% from FY 2022). Net income: €513.6m (up 17% from FY 2022). Profit margin: 35% (up from 31% in FY 2022). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Capital Markets industry in Germany. Buy Or Sell Opportunity • Jan 30
Now 21% undervalued Over the last 90 days, the stock has risen 23% to €80.45. The fair value is estimated to be €102, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has declined by 3.6%. For the next 3 years, revenue is forecast to grow by 5.0% per annum. Earnings are also forecast to grow by 8.2% per annum over the same time period. Buying Opportunity • Dec 29
Now 20% undervalued Over the last 90 days, the stock is up 19%. The fair value is estimated to be €98.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has declined by 3.6%. For the next 3 years, revenue is forecast to grow by 5.3% per annum. Earnings is also forecast to grow by 9.6% per annum over the same time period. Reported Earnings • Nov 10
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: €360.2m (up 20% from 3Q 2022). Net income: €166.5m (up 120% from 3Q 2022). Profit margin: 46% (up from 25% in 3Q 2022). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Capital Markets industry in Germany. Announcement • Sep 29
EquiLend Holdings Reportedly Explores a Sale After Collusion Settlement EquiLend Holdings LLC, the securities lending platform owned by 10 of the biggest Wall Street firms, including The Goldman Sachs Group Inc. (NYSE:GS) and BlackRock Inc. (NYSE:BLK), is exploring a sale following settlement of a major collusion lawsuit, people familiar with the matter said. The company is working with investment bank Broadhaven Capital Partners, LLC on an auction process, which is expected to draw interest from exchange operators, financial technology providers and private equity firms, said the sources. Euronext N.V. (ENXTPA:ENX) is one of the parties interested in EquiLend, one of the sources added. One of the sources added that EquiLend may fetch about $700 million in a sale. The sources spoke on condition of anonymity to discuss confidential information. EquiLend and Broadhaven did not respond to comment requests. Euronext declined comment. It was unclear why the Wall Street firms that own EquiLend, which also include Bank of America Corporation (NYSE:BAC), Morgan Stanley (NYSE:MS), UBS Group AG (SWX:UBSG) and JPMorgan Chase & Co. (NYSE:JPM), are exploring a sale two decades after they launched it as a joint venture. Goldman Sachs, JPMorgan, Morgan Stanley and UBS agreed to pay $499 million last month to settle the lawsuit that accused them of conspiring to stifle competition in the stock lending market using EquiLend. Buying Opportunity • Aug 02
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 5.9%. The fair value is estimated to be €84.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has declined by 4.3%. For the next 3 years, revenue is forecast to grow by 6.1% per annum. Earnings is also forecast to grow by 15% per annum over the same time period. New Risk • Jul 28
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 47% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (47% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Jul 28
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €367.9m (down 1.8% from 2Q 2022). Net income: €120.0m (flat on 2Q 2022). Profit margin: 33% (in line with 2Q 2022). Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Germany are expected to remain flat. Announcement • Jun 27
LCH Group Holdings Limited agreed to acquire 11.1% stake in LCH SA from for €111 million. LCH Group Holdings Limited agreed to acquire 11.1% stake in LCH SA from for €111 million on June 26, 2023. Completion of the Transaction will see LCH Group take full ownership of LCH SA. The Transaction is being funded from existing cash resources and is expected to close in early July 2023. Societe Generale is acting as sole financial adviser to LSEG in relation to the transaction. Recent Insider Transactions • Jun 02
CEO of Euronext Dublin recently sold €94k worth of stock On the 30th of May, Daryl Byrne sold around 2k shares on-market at roughly €62.95 per share. This transaction amounted to 56% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €487k more than they bought in the last 12 months. Announcement • May 19
Euronext N.V. Approves Appointment of Manuel Bento and Benoît van den Hove as Members of the Managing Board Euronext N.V. announced that in its Annual General Meeting that took place on 17 May 2023, the shareholders approved the appointment of Mr. Manuel Bento; and Mr. Benoît van den Hove as Members of the Managing Board. Reported Earnings • May 17
First quarter 2023 earnings released: EPS: €0.90 (vs €1.35 in 1Q 2022) First quarter 2023 results: EPS: €0.90 (down from €1.35 in 1Q 2022). Revenue: €372.3m (down 5.9% from 1Q 2022). Net income: €96.5m (down 33% from 1Q 2022). Profit margin: 26% (down from 36% in 1Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Capital Markets industry in Germany. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 5% per year. Buying Opportunity • May 03
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 3.9%. The fair value is estimated to be €89.52, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 4.6%. For the next 3 years, revenue is forecast to grow by 5.5% per annum. Earnings is also forecast to grow by 10% per annum over the same time period. Buying Opportunity • Apr 13
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 3.0%. The fair value is estimated to be €89.95, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 4.6%. For the next 3 years, revenue is forecast to grow by 5.4% per annum. Earnings is also forecast to grow by 11% per annum over the same time period. Reported Earnings • Apr 02
Full year 2022 earnings released: EPS: €4.11 (vs €4.30 in FY 2021) Full year 2022 results: EPS: €4.11. Revenue: €1.42b (up 9.3% from FY 2021). Net income: €437.8m (up 5.9% from FY 2021). Profit margin: 31% (in line with FY 2021). Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Germany are expected to remain flat. Buying Opportunity • Feb 24
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 3.0%. The fair value is estimated to be €86.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 4.6%. For the next 3 years, revenue is forecast to grow by 5.5% per annum. Earnings is also forecast to grow by 11% per annum over the same time period. Reported Earnings • Feb 12
Full year 2022 earnings released: EPS: €4.10 (vs €4.30 in FY 2021) Full year 2022 results: EPS: €4.10. Revenue: €1.42b (up 9.3% from FY 2021). Net income: €437.8m (up 5.9% from FY 2021). Profit margin: 31% (in line with FY 2021). Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Capital Markets industry in Germany. Recent Insider Transactions • Nov 16
Insider recently sold €52k worth of stock On the 9th of November, Isabel Ucha sold around 800 shares on-market at roughly €65.03 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €145k. Insiders have been net sellers, collectively disposing of €332k more than they bought in the last 12 months. Reported Earnings • Nov 05
Third quarter 2022 earnings released: EPS: €0.71 (vs €1.25 in 3Q 2021) Third quarter 2022 results: EPS: €0.71 (down from €1.25 in 3Q 2021). Revenue: €301.2m (down 14% from 3Q 2021). Net income: €75.8m (down 35% from 3Q 2021). Profit margin: 25% (down from 33% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Capital Markets industry in Germany. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Sep 08
CEO of Euronext Dublin recently sold €145k worth of stock On the 2nd of September, Daryl Byrne sold around 2k shares on-market at roughly €72.74 per share. This transaction amounted to 60% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €280k more than they bought in the last 12 months. Recent Insider Transactions • Aug 17
Insider recently sold €135k worth of stock On the 9th of August, Isabel Ucha sold around 2k shares on-market at roughly €82.20 per share. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Jul 31
Second quarter 2022 earnings released: EPS: €1.12 (vs €0.86 in 2Q 2021) Second quarter 2022 results: EPS: €1.12 (up from €0.86 in 2Q 2021). Revenue: €374.7m (up 14% from 2Q 2021). Net income: €118.9m (up 37% from 2Q 2021). Profit margin: 32% (up from 26% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 2.1% compared to a 8.6% decline forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 19
First quarter 2022 earnings released: EPS: €1.35 (vs €1.41 in 1Q 2021) First quarter 2022 results: EPS: €1.35. Revenue: €395.7m (up 59% from 1Q 2021). Net income: €143.8m (up 46% from 1Q 2021). Profit margin: 36% (down from 39% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 4.9% compared to a 8.1% decline forecast for the industry in Germany. Reported Earnings • Apr 03
Full year 2021 earnings released: EPS: €4.30 (vs €4.53 in FY 2020) Full year 2021 results: EPS: €4.30. Revenue: €1.30b (up 47% from FY 2020). Net income: €413.3m (up 31% from FY 2020). Profit margin: 32% (down from 36% in FY 2020). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 14% compared to a 7.4% decline forecast for the industry in Germany. Reported Earnings • Feb 11
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: €1.30b (up 47% from FY 2020). Net income: €413.3m (up 31% from FY 2020). Profit margin: 32% (down from 36% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 14% compared to a 4.9% decline forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 17% per year and the company’s share price has also increased by 17% per year. Buying Opportunity • Feb 04
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be €109, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% per annum over the last 3 years. Earnings per share has grown by 13% per annum over the last 3 years. Reported Earnings • Nov 05
Third quarter 2021 earnings released The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: €350.4m (up 71% from 3Q 2020). Net income: €115.8m (up 65% from 3Q 2020). Profit margin: 33% (down from 34% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jul 30
Second quarter 2021 earnings released The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: €328.9m (up 56% from 2Q 2020). Net income: €86.6m (up 5.6% from 2Q 2020). Profit margin: 26% (down from 39% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 01
First quarter 2021 earnings released: EPS €1.41 (vs €1.38 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2021 results: Revenue: €249.3m (up 5.3% from 1Q 2020). Net income: €98.2m (up 2.2% from 1Q 2020). Profit margin: 39% (down from 41% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 14% per year. Reported Earnings • Apr 02
Full year 2020 earnings released: EPS €4.53 (vs €3.19 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: €884.3m (up 30% from FY 2019). Net income: €315.5m (up 42% from FY 2019). Profit margin: 36% (up from 33% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 12% per year. Reported Earnings • Feb 13
Full year 2020 earnings released: EPS €4.53 (vs €3.19 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: €884.4m (up 30% from FY 2019). Net income: €315.5m (up 42% from FY 2019). Profit margin: 36% (up from 33% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Analyst Estimate Surprise Post Earnings • Feb 13
Revenue beats expectations Revenue exceeded analyst estimates by 1.7%. Over the next year, revenue is forecast to grow 7.5%, compared to a 14% growth forecast for the Capital Markets industry in Germany. Is New 90 Day High Low • Feb 12
New 90-day high: €96.80 The company is up 9.0% from its price of €88.80 on 13 November 2020. The German market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €106 per share. Is New 90 Day High Low • Dec 11
New 90-day low: €85.50 The company is down 14% from its price of €100.00 on 11 September 2020. The German market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €98.98 per share. Is New 90 Day High Low • Nov 11
New 90-day low: €86.00 The company is down 8.0% from its price of €93.55 on 12 August 2020. The German market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €87.64 per share. Analyst Estimate Surprise Post Earnings • Nov 07
Revenue beats expectations Revenue exceeded analyst estimates by 1.3%. Over the next year, revenue is forecast to grow 4.5% while the growth in Capital Markets industry in Germany is expected to stay flat. Is New 90 Day High Low • Oct 26
New 90-day low: €89.70 The company is down 4.0% from its price of €93.15 on 28 July 2020. The German market is down 1.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Capital Markets industry, which is down 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €88.37 per share. Is New 90 Day High Low • Sep 28
New 90-day high: €102 The company is up 17% from its price of €87.20 on 30 June 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is down 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €90.81 per share. Announcement • Sep 19
Euronext N.V. (ENXTPA:ENX) made an offer to acquire 30% stake in VP Securities A/S. Euronext N.V. (ENXTPA:ENX) made an offer to acquire 30% stake in VP Securities A/S on April 23, 2020. In a related transaction, Euronext N.V. entered into agreement to acquire 70% stake in VP Securities A/S from Danske Bank A/S (CPSE:DANSKE), Danmarks Nationalbank, Jyske Bank A/S (CPSE:JYSK), Nykredit A/S and Nordea Danmark, Filial af Nordea bank AB (Publ) FINLAND on April 23, 2020. The price offered for 100% of the shares is DKK 1.12 billion. The transaction will be funded with existing resources. As of June 22, 2020, the transaction will be funded through bonds valued at more than DKK 6.1 billion. The transaction is subject to regulatory approval and is expected to complete by early third quarter of 2020. As on July 15, 2020, the transaction was approved by Danish Financial Supervisory Authority. Deal is still pending only 90% shareholders have tendered the shares yet, remaining stake is also pending. 
