Euronext NV

ENX: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€34.00	Tjxtt	Pgrzsstbkp

Euronext Withdraws Allfunds Offer; Maintaining FVE

Niklas Kammer

Mar 1, 2023

Narrow-moat Euronext walked away from its EUR 5.5 billion offer for the fund distribution platform Allfunds. According to a press release by Allfunds on the matter, Allfunds' board deemed the offer price as inadequate and discussions with Euronext were halted shortly thereafter. We had previously highlighted that Euronext's offer did look opportunistic, but applaud Euronext's discipline in not getting pulled into a bidding war. Our Exemplary Morningstar Capital Allocation Rating and our EUR 88 per-share fair value estimate remain unchanged.

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