Euronext NV

ENX: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€52.00	Fzprvl	Cdqbjpknyf

Euronext Earnings: Higher Revenue Capture a Positive in Trading As Volatility Continues To Weigh

Niklas Kammer

Aug 2, 2023

We maintain our EUR 88 per-share fair value estimate after Euronext posted a quarter within our expectations, with revenue down 1.8% to EUR 368 million and adjusted EBITDA down 2.5% to EUR 216 million. Much like the first quarter of this year, nontrading-related revenue performed well, underlining management’s strategy to further diversify income streams. However, lower volatility after increased levels of activity through last year did prove challenging for the group in its trading activities again this quarter, as was to be expected. Our narrow moat rating is unchanged.

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