Euronext: Solid Execution And Still Cheap Vs. Peers
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Mare Evidence Lab5.9K FollowersFollow5ShareSavePlay(8min)CommentsSummaryShares are down ~6% since the last note, but Q3 delivered solid results, and management reiterated strong strategic execution.Non-volume revenues now represent 60% of sales.Trading activity in October–November is running well ahead of 2024.Management also sees meaningful upside from CSD monetisation and EU savings initiatives.Attractive valuation with capital returns. This is combined with a new buyback.Aliaksandr Antanovich/iStock Editorial via Getty Images After our recent review of the London Stock Exchange Group plc and Deutsche Börse AG, we are now turning our attention to Euronext (EUXTF) (ERNXY) for an updated assessment. SinceThis article was written byMare Evidence Lab5.9K FollowersFollowBuy-side hedge professionals conducting fundamental, income oriented, long term analysis across sectors globally in developed markets. Please shoot us a message or leave a comment to discuss ideas.DISCLOSURE: All of our articles are a matter of opinion, informed as they might be, and must be treated as such. We take no responsibility for your investments but wish you best of luck.Analyst’s Disclosure:I/we have a beneficial long position in the shares of EUXTF, ERNXY either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.Quick InsightsWhy are we revisiting Euronext now?We recently reviewed LSE and Deutsche Börse, and Euronext represents the remaining major European market operator. The shares have declined ~6% since our last note, providing a 20% upside aheadRecommended For You