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1. Company Snapshot

1.a. Company Description

Euronext N.V., together with its subsidiaries, operates securities and derivatives exchanges in Continental Europe, Ireland, and Norway.The company offers a range of exchange and corporate services, including security listings, cash and derivatives trading, and market data dissemination.It also provides listing venues and cash equities trading venues; and various marketplaces, including multilateral trading facilities for investors, broker-dealers, and other market participants to meet directly to buy and sell cash equities, fixed income securities, and exchange traded products.


In addition, the company offers options contracts based on the blue-chip equities listed on Euronext; commodity derivatives, such as milling wheat futures contracts; and post-trade services, as well as distributes and sells real-time, historic, and reference data to data vendors, and financial institutions and individual investors.Further, it provides equity, debt, fund and ETF listing, corporate and investor, cash trading, foreign exchange trading, derivatives trading, fixed income trading, and power trading services.Additionally, the company offers technology solutions and services to exchanges, venue operators, and financial institutions; connectivity, colocation, and network and proximity services; data analytics, risk management, order management system, broker workstations, algorithmic trading validation, and regulatory reporting services; and hosting services to financial firms and third-party venue operators.


The company was formerly known as Euronext Group N.V. and changed its name to Euronext N.V. in May 2014.Euronext N.V. was founded in 2000 and is headquartered in Amsterdam, the Netherlands.

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1.b. Last Insights on ENX

Euronext's recent performance was driven by record revenue growth, strategic acquisitions, and a strong earnings beat. The company's Q4 2024 earnings report showed double-digit revenue growth, driven by its diversified revenue profile and cost discipline. Additionally, Euronext's acquisition of Nasdaq's Nordic power futures business is expected to expand its presence in the Nordic markets. The company's upgraded credit rating to 'A-' by S&P reflects its successful integration of the Borsa Italiana Group and continued deleveraging. Euronext's CEO also sees a potential boon for European investment under a Trump administration, citing Europe as a great investment opportunity."

1.c. Company Highlights

2. Euronext's Strong Q3 2025 Earnings: A Closer Look

Euronext delivered a robust third quarter, with revenue and income growing 10.6% year-on-year to EUR 438.1 million, driven by the expansion of non-volume-related business, resilient trading and clearing revenues, and continued cost discipline. The adjusted EBITDA margin increased by 1.2 points to 63.2%, and adjusted net income reached EUR 169 million. Earnings per share (EPS) came in at EUR 1.64, slightly below estimates of EUR 1.75.

Publication Date: Nov -16

📋 Highlights
  • Revenue Growth:: Q3 2025 revenue and income rose 10.6% YoY to EUR 438.1 million, driven by non-volume-related business expansion and resilient trading.
  • Adjusted EBITDA Margin:: Improved by 1.2 points to 63.2%, with adjusted EBITDA growing 12.6% to EUR 276.7 million.
  • Non-Volume Revenue Dominance:: 60% of top line, covering 162% of operating expenses, excluding D&A, reflecting diversification and stability.
  • Strong Cash Flow:: Operating cash flow surged to EUR 401 million (vs. EUR 237.4 million in Q3 2024), with 99.9% EBITDA conversion excluding working capital changes.
  • Listing Momentum:: 20 new equity listings in Q3, maintaining Euronext’s leadership in European listings, supported by record assets under custody.

Revenue Diversification and Growth

The strong performance was driven by a diversified revenue stream, with non-volume-related revenue representing 60% of the top line. Securities Services revenue reached EUR 77.3 million, marking a 6% increase, while Custody and Settlement revenue grew 11.8% to EUR 70.6 million. As Stéphane Boujnah noted, "This quarter's results reflect the strength of our diversified business model with increasing diversification, both in volume-related revenues and in non-volume-related revenues."

Valuation Metrics and Outlook

With a P/E Ratio of 19.68 and an EV/EBITDA of 13.5, Euronext's valuation appears reasonable, considering its growth prospects. Analysts estimate next year's revenue growth at 5.7%. The company's commitment to delivering sustainable long-term growth is evident in its strategic plan, Innovate for Growth 2027. Euronext's unique integrated value chain has proven its strength, and the company is confident in its ability to achieve its targets.

Strategic Developments and Future Plans

Euronext is making progress in its strategic initiatives, including the expansion of Euronext Securities and the ongoing offer for ATHEX. The company is working to onboard new issuers and is planning new IPOs with full post-trade chains. As Giorgio Modica stated, "We are committed to investing in our growth initiatives, and we will continue to do so in a disciplined and responsible manner."

Cash Flow and Cost Management

Euronext's net cash flow from operating activities was EUR 401 million, reflecting higher working capital from Euronext Clearing and Nord Pool CCP activities. The company has demonstrated its ability to manage costs effectively, with a reduction in expenses due to seasonality and lower social contributions. The cost base is largely fixed, but Euronext records some savings when revenues are lower.

3. NewsRoom

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Euronext announces the results of the tender offer on existing EUR 2026 Bonds

Nov -25

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Is Now the Right Time to Consider Euronext After 22.5% Share Price Surge?

Nov -21

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Euronext announces the success of the voluntary share exchange tender offer to acquire ATHEX Group

Nov -19

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EURONEXT N.V. announces the successful outcome of its voluntary share exchange tender offer made to acquire the ordinary registered shares of HELLENIC EXCHANGES – ATHENS STOCK EXCHANGE S.A. (“ATHEX”)

Nov -19

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Euronext successfully launches €600 million bond issuance

Nov -18

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Euronext announces tender offer on existing EUR 2026 Bonds and intention to launch a new bonds issuance

Nov -17

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Euronext receives regulatory approvals from the Hellenic Capital Market Commission

Nov -14

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APPROVAL OF THE REVISION OF THE VOLUNTARY SHARE EXCHANGE TENDER OFFER MADE BY EURONEXT N.V. (“OFFEROR” OR “EURONEXT”) FOR THE ORDINARY REGISTERED SHARES OF HELLENIC EXCHANGES-ATHENS STOCK EXCHANGE S.A. (“ATHEX”)

Nov -10

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.80%)

6. Segments

Cash Trading

Expected Growth: 4.5%

Euronext N.V.'s 4.5% cash trading growth driven by increasing market volatility, rising trading volumes, and expanding customer base. Strong demand for derivatives and commodities, coupled with strategic acquisitions and partnerships, have also contributed to growth. Additionally, Euronext's investments in technology and regulatory compliance have enhanced its competitive position, attracting more clients and boosting trading activity.

Custody & Settlement and Other

Expected Growth: 4.2%

Euronext N.V.'s Custody & Settlement and Other segments' 4.2% growth is driven by increasing demand for post-trade services, expansion of Euronext's settlement business, and growth in other revenue streams such as indices and market data. Additionally, the acquisition of VP Securities and the launch of Euronext Securities Copenhagen have contributed to the segment's growth.

Advanced Data Services

Expected Growth: 5.5%

Advanced Data Services from Euronext N.V. growth of 5.5% driven by increasing demand for alternative data, expansion of cloud-based services, and growing adoption of artificial intelligence and machine learning in financial markets, coupled with Euronext's strategic acquisitions and partnerships.

Primary Listing Services and Other

Expected Growth: 4.8%

Euronext N.V.'s 4.8% growth in Primary Listing Services and Other is driven by increasing demand for IPOs, follow-on issuances, and debt listings. Additionally, the company's expansion into new markets, such as ESG and sustainable finance, and its investments in digitalization and innovation are contributing to its growth.

Clearing

Expected Growth: 5.2%

Euronext N.V.'s 5.2% growth in clearing is driven by increasing trading volumes, expansion into new markets, and a growing demand for derivatives and commodities. Additionally, the company's strategic acquisitions, such as the purchase of the Irish Stock Exchange, have contributed to its growth. Furthermore, Euronext's investment in technology and innovation has improved operational efficiency, attracting more clients and boosting revenue.

Euronext Technology Solutions & Other

Expected Growth: 5.8%

Euronext Technology Solutions & Other's 5.8% growth is driven by increasing demand for trading and market data, expansion of its proprietary platform Optiq, and growth in its clearing and custody services. Additionally, the segment benefits from the rising adoption of cloud-based solutions and the need for regulatory compliance, further fueling its growth.

Fixed Income Trading

Expected Growth: 4.0%

Euronext N.V.'s 4.0% growth in Fixed Income Trading is driven by increasing demand for low-risk investments, expansion of Euronext's bond platform, and growing market share in European government bonds. Additionally, the rise of passive investing and ETFs, as well as the need for diversification, are contributing to the growth.

Derivatives Trading

Expected Growth: 5.0%

Euronext N.V.'s 5.0% growth in derivatives trading is driven by increasing market volatility, rising demand for risk management solutions, and expansion into new markets. Additionally, the acquisition of Oslo Børs and the launch of new derivatives products have contributed to the growth. Furthermore, Euronext's investments in technology and regulatory compliance have enhanced its competitive position.

Corporate Services

Expected Growth: 4.6%

Euronext N.V.'s Corporate Services segment growth of 4.6% is driven by increasing demand for listing and trading services, expansion of its global index franchise, and growth in its Investor Services business. Additionally, the company's strategic acquisitions and partnerships have enhanced its offerings, contributing to the segment's growth.

Power Trading

Expected Growth: 4.4%

Power Trading's 4.4% growth from Euronext N.V. is driven by increasing demand for low-latency trading solutions, expansion of derivatives markets, and growing adoption of electronic trading platforms. Additionally, Euronext's strategic acquisitions and partnerships have enhanced its market share, contributing to the segment's growth.

FX Trading

Expected Growth: 4.9%

Euronext N.V.'s 4.9% FX Trading growth driven by increasing demand for hedging and diversification, expansion into new markets, and strategic partnerships. Additionally, the rise of e-FX platforms, improved market access, and regulatory reforms have contributed to the growth. Furthermore, the company's investment in technology and infrastructure has enhanced trading efficiency and reduced costs, attracting more clients and increasing trading volumes.

Investor Services

Expected Growth: 5.1%

Euronext N.V.'s 5.1% growth in Investor Services is driven by increasing demand for trading and post-trade services, expansion of its customer base, and strategic acquisitions. Additionally, the rise of passive investing and ETFs, coupled with growing regulatory requirements, have boosted demand for Euronext's services, such as custody, clearing, and settlement.

7. Detailed Products

Cash Markets

Euronext's Cash Markets provide a platform for trading in equities, bonds, and other securities, offering a range of products and services to investors, brokers, and other market participants.

Derivatives Markets

Euronext's Derivatives Markets offer a range of futures and options contracts on various underlying assets, allowing market participants to manage risk and speculate on market movements.

FX Markets

Euronext's FX Markets provide a platform for trading in foreign exchange, offering a range of currency pairs and trading solutions.

Commodity Derivatives

Euronext's Commodity Derivatives offer a range of futures and options contracts on commodities such as oil, natural gas, and agricultural products.

Indices and Benchmarks

Euronext's Indices and Benchmarks provide a range of indices and benchmarks that track various markets and asset classes, offering a reference point for investment decisions.

Market Data and Analytics

Euronext's Market Data and Analytics provide real-time and historical market data, as well as analytics and insights, to support investment decisions and risk management.

Listing and Corporate Services

Euronext's Listing and Corporate Services provide a range of services to listed companies, including listing, corporate actions, and investor relations.

8. Euronext N.V.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Euronext N.V. is medium due to the presence of alternative stock exchanges and trading platforms. However, the company's strong brand recognition and established customer base mitigate this threat to some extent.

Bargaining Power Of Customers

The bargaining power of customers is low for Euronext N.V. due to the company's dominant position in the European exchange market and the lack of alternative options for customers.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium for Euronext N.V. due to the company's dependence on a few key suppliers for technology and infrastructure. However, the company's strong financial position and established relationships with suppliers mitigate this threat.

Threat Of New Entrants

The threat of new entrants is low for Euronext N.V. due to the high barriers to entry in the exchange market, including regulatory hurdles and the need for significant capital investment.

Intensity Of Rivalry

The intensity of rivalry is high for Euronext N.V. due to the presence of several established competitors in the European exchange market, including the London Stock Exchange and Deutsche Börse.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 43.77%
Debt Cost 3.95%
Equity Weight 56.23%
Equity Cost 7.95%
WACC 6.20%
Leverage 77.83%

11. Quality Control: Euronext N.V. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Quality: 7.2

Yield: 8.1

Momentum: 10.0

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Growth: 3.8

Quality: 9.0

Yield: 9.4

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BAWAG

A-Score: 7.3/10

Value: 4.5

Growth: 7.2

Quality: 7.2

Yield: 8.8

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VIG

A-Score: 7.2/10

Value: 6.4

Growth: 4.2

Quality: 6.2

Yield: 7.5

Momentum: 10.0

Volatility: 9.0

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A-Score: 7.0/10

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Growth: 8.6

Quality: 6.8

Yield: 10.0

Momentum: 7.0

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Euronext

A-Score: 6.3/10

Value: 3.2

Growth: 6.6

Quality: 6.9

Yield: 3.8

Momentum: 8.0

Volatility: 9.7

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

126.1$

Current Price

126.1$

Potential

-0.00%

Expected Cash-Flows