Euronext N.V. (ENX.PA) | Investment Case

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

Last Price	127.4
Change Percentage	4.00%
Open	122.7
Previous Close	122.5
Market Cap ( Millions)	13210
Volume	332627
Year High	153.5
Year Low	110
M A 50	122.92
M A 200	133.51

FCF Yield	6.48%
Dividend Yield	2.28%
ROE	14.94%
Debt / Equity	76.42%
Net Debt / EBIDTA	159.87%
Price To Book	2.85
Price Earnings Ratio	20.08
Price To FCF	15.44
Price To sales	7.26
EV / EBITDA	12.87

2. Euronext's Record Year: A Strong Performance

Euronext delivered a record year in 2025, with double-digit growth in revenue, EBITDA, and earnings per share. Revenue grew by 12.1% to over €1.8 billion, driven by a diversified business mix. Non-volume-related revenue made up 59% of total revenue and income, increasing by 10.9%, while volume-related revenue grew by 13.9%. Adjusted EBITDA margin increased by 0.8 points to 62.7%, and adjusted EBITDA grew by 13.6% to €1.1 billion. Adjusted EPS was €7.27 per share, up 10.3%, beating analyst estimates.

Publication Date: Feb -22

                                    📋 Highlights
                                    Record Annual Growth::
                                                Revenue surged 12.1% to €1.8 billion, EBITDA rose 13.6% to €1.1 billion, and EPS increased 10.3% to €7.27 in 2025.
Q4 Revenue Expansion::
                                                Q4 2025 revenue grew 10.8% to €460.8 million, with non-volume-related revenue up 15.8% in Capital Market and Data Solutions.
Dividend Increase::
                                                Proposed dividend rose nearly 10% to €321.5 million, reflecting strong profitability and capital returns.
Debt Management::
                                                Net debt/EBITDA ratio stabilized at 1.5x, within the target range of 1–2x, after refinancing €600 million in new bonds.

                                

Revenue Breakdown and Growth

In Q4 2025, total revenue and income reached €460.8 million, up 10.8%. Non-volume-related revenue grew by 8.1% to €83.9 million in Security Services, and by 15.8% to €178.2 million in Capital Market and Data Solutions. Volume-related revenue saw double-digit growth, with FICC markets up 9%, and equity market revenue up 12.8%. The strong performance was driven by a diversified business mix and a solid financial position.

Valuation and Dividend

Euronext's P/E Ratio is 20.08, and the Dividend Yield is 2.28%. The company's Net Debt / EBITDA ratio is 1.6, within the target range. Euronext proposed a dividend of €321.5 million, up almost 10% compared to last year. The dividend increase is a sign of the company's confidence in its financial performance and growth prospects.

Guidance and Outlook

For 2026, Euronext expects total underlying expenses, excluding D&A, to be around €770 million, with around €35 million of operating expenses from the Athex Group. The company's guidance suggests a continued focus on cost management and a commitment to delivering growth and profitability. Analysts estimate next year's revenue growth at 5.5%, which is slightly lower than the company's historical growth rate.

Strategic Initiatives and M&A

Euronext is focused on delivering resilient growth and profitability through its industrial projects, including the delivery of a new CSD platform and its power derivatives business. The company is open to M&A opportunities, particularly in post-trade, data, energy, commodities, and value-added services. Euronext's acquisition of Athex aims to accelerate integration, with plans to take the company private.

European Commission's Market Integration Package

Euronext does not anticipate significant changes from the consolidated tape review or CSD interconnectivity plans, and it does not see these debates affecting its top-line guidance. The company's leadership in the European capital market, with a consolidated equity market of €6.8 trillion in market capitalization, positions it well for future growth.

3. NewsRoom

Euronext NV (EUXTF) Q4 2025 Earnings Call Highlights: Strong Revenue Growth Amid Strategic ...

Feb -19

Source:

Euronext publishes Q4 and full year 2025 results

Feb -18

Source:

Euronext announces volumes for January 2026

Feb -06

Source:

Euronext completes €250 million share repurchase programme

Jan -29

Source:

Canton Network expands on-chain repo to multi-currency, cross-border trades

Jan -15

Source:

Euronext (ENXTPA:ENX) Valuation Check After Recent Share Price Softness

Jan -09

Source:

Euronext announces volumes for December 2025

Jan -08

Source:

Half-year statement of the liquidity contract of Euronext NV

Jan -06

Source:

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

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

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

PKO Bank Polski

A-Score: 7.4/10

Value: 6.7

Growth: 8.8

Quality: 6.4

Yield: 10.0

Momentum: 8.5

Volatility: 4.3

1-Year Total Return ->

Mapfre

A-Score: 7.3/10

Value: 5.2

Growth: 6.4

Quality: 5.8

Yield: 7.5

Momentum: 10.0

Volatility: 8.7

1-Year Total Return ->

Azimut Holding

A-Score: 7.2/10

Value: 6.3

Growth: 3.8

Quality: 9.0

Yield: 8.8

Momentum: 8.5

Volatility: 6.7

1-Year Total Return ->

BAWAG

A-Score: 6.7/10

Value: 3.2

Growth: 7.2

Quality: 5.8

Yield: 8.8

Momentum: 9.0

Volatility: 6.3

1-Year Total Return ->

VIG

A-Score: 6.4/10

Value: 5.2

Growth: 4.2

Quality: 5.0

Yield: 6.9

Momentum: 10.0

Volatility: 7.3

1-Year Total Return ->

Euronext

A-Score: 6.2/10

Value: 3.4

Growth: 6.7

Quality: 6.7

Yield: 3.8

Momentum: 7.0

Volatility: 9.7

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-0.78%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

6.20%

Euronext N.V. - NL0006294274

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on ENX

1.c. Company Highlights

Expensive

Strong Momentum

Medium Volatility

Earnings Beats

Revenues Beats

Higher Growth

Less Volatile

Revenues Miss

Average Growth

Stable Momentum

Lower Yield

Average Yield

Earnings Miss

2. Euronext's Record Year: A Strong Performance

Revenue Breakdown and Growth

Valuation and Dividend

Guidance and Outlook

Strategic Initiatives and M&A

European Commission's Market Integration Package

3. NewsRoom

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%

Custody & Settlement and Other

Expected Growth: 4.2%

Advanced Data Services

Expected Growth: 5.5%

Primary Listing Services and Other

Expected Growth: 4.8%

Clearing

Expected Growth: 5.2%

Euronext Technology Solutions & Other

Expected Growth: 5.8%

Fixed Income Trading

Expected Growth: 4.0%

Derivatives Trading

Expected Growth: 5.0%

Corporate Services

Expected Growth: 4.6%

Power Trading

Expected Growth: 4.4%

FX Trading

Expected Growth: 4.9%

Investor Services

Expected Growth: 5.1%

7. Detailed Products

Cash Markets

Derivatives Markets

FX Markets

Commodity Derivatives

Indices and Benchmarks

Market Data and Analytics

Listing and Corporate Services

8. Euronext N.V.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

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

12.a Historical Valuation

12.b Price/Earnings Ratio

12.e Scoring ^Insights

12.f DCF ^BETA