Euronext NV

ENX: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€11.00	Ntvjkfk	Jsblxvzsdf

Euronext Earnings: Lower Volatility Slows Trading, but Diversification Strategy Shows Impact

Niklas Kammer

May 22, 2023

Lower volatility in the first quarter of 2023 compared with an unusually high level of activity last year weighed on results for narrow-moat Euronext. Revenue declined 6% to EUR 372.3 million while EBITDA came in 30% lower at EUR 171.8 million, driven primarily by one-off costs from the termination of the LCH SA contract (EUR 36 million). Looking past the strong showing in the year-ago period as a comparison base, performance in the quarter was, however, within expectations. We maintain our EUR 88 per-share fair value estimate and narrow moat rating.

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