(ENX) Euronext - PA
Sector: Financial Services | Industry: Financial Data & Stock Exchanges | Exchange: PA (France) | Market Cap: 14.811m EUR | Total Return: 3.3% in 12m
Avg Turnover: 31.5M
EPS Trend: 98.5%
Qual. Beats: 1
Rev. Trend: 99.9%
Qual. Beats: 1
Warnings
No concerns identified
Tailwinds
Confidence
Euronext N.V. operates a pan-European network of securities and derivatives exchanges across the Netherlands, France, Italy, Belgium, Portugal, Ireland, and other markets including the U.S., Norway, and Denmark. Its business spans the full exchange value chain: listings, cash equities and derivatives trading, fixed income, FX and power trading, clearing, custody and settlement, and market data distribution to vendors, financial institutions, and retail investors. The company also runs multilateral trading facilities (MTFs) for equities, fixed income, and exchange-traded products, and sells technology, colocation, and software solutions to other exchanges and venue operators. Founded in 2000 and headquartered in Amsterdam, Euronext rebranded from Euronext Group N.V. in May 2014.
As a major operator in the GICS Financial Exchanges & Data sub-industry, Euronext generates revenue through a mix of recurring and transaction-based streams, including trading fees, listing fees, clearing and settlement charges, and data subscriptions-a structure typical of exchange groups where market data and post-trade services often contribute high-margin, recurring income that complements more cyclical trading volumes.
- Equity derivatives volumes drive revenue on persistent volatility
- Market data subscriptions expand as enterprise demand grows
- Borsa Italiana integration delivers cost synergies and margin uplift
| Net Income: 670.5m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.00 > 0.02 and ΔFCF/TA 0.08 > 1.0 |
| NWC/Revenue: 115.1% < 20% (prev 53.24%; Δ 61.82% < -1%) |
| CFO/TA 0.00 > 3% & CFO 1.13b > Net Income 670.5m |
| Net Debt (1.42b) to EBITDA (1.22b): 1.17 < 3 |
| Current Ratio: 6.03 > 1.5 & < 3 |
| Outstanding Shares: last quarter (104.0m) vs 12m ago 1.75% < -2% |
| Gross Margin: 88.79% > 18% (prev 58.63%; Δ 30.16% > 0.5%) |
| Asset Turnover: 0.51% > 50% (prev 0.48%; Δ 0.03% > 0%) |
| Interest Coverage Ratio: 53.66 > 6 (EBIT TTM 1.02b / Interest Expense TTM 18.9m) |
| A: 0.01 (Total Current Assets 2.60b - Total Current Liabilities 431.5m) / Total Assets 387b |
| B: 0.01 (Retained Earnings 2.19b / Total Assets 387b) |
| C: 0.00 (EBIT TTM 1.02b / Avg Total Assets 369b) |
| D: 0.01 (Book Value of Equity 4.73b / Total Liabilities 382b) |
| Altman-Z'' = 0.09 = B |
| DSRI: 0.81 (Receivables 520.3m/574.2m, Revenue 1.89b/1.68b) |
| GMI: 0.66 (GM 58.63% / 88.79%) |
| AQI: 53.66 (AQ_t 0.99 / AQ_t-1 0.02) |
| SGI: 1.12 (Revenue 1.89b / 1.68b) |
| TATA: -0.00 (NI 670.5m - CFO 1.13b) / TA 387b) |
| Beneish M = 27.82 (Cap -4..+1) = D |
As of June 23, 2026, the stock is trading at EUR 145.70 with a total of 177,011 shares traded. Over the past week, the price has changed by -1.75%, over one month by -0.36%, over three months by +12.02% and over the past year by +3.31%.
Current recommended Stop Loss: 139.40 (which is 4.3% or 2.1 ATR below the current price).
Euronext has no consensus analysts rating.
P/E Trailing = 22.6718
P/E Forward = 19.7239
P/S = 7.8484
P/B = 3.1322
P/EG = 4.7148
Revenue TTM = 1.89b EUR
EBIT TTM = 1.02b EUR
EBITDA TTM = 1.22b EUR
Long Term Debt = 2.92b EUR (from longTermDebt, last quarter)
Short Term Debt = 431.5m EUR (from shortTermDebt, last quarter)
Debt = 3.50b EUR (from shortLongTermDebtTotal, last quarter) + Leases 85.6m
Net Debt = 1.42b EUR (calculated: Debt 3.50b - CCE 2.07b)
Enterprise Value = 16.2b EUR (14.8b + Debt 3.50b - CCE 2.07b)
Interest Coverage Ratio = 53.66 (Ebit TTM 1.02b / Interest Expense TTM 18.9m)
EV/FCF = 15.89x (Enterprise Value 16.2b / FCF TTM 1.02b)
FCF Yield = 6.29% (FCF TTM 1.02b / Enterprise Value 16.2b)
FCF Margin = 54.14% (FCF TTM 1.02b / Revenue TTM 1.89b)
Net Margin = 35.54% (Net Income TTM 670.5m / Revenue TTM 1.89b)
Gross Margin = 88.79% ((Revenue TTM 1.89b - Cost of Revenue TTM 211.5m) / Revenue TTM)
Gross Margin QoQ = 90.47% (prev 88.12%)
Tobins Q-Ratio = 0.04 (Enterprise Value 16.2b / Total Assets 387b)
Interest Expense / Debt = 0.54% (Interest Expense 18.9m / Debt 3.50b)
Taxrate = 26.34% (258.0m / 979.3m)
NOPAT = 747.6m (EBIT 1.02b * (1 - 26.34%))
Current Ratio = 6.03 (Total Current Assets 2.60b / Total Current Liabilities 431.5m)
Debt / Equity = 0.74 (Debt 3.50b / totalStockholderEquity, last quarter 4.73b)
Debt / EBITDA = 1.17 (Net Debt 1.42b / EBITDA 1.22b)
Debt / FCF = 1.39 (Net Debt 1.42b / FCF TTM 1.02b)
Total Stockholder Equity = 4.43b (last 4 quarters mean from totalStockholderEquity)
RoA = 0.18% (Net Income 670.5m / Total Assets 387b)
RoE = 15.13% (Net Income TTM 670.5m / Total Stockholder Equity 4.43b)
RoCE = 13.82% (EBIT 1.02b / Capital Employed (Equity 4.43b + L.T.Debt 2.92b))
RoIC = 0.19% (NOPAT 747.6m / Invested Capital 387b)
WACC = 4.93% (E(14.8b)/V(18.3b) * Re(6.0%) + D(3.50b)/V(18.3b) * Rd(0.54%) * (1-Tc(0.26)))
Discount Rate = 6.0% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -46.67 | Cagr: -1.02%
[DCF] Terminal Value 77.97% ; FCFF base≈877.2m ; Y1≈1.01b ; Y5≈1.48b
[DCF] Fair Price = 209.0 (EV 22.3b - Net Debt 1.42b = Equity 20.8b / Shares 99.7m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 98.47 | EPS CAGR: 16.30% | SUE: 2.37 | # QB: 1
Revenue Correlation: 99.86 | Revenue CAGR: 11.48% | SUE: 3.58 | # QB: 1
EPS current Quarter (2026-06-30): EPS=2.21 | Chg30d=+5.18% | Revisions=+43% | Analysts=3
EPS next Quarter (2026-09-30): EPS=1.87 | Chg30d=+1.13% | Revisions=+14% | Analysts=3
EPS current Year (2026-12-31): EPS=7.96 | Chg30d=+0.38% | Revisions=+67% | GrowthEPS=+10.5% | GrowthRev=+11.8%
EPS next Year (2027-12-31): EPS=8.72 | Chg30d=+1.63% | Revisions=+54% | GrowthEPS=+9.6% | GrowthRev=+5.9%
[Analyst] Revisions Ratio: +67%