Euronext NV

ENX: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Euronext Earnings: Good 2024 on Trading Performance; Fair Value Estimate Unchanged

Niklas Kammer

Feb 19, 2025

We maintain our EUR 102 per share fair value estimate for Euronext after the exchange group reported results in line with our expectations. 2024 was a good year for Euronext, which grew revenue 10% to EUR 1.6 billion while keeping good control of underlying costs (up 2%). As a result, the EBITDA margin on an adjusted basis grew over 3 percentage points to 62%. Our narrow economic moat rating is unchanged.

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Euronext NV

Euronext Earnings: Good 2024 on Trading Performance; Fair Value Estimate Unchanged

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