Euronext Earnings: Volatility Lifts Trading Businesses; Shares Expensive

We raise our fair value estimate for Euronext to EUR 114 from EUR 102 previously. The European exchange group has enjoyed a strong first quarter, driven by increased market activity and volatility. While predicting volatility, even on a short-term basis, is challenging, we anticipate that the current environment will eventually subside. Shares look expensive.