AlphaValue maintains Reduce rating on Euronext, raises price target
AlphaValue/Baader Europe is maintaining its "Reduce" recommendation on Euronext while lifting its price target from 125 EUR to 142 EUR, following a 7% and 8% upward revision of its EPS estimates for 2026 and 2027, respectively.
The broker attributes this upgrade to the consolidation of ATHEX into its figures, rising revenues across equity and FICC markets driven by more dynamic trading activity, and growth in securities services.
"These factors are partially offset by a more pronounced increase in operating expenses due to the ATHEX consolidation and slightly higher cost inflation, resulting notably from new growth investments," the analyst noted.
AlphaValue/Baader Europe expects these growth trends to persist and has consequently introduced new projections for 2028, forecasting 9% EPS growth compared to its revised 2027 estimate.
Its EPS projections also benefit from a reduction in the number of shares outstanding over the 2026-2028 period, reflecting additional share buybacks factored into its forecast horizon, supported by robust free cash flow generation.
Euronext N.V. is the leading European capital market infrastructure, covering the entire capital markets value chain, from listing, trading, clearing, settlement and custody to solutions for issuers and investors. Euronext N.V. runs MTS, one of Europe's leading electronic fixed income trading markets, and Nord Pool, the European power market. Euronext also provides clearing and settlement services through Euronext Clearing and its Euronext Securities CSDs in Denmark, Italy, Norway and Portugal. In November 2025, Euronext N.V. acquired a majority stake in the Athens Stock Exchange (ATHEX), reinforcing its pan-European footprint and further extending its fully integrated market infrastructure with the addition of an exchange, a CSD and a clearing house.
As of February 2026, Euronext's regulated exchanges in Belgium, France, Greece, Ireland, Italy, the Netherlands, Norway and Portugal host over 1,800 listed issuers with EUR 7 trillion in market capitalisation, a strong blue-chip franchise and the largest global centre for debt and fund listings. With a diverse domestic and international client base, Euronext N.V. handles 29% of European lit equity trading. Its products include equities, FX, ETFs, bonds, derivatives, commodities and indices.
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