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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Euronext N.V.    ENX   NL0006294274

EURONEXT N.V.

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LSE expects Refinitiv deal to close in first-quarter 2021

10/23/2020 | 03:38am EST
FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain

(Reuters) - The London Stock Exchange expects to close its $27 billion purchase of data analytics company Refinitiv in the first-quarter of next year, as the group reported forecast-beating third-quarter income.

The Refinitiv deal will expand LSE's trading business and make it a major distributor and creator of market data. The transaction was announced last year but ran into regulatory hurdles in Europe as regulators raised concerns about its market share in European bond trading.

LSE this month agreed the sale of Borsa Italiana as part of remedies to appease the European Union's antitrust authorities.

"We continue to engage constructively with the European Commission and believe the potential divestment of the Borsa Italiana group will contribute significantly to addressing the EU's competition concerns," LSE Chief Executive David Schwimmer said.

The LSE said Refinitiv, which is 45% owned by Reuters' parent Thomson Reuters, is on track to hit $650 million in annual cost savings by the end of the year.

LSE shares, which are up 10% year to date compared to a 23% plunge in the wider bluechip index, edged 0.2% higher to 85.3 pounds by 0715 GMT.

Reporting third-quarter results, LSE said its total income climbed to 600 million pounds for the three months ended Sept. 30, beating an analyst consensus of 592 million pounds. Its post-trade division, which includes clearing house LCH, recorded the strongest growth at 5%.

Revenue at the company's capital markets arm, which is the smallest among LSE's major divisions in terms of contribution to overall revenue, was flat. The exchange said equities trading revenues were lower as a result of reduced market activity.

Market volatility, which in March shot up to levels last seen during the 2008 financial crisis, has come down as investors price in the economic impact of the coronavirus crisis. Financial markets are also awaiting the outcome of the U.S. election and how Brexit will play out.

LSE said it was well positioned for Brexit, with Britain's transition arrangements with the European Union due to end on Dec.31. The EU has already granted LCH permission to continue clearing derivatives for customers in the bloc for a further 18 months.

(Reporting by Muvija M in Bengaluru; Editing by Rachel Armstrong and Jane Merriman)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
EURO / BRITISH POUND (EUR/GBP) 0.14% 0.89179 Delayed Quote.5.09%
EURONEXT N.V. 1.21% 87.9 Real-time Quote.19.55%
LONDON STOCK EXCHANGE PLC 2.21% 7720 Delayed Quote.-1.73%
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Financials
Sales 2020 865 M 1 028 M 1 028 M
Net income 2020 317 M 377 M 377 M
Net Debt 2020 624 M 742 M 742 M
P/E ratio 2020 19,5x
Yield 2020 2,54%
Capitalization 6 042 M 7 179 M 7 184 M
EV / Sales 2020 7,71x
EV / Sales 2021 7,41x
Nbr of Employees 1 069
Free-Float 88,7%
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Technical analysis trends EURONEXT N.V.
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 108,69 €
Last Close Price 86,85 €
Spread / Highest target 47,4%
Spread / Average Target 25,1%
Spread / Lowest Target -4,43%
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NameTitle
Stéphane Boujnah Chairman-Managing Board & Group CEO
Dick M. Sluimers Chairman-Supervisory Board
Georges Lauchard Chief Operating Officer
Giorgio Modica Chief Financial Officer
Alain Courbebaisse Chief Information & Technology Officer
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