Want to see ERNXY full AI Analyst Report?
Top Page
Euronext NV Unsponsored ADR
(OTC:ERNXY)
Select Model
Select Model
Rating:80Outperform
Price Target:
$42.00
▲(9.86% Upside)
Action:Reiterated
Date:08/03/26
The score is driven primarily by strong financial performance (high and improving profitability plus solid cash generation) and a supportive uptrend versus key moving averages. The latest earnings call reinforces momentum with broad-based double-digit growth and margin expansion, while valuation is the main constraint given a P/E near 23 (partly offset by a ~2% dividend yield).
Positive Factors
Margin expansion & profitability
Euronext reported very high and improving operating margins (adjusted EBITDA margin 66.1%, +2.3pp). Durable margin expansion reflects pricing power, operating leverage, and high-margin data/index services, supporting sustainable cash generation and robustness through business cycles.
Negative Factors
Meaningful absolute debt levels
Although leverage ratios are manageable, the company carries sizeable absolute debt which can amplify risk in weaker market cycles. Large nominal obligations may constrain strategic flexibility, increase financing sensitivity, and raise refinancing risk during adverse liquidity conditions.
Read all positive and negative factors
Positive Factors
Negative Factors
Margin expansion & profitability
Euronext reported very high and improving operating margins (adjusted EBITDA margin 66.1%, +2.3pp). Durable margin expansion reflects pricing power, operating leverage, and high-margin data/index services, supporting sustainable cash generation and robustness through business cycles.
Read all positive factors
Euronext NV Unsponsored ADR (ERNXY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$18.36B
Dividend Yield1.95%
Average Volume (3M)136.00
Price to Earnings (P/E)23.0
Beta (1Y)0.14
Revenue Growth22.51%
EPS Growth17.00%
CountryUS
Employees3,105
SectorGeneral
Sector StrengthN/A
IndustryFinancial - Data & Stock Exchanges
Share Statistics
EPS (TTM)0.28
Shares Outstanding518,449,650
10 Day Avg. Volume274
30 Day Avg. Volume136
Financial Highlights & Ratios
PEG Ratio-1.33
Price to Book (P/B)14.22
Price to Sales (P/S)36.91
P/FCF Ratio94.52
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Euronext NV Unsponsored ADR Business Overview & Revenue Model
Company Description
Euronext N.V. manages and operates a network of securities and derivatives exchanges spanning Continental Europe, Ireland, and Norway. The company delivers a comprehensive array of exchange and corporate services, including the listing of various ...
How the Company Makes Money
Euronext primarily makes money by charging fees and earning recurring revenues across the trade lifecycle and from information and technology services. Key revenue streams typically include: (1) Trading services: transaction and clearing-related f...
Euronext NV Unsponsored ADR Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call presented a strongly positive operational and financial performance: record revenue, broad‑based double‑digit growth across revenue, EBITDA, net income and EPS, margin expansion and strong cash generation. Key strategic initiatives (Power Futures, CSD expansion, French sovereign index appointment, Athens and Admincontrol integrations) are progressing and contributing to growth. Challenges flagged—FX revenue decline, higher non‑cash charges, one‑off integration costs, large cash outflows, gradual adoption risk for CSD, pricing pressure and as‑yet unquantified AI savings—are notable but relatively limited compared with the scale of positive results and momentum.Positive Updates
Record Revenue and Double‑Digit Earnings Growth
Total underlying revenue and income reached EUR 544.4m, up 16.9% year‑on‑year. Adjusted EBITDA rose to EUR 360.0m (up ~21.1% y/y) with an adjusted EBITDA margin of 66.1% (+2.3 percentage points). Adjusted net income increased 19.9% to EUR 245.0m and adjusted EPS rose 19.8% to EUR 2.42.
Negative Updates
FX Revenue Decline
FX trading revenue decreased by 7.9% y/y to EUR 8.5m (like‑for‑like and at current currencies revenue fell 5.6%), attributed to normalized volatility and U.S. dollar depreciation impacts on reported figures.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Revenue and Double‑Digit Earnings Growth
Total underlying revenue and income reached EUR 544.4m, up 16.9% year‑on‑year. Adjusted EBITDA rose to EUR 360.0m (up ~21.1% y/y) with an adjusted EBITDA margin of 66.1% (+2.3 percentage points). Adjusted net income increased 19.9% to EUR 245.0m and adjusted EPS rose 19.8% to EUR 2.42.
Read all positive updates
Company Guidance
Management said Euronext is “tracking significantly ahead” of its Innovate for Growth 2027 targets (originally above 5% CAGR for revenue and EBITDA) but will not formally revise guidance now — any update is likely when Q3 results are published (November) once AI-driven efficiency impacts are clearer. In Q2 they delivered underlying revenue of €544.4m (+16.9% yoy), adjusted EBITDA €360m (+21.1%) with a 66.1% margin (+2.3pp), adjusted net income €245m (+19.9%) and adjusted EPS €2.42 (+19.8%); underlying operating expenses excl. D&A were €184.4m (+9.5%, +3.5% excl. acquisitions). They highlighted non‑volume revenue at 58% of total (+15.2%) covering 170% of underlying op. expenses, volume‑related revenue +19.2%, assets under custody €8.1tn (June +8.8%/first 7 months +10.5%), net cash from operations €185.5m (57.3% of EBITDA ex. working capital), cash >€1bn, net debt/LTM EBITDA 1.3x (1.5x ex. €228m Nord Pool cash‑in‑transit), and recent cash uses of €322m dividends, €386m bond redemption and $89m paid for Power Futures migration.Euronext NV Unsponsored ADR Financial Statement Overview
Summary
Income Statement
88
Very Positive
Balance Sheet
74
Positive
Cash Flow
81
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.97B | 1.75B | 1.62B | 1.47B | 1.41B | 1.29B |
| Gross Profit | 1.75B | 1.55B | 1.16B | 1.10B | 1.04B | 958.49M |
| EBITDA | 1.29B | 1.11B | 975.60M | 904.96M | 811.76M | 756.32M |
| Net Income | 707.04M | 617.53M | 585.60M | 513.57M | 437.83M | 413.34M |
Balance Sheet | ||||||
| Total Assets | 415.02B | 327.49B | 209.39B | 189.51B | 175.14B | 145.91B |
| Cash, Cash Equivalents and Short-Term Investments | 373.50B | 1.66B | 1.74B | 176.46B | 168.01B | 961.95M |
| Total Debt | 3.03B | 3.47B | 3.12B | 3.11B | 3.09B | 3.13B |
| Total Liabilities | 410.22B | 322.76B | 204.99B | 185.42B | 171.10B | 142.14B |
| Stockholders Equity | 4.61B | 4.54B | 4.25B | 3.95B | 3.91B | 3.65B |
Cash Flow | ||||||
| Free Cash Flow | 1.15B | 682.20M | 621.36M | 723.04M | 516.97M | 476.12M |
| Operating Cash Flow | 1.21B | 812.10M | 708.60M | 826.07M | 616.49M | 543.71M |
| Investing Cash Flow | -109.64M | -387.70M | -37.07M | 157.91M | -122.58M | -4.22B |
| Financing Cash Flow | -751.37M | -495.10M | -441.67M | -522.21M | -282.37M | 3.84B |
Euronext NV Unsponsored ADR Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
85 Outperform | $101.15B | 23.74 | 15.53% | 4.00% | 5.10% | 14.78% | |
82 Outperform | $31.16B | 23.18 | 25.75% | 1.01% | 11.68% | 50.39% | |
80 Outperform | $18.36B | 23.00 | 15.52% | 1.95% | 22.51% | 17.00% | |
79 Outperform | $130.75B | 26.99 | 15.47% | 0.87% | 9.67% | 26.18% | |
77 Outperform | $54.15B | 27.92 | 16.31% | 1.16% | 7.35% | 31.93% | |
76 Outperform | $90.53B | 22.68 | 13.81% | 1.24% | 12.60% | 35.84% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
ERNXY
Euronext NV Unsponsored ADR
37.24
4.76
14.65%
CBOE
Cboe Global Markets
298.38
66.37
28.61%
CME
CME Group
281.29
28.54
11.29%
ICE
Intercontinental Exchange
161.26
-10.44
-6.08%
SPGI
S&P Global
443.51
-68.25
-13.34%
NDAQ
Nasdaq
96.88
3.08
3.28%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.