Updating Estimates Post 1Q Results

Goldman Sachs raised its price target for Euronext to €153 and upgraded earnings estimates by 4% following a strong Q1, though it remains Neutral on valuation. The upgrades are driven by high cash equity volumes and disciplined cost management.

Key Takeaways

• 1.Adjusted net income estimates for FY26-28E have been raised by approximately 4% following a broad-based beat in the 1Q26 results.
• 2.The price target has been increased to €153 from €143, while the Neutral rating is maintained due to full valuation at 18.3x NTM P/E.
• 3.Revenue estimates increased by c.2%, driven by stronger 2Qtd cash equity trading volumes and contributions from Euronext Athens.

Table of Contents

• Valuation and Key Risks
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Disclosures required by United States laws and regulations
• Additional disclosures required under the laws and regulations of jurisdictions other than the United States
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures

Document Preview

Page 1 of 5

Subscribe for full accessStart Free Trial