Euronext NV Unsponsored ADR (ERNXY)
OTHER OTC:ERNXY
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Euronext NV Unsponsored ADR
(OTC:ERNXY)
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Rating:72Outperform
Price Target:
$38.00
Action:Reiterated
Date:05/21/26
The score is driven mainly by strong financial performance and a positive earnings-call backdrop (double-digit growth, margin expansion, strong cash generation, low leverage). These strengths are tempered by expensive valuation (very high P/E with modest yield) and only moderate technical momentum (slightly negative MACD despite an upward moving-average trend).
Positive Factors
Strong cash generation and liquidity
Very strong operating cash flow and a large cash buffer provide durable financial flexibility. High free cash flow supports dividends, buybacks and funding strategic integrations without materially increasing leverage, enabling multi‑quarter execution and resilience to cyclical downturns.
Negative Factors
Rising operating costs and headcount
Material increases in staff and acquisition‑related costs raise the firm's fixed cost base. If revenue growth or migration benefits lag, higher structural expenses could erode operating leverage and compress free cash flow, making sustained margin maintenance dependent on execution and cost discipline.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation and liquidity
Very strong operating cash flow and a large cash buffer provide durable financial flexibility. High free cash flow supports dividends, buybacks and funding strategic integrations without materially increasing leverage, enabling multi‑quarter execution and resilience to cyclical downturns.
Read all positive factors
Euronext NV Unsponsored ADR (ERNXY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$16.90B
Dividend YieldN/A
Average Volume (3M)1.53K
Price to Earnings (P/E)22.1
Beta (1Y)0.15
Revenue Growth22.41%
EPS Growth20.57%
CountryUS
Employees2,407
SectorFinancial
Sector Strength70
IndustryFinancial - Data & Stock Exchanges
Share Statistics
EPS (TTM)0.26
Shares Outstanding518,449,650
10 Day Avg. Volume217
30 Day Avg. Volume1,532
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 Cap0.98
Enterprise Value/Revenue8.74
Enterprise Value/Gross Profit9.84
Enterprise Value/Ebitda13.54
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 tied to activity on its markets and by selling information and technology services. Key revenue streams typically include: (1) Trading services: transaction fees and related charges generated when ma...
Euronext NV Unsponsored ADR Earnings Call Summary
Earnings Call Date:May 19, 2026
(Q1-2026)
| Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call presents a strongly positive operational and financial performance: record revenues, double‑digit growth across revenue, EBITDA and EPS, strong cash generation, low leverage (1.1x), and clear strategic progress (Admincontrol expansion, Athens integration, Power Futures migration, CSD rollout). Headline growth is broad‑based across equities, data, custody and commodities. Key near‑term concerns include higher operating costs driven by strategic investments and acquisitions, modest short‑term NTI/headline impacts from structural migrations, a sizable increase in headcount, and the gradual nature of CSD revenue ramp. However, management has substantial financial flexibility, has completed share buybacks, is increasing dividends, and reiterated confidence in execution and long‑term returns.Positive Updates
Record Revenue and Strong Top-Line Growth
Total underlying revenue and income reached EUR 528.5 million, up 15.3% year‑on‑year, marking a record quarter and the eighth consecutive quarter of double‑digit revenue growth.
Negative Updates
Rises in Underlying Operating Costs
Underlying expenses (excl. D&A) totaled EUR 185.3 million, up 12.7% YoY. Management notes this reflects disciplined investment, acquisitions and headcount growth; underlying costs excluding scope effects rose +5.2%.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Revenue and Strong Top-Line Growth
Total underlying revenue and income reached EUR 528.5 million, up 15.3% year‑on‑year, marking a record quarter and the eighth consecutive quarter of double‑digit revenue growth.
Read all positive updates
Company Guidance
Management reiterated a confident outlook built on a very strong Q1 start: underlying revenue and income of EUR 528.5m (+15.3% y/y), adjusted EBITDA EUR 343.2m (+16.7%) with a 64.9% margin (+0.8pp), adjusted net income EUR 216.1m (+17.7%) and adjusted EPS EUR 2.13 (+18.3%), while reported EBITDA was EUR 339m (+15.2%). They confirmed a disciplined balance-sheet and cash plan — net cash from operations EUR 499.8m (working capital swing +EUR 183.4m), cash >EUR 1.7bn, net debt / LTM adjusted EBITDA 1.1x (pre-dividend), completion of the EUR 250m buyback, a proposed dividend of EUR 321.5m (~+10% vs prior year) and the year-end underlying cost target of EUR 770m (Q1 underlying operating expenses excl. D&A EUR 185.3m, +12.7% y/y; excl. acquisitions +5.2%; headcount +20% y/y, ~+30% incl. contractors). Key strategic milestones and near-term expectations include CSD go‑live in Sept 2026, repo clearing in July 2026, Optiq migration in June 2027, continued ramp of Admincontrol/ATH contributions, power futures (EUR 0.8m in Q1 from 12 trading days and ~90% market share since launch), assets under custody ~EUR 7.6tn in March (EUR 7.8tn in April, +9% y/y), non‑volume revenue at 56% of total, and net treasury income expected to be marginally higher in Q2.Euronext NV Unsponsored ADR Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
74
Positive
Cash Flow
80
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.89B | 1.75B | 1.62B | 1.47B | 1.41B | 1.29B |
| Gross Profit | 1.68B | 1.55B | 1.16B | 1.10B | 1.04B | 958.49M |
| EBITDA | 1.22B | 1.11B | 975.60M | 904.96M | 811.76M | 756.32M |
| Net Income | 671.92M | 617.53M | 585.60M | 513.57M | 437.83M | 413.34M |
Balance Sheet | ||||||
| Total Assets | 387.47B | 327.49B | 209.39B | 189.51B | 175.14B | 145.91B |
| Cash, Cash Equivalents and Short-Term Investments | 2.08B | 1.66B | 1.74B | 176.46B | 168.01B | 961.95M |
| Total Debt | 3.42B | 3.47B | 3.12B | 3.11B | 3.09B | 3.13B |
| Total Liabilities | 382.53B | 322.76B | 204.99B | 185.42B | 171.10B | 142.14B |
| Stockholders Equity | 4.73B | 4.54B | 4.25B | 3.95B | 3.91B | 3.65B |
Cash Flow | ||||||
| Free Cash Flow | 1.11B | 682.20M | 621.36M | 723.04M | 516.97M | 476.12M |
| Operating Cash Flow | 1.16B | 812.10M | 708.60M | 826.07M | 616.49M | 543.71M |
| Investing Cash Flow | -470.90M | -387.70M | -37.07M | 157.91M | -122.58M | -4.22B |
| Financing Cash Flow | -365.11M | -495.10M | -441.67M | -522.21M | -282.37M | 3.84B |
Euronext NV Unsponsored ADR Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $89.28B | 20.87 | 15.25% | 3.92% | 7.54% | 18.50% | |
77 Outperform | $75.71B | 19.36 | 13.57% | 1.19% | 14.25% | 42.14% | |
73 Outperform | $121.63B | 25.57 | 14.80% | 0.73% | 8.54% | 24.07% | |
72 Outperform | $16.90B | 22.11 | 15.13% | ― | 22.41% | 20.57% | |
72 Outperform | $46.51B | 24.37 | 15.91% | 1.07% | 5.79% | 50.79% | |
71 Outperform | $26.07B | 21.12 | 24.63% | 1.06% | 10.61% | 53.46% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
ERNXY
Euronext NV Unsponsored ADR
33.61
0.92
2.82%
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410.92
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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.