(News Bulletin 247) – Jefferies maintains its Buy recommendation and its price target of 100E on the Euronext share.
“We think it is possible that stocks will start to revalue to their LT average. of around 15x, if Euronext continues to perfectly execute the integration and the remaining synergies”, explains the analyst.
For longer-term holders, Jefferies sees ‘potential for material value creation with mergers and acquisitions involving strategic elements of the EU market infrastructure’.
There is, for the broker, a limited range of plausible buyers for such assets, particularly after Brexit, ‘and Euronext is strongly positioned to be a consolidator’.
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