Euronext well bought in Paris, market rewards above-expected accounts

(Il Sole 24 Ore Radiocor) - Euronext is soaring on the Paris Stock Exchange after its first-quarter accounts beat expectations. The stock of the pan-European stock exchange group is leading the Cac40. In detail, the group announced on the eve of the market close that it had closed the first quarter of the year with revenues up 15.3% to EUR 528.5 million, marking "the eighth consecutive quarter of double-digit growth", a note said.

Adjusted EBITDA amounted to EUR 343.2 million (+16.7%), with an adjusted margin of 64.9% (+0.8 percentage points). Net profit was EUR192.3 million (+16.7%), higher than the EUR178.6 million expected by analysts quoted by Bloomberg. The group, which operates the stock exchanges in Paris, Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Athens, posted record results in its non-volume activities, particularly market data and post-trading services, which account for more than half (56%) of revenues. The Capital Markets and Data Solutions business, comprising primary markets (capital raising), data solutions and corporate and investor services, grew by 18.2% year-on-year to EUR 185.9m. Supported by a volatile market environment, trading activities, the heart of Euronext's business, recorded a 28.1 per cent jump in revenue to EUR 138.9 million. "Overall, Euronext presented excellent results," note Deutsche Bank experts, who point out that adjusted EPS beat expectations by 8% and adjusted EBITDA was 6% above estimates.