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14-05-2025
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Euronext publishes Q1 2025 results
Euronext publishes Q1 2025 results Strong start of the year with growth of non-volume-related revenue, record FICC trading volumes and exceptional market volatility. Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 14 May 2025 – Euronext, the leading European capital market infrastructure, today publishes its results for the first quarter 2025 using the new, simplified reporting framework1. Q1 2025 revenue and income was up +14.1% at €458.5 million: Non-volume-related revenue and income represented 57% of total revenue and income and covered 158% of underlying operating expenses, excluding D&A2: Securities Services revenues grew to €83.4 million (+6.8%), driven by double-digit growth in custody and settlement revenue; Capital Markets and Data Solutions revenue grew to €157.4 million (+6.6%), driven by the continued commercial expansion of Euronext Corporate and Investor Solutions and Technology Services and the strong performance of Advanced Data Solutions, supported by the acquisition of GRSS and by retail participation; Net treasury income was €18.6 million (+58.8%), demonstrating the benefits of the Euronext Clearing expansion and the internalisation of net treasury income following the derivatives clearing migration in Q3 2024. Volume-related revenue was driven by high market volatility in Q1 2025: FICC3 Markets reported €90.7 million of revenue (+25.1%), driven by record performance in fixed income trading and clearing, commodities trading and clearing and FX trading; Equity Markets revenue grew to €108.4 million (+18.0%), reflecting high volatility. Underlying operating expenses excluding D&A were at €164.5 million (+9.1%). The increase compared to Q1 2024 reflects investments in growth and the impact of acquisitions performed in 2024, combined with strong costs discipline, in line with the ramp-up of growth investments set out as part of Euronext's underlying cost guidance of €670 million for the full year 2025. Adjusted EBITDA was €294.1 million (+17.0%) and adjusted EBITDA margin was 64.1% (+1.6pts). Adjusted net income was €183.5 million (+11.8%) and adjusted EPS was €1.80 (+13.9%). Reported net income was €164.8 million (+17.9%) and reported EPS was €1.62 (+20.0%). Net debt to EBITDA4 was at 1.4x at the end of March 2025, within Euronext's target range of the 'Innovate for Growth 2027' strategic plan. On 22 April 2025, Euronext had successfully redeemed the €500 million bond issued in connection with the acquisition of Euronext Dublin in April 2018. Key figures for the first quarter of 2025: In €m, unless stated otherwise Q1 2025 Q1 2024 % var % var l-f-l3F5 Revenue and income 458.5 401.9 +14.1% +12.9% Underlying operational expenses excluding D&A2 (164.5) (150.7) +9.1% +7.2% Adjusted EBITDA 294.1 251.3 +17.0% +16.4% Adjusted EBITDA margin 64.1% 62.5% +1.6pts +1.9pts Net income, share of the parent company shareholders 164.8 139.7 +17.9% Adjusted net income, share of the parent company shareholders 183.5 164.2 +11.8% Adjusted EPS (basic, in €) 1.80 1.58 +13.9% Reported EPS (basic, in €) 1.62 1.35 +20.0% Adjusted EPS (diluted, in €) 1.80 1.58 +13.9% Reported EPS (diluted, in €) 1.61 1.34 +20.1% Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, said: "In the first quarter of 2025, Euronext has delivered a remarkable performance. We achieved record revenue and income of €458.5 million, driven by initial successes of the strategic initiatives, growth of non-volume-related revenue and exceptional volatility across trading and clearing activities, especially in cash equity, fixed income, FX, power and commodities. Our diversified business model has allowed us to invest in growth and reach an adjusted EBITDA of €294.1 million, marking a significant +17.0% increase compared to Q1 2024. In Q1 2025, we reached record adjusted EPS (basic) of €1.80 per share. Our reported EPS (basic) grew by an impressive +20.0% compared to Q1 2024, to €1.62 per share. We have launched significant initiatives of our 'Innovate for Growth 2027' strategic plan to reinforce Euronext as a leader in the European financial markets. The upcoming consolidation of settlement for Amsterdam, Brussels and Paris equity trades in Euronext Securities represents a significant optimisation of the European post-trade landscape. With this strategic move, we foster the integration and competitiveness of European capital markets at an unprecedented speed. The launch late April 2025 of a European Common Prospectus6 in English will pursue this ambition. This new initiative facilitates access to European capital markets and addresses the need for a competitive, integrated Savings and Investment Union. In addition, we are proud to launch a comprehensive set of measures to support the financing needs of companies that contribute to Europe's strategic autonomy7. The acquisition in May 2025 of Admincontrol8, leader in the governance SaaS space, accelerates the development of Euronext Corporate Solutions in the Nordics, and reinforces Euronext's subscription-based revenue. With this strong first quarter of 2025, we demonstrate our capacity to innovate ahead of the curve, leading the way to a stronger, more innovative and more competitive European capital market.' Q1 2025 business highlights Q1 2025 revenue and income Q1 2025 Q1 2024 % var % var l-f-l Revenue and income (in €m) 458.5 401.9 +14.1% +12.9% Securities Services 83.4 78.1 +6.8% +4.8% Capital Markets and Data Solutions 157.4 147.6 +6.6% +4.5% Net treasury income 18.6 11.7 +58.8% +58.8% FICC Markets 90.7 72.5 +25.1% +25.2% Equity Markets 108.4 91.9 +18.0% +18.0% Other income 0.1 0.2 N/A N/A Non-volume-related revenue Securities Services Q1 2025 Q1 2024 % var % var l-f-l Revenue (in €m) 83.4 78.1 +6.8% +4.8% Custody and Settlement 75.8 67.9 +11.6% +9.4% Other Post Trade 7.6 10.2 -25.3% -25.3% Revenue from Custody and Settlement this quarter was at €75.8 million, +11.6% compared to Q1 2024. This strong performance was driven by growing Assets under Custody, dynamic settlement instructions and continued double-digit growth in services, supported by the acquisition of Acupay. At the end of the quarter, Assets under Custody amounted to €7.1 trillion, up +3.8% compared to end of Q1 2024. Over 39.3 million instructions were settled via Euronext Securities during the first quarter of 2025, up +9.3% compared to the first quarter of 2024. Other Post Trade revenue, which includes membership fees and other non-volume-related clearing fees, was €7.6 million in Q1 2025. The -25.3% decrease compared to Q1 2024 stems from the internalisation of the net treasury income related to Euronext derivatives flows in September 2024, which are now integrated in the net treasury income line. Capital Markets and Data Solutions Q1 2025 Q1 2024 % var % var l-f-l Revenue (in €m) 157.4 147.6 +6.6% +4.5% Primary Markets 46.3 45.5 +1.8% +2.1% Advanced Data Solutions 65.1 60.2 +8.1% +3.7% Corporate and Investor Solutions and Technology Services 45.9 41.8 +9.8% +8.1% Primary Markets revenue was €46.3 million in Q1 2025, an increase of +1.8% compared to Q1 2024. The first quarter recorded slower equity listing performance explained by a volatile environment. Euronext sustained its leading position for equity listing with 8 new listings. Advanced Data Solutions revenue was €65.1 million in Q1 2025, up +8.1% compared to Q1 2024. This dynamic performance reflects the contribution of GRSS, strong appetite from retail and growing monetisation of diversified datasets. Corporate and Investor Solutions and Technology Services revenue grew by +9.8% in Q1 2025 to €45.9 million. This strong performance reflects the continued commercial expansion of the governance SaaS offering, the increased use of colocation and microwave connectivity, and double-digit growth of investor solutions, supported by the acquisition of Substantive Research. Following the completion of the acquisition of Admincontrol on 13 May 2025, Admincontrol's revenue will be integrated with Corporate and Investor Solutions and Technology Services revenue from Q2 2025. Net treasury income Net treasury income was at €18.6 million (+58.8%). This reflect the benefit from the Euronext Clearing expansion and the internalisation of treasury income from LCH SA following the completion of the derivatives clearing migration, as well as higher cash collateral posted to the CCP due to the elevated market volatility. Volume-related revenue FICC Markets Q1 2025 Q1 2024 % var % var l-f-l Revenue (in €m) 90.7 72.5 +25.1% +25.2% Fixed income trading and clearing 51.8 39.1 +32.4% +32.4% Commodities9 trading and clearing 29.6 26.3 +12.8% +13.9% FX trading 9.2 7.1 +30.4% +26.5% Fixed income trading and clearing revenue reached €51.8 million in Q1 2025, up +32.4% compared to Q1 2024, driven by record fixed income trading activity supported by favourable market conditions. Commodities trading and clearing revenue reached €29.6 million in Q1 2025, up +12.8% compared to Q1 2024, reflecting record intraday power trading volumes and dynamic agricultural commodity trading and clearing. FX trading revenue was up +30.4%, at €9.2 million in Q1 2025, reflecting record trading volumes, and a positively geared volume mix. Equity Markets Q1 2025 Q1 2024 % var % var l-f-l Revenue (in €m) 108.4 91.9 +18.0% +18.0% Cash equity trading and clearing 94.0 76.8 +22.5% +22.5% Financial derivatives trading and clearing 14.4 15.1 -4.8% -4.8% Cash equity trading and clearing revenue was €94.0 million in Q1 2025, up +22.5% driven by exceptional market volatility. Euronext recorded average daily cash trading volumes of €13.8 billion, up +31.8% compared to Q1 2024. Revenue capture on cash trading averaged 0.50 bps for the first quarter of 2025, impacted by higher volumes, stronger intraday volatility and larger average order size. Euronext market share on cash equity trading averaged 64.1% in Q1 2025. Financial derivatives trading and clearing revenue was €14.4 million in Q1 2025, -4.8% compared to Q1 2024. This decrease is mostly linked to the decrease of the average clearing fees, as following the clearing migration certain clearing fees are now reported in the line Other Post Trade revenues, and as such not fully comparable with Q1 2024. Q1 2025 financial performance In €m, unless stated otherwise Q1 2025 Q1 2024 % var % varl-f-l Revenue and income 458.5 401.9 +14.1% +12.9% Underlying operational expenses exc. D&A (164.5) (150.7) +9.1% +7.2% Adjusted EBITDA 294.1 251.3 +17.0% +16.4% Adjusted EBITDA margin 64.1% 62.5% +1.6pts +1.9pts Operating expenses exc. D&A (164.3) (159.4) +3.1% +1.2% EBITDA 294.2 242.6 +21.3% +20.6% Depreciation & Amortisation (48.3) (44.0) +9.8% +10.6% Total Expenses (inc. D&A) (212.6) (203.4) +4.6% +2.9% Adjusted operating profit 272.6 232.3 +17.4% +16.8% Operating Profit 245.9 198.6 +23.8% Net financing income / (expense) (1.5) 4.7 N/A Profit before income tax 244.4 203.3 +20.2% Income tax expense (67.8) (54.7) +24.0% Share of non-controlling interests (11.9) (8.9) +33.6% Net income, share of the parent company shareholders 164.8 139.7 +17.9% Adjusted Net income, share of the parent company shareholders10 183.5 164.2 +11.8% Adjusted EPS (basic, in €) 1.80 1.58 +13.9% Reported EPS (basic, in €) 1.62 1.35 +20.0% Adjusted EPS (diluted, in €) 1.80 1.58 +13.9% Reported EPS (diluted, in €) 1.61 1.34 +20.1% Q1 2025 adjusted EBITDA Underlying operating expenses excluding D&A1 were at €164.5 million (+9.1%). The increase compared to Q1 2024 reflects investments in growth and the impact of acquisitions performed in 2024, partially offset by cost discipline. In addition, Q1 2024 expenses were positively impacted by one-off releases. Driven by the double digit growth in revenue, adjusted EBITDA for the quarter reached €294.1 million, up +17.0% compared to Q1 2024. This represents an adjusted EBITDA margin of 64.1%, up 1.6pts vs. Q1 2024. On a like-for-like basis at constant currencies, adjusted EBITDA grew by +16.4% compared to Q1 2024. Q1 2025 non-underlying expenses profited from a one-off release of accruals. As a consequence, reported EBITDA was at €294.2 million, up +21.3% compared to Q1 2024. Q1 2025 net income, share of the parent company shareholders Depreciation and amortisation accounted for €48.3 million in Q1 2025, +9.8% more than Q1 2024. PPA related to acquired businesses accounted for €20.4 million. Adjusted operating profit was €272.6 million, up +17.4% compared to Q1 2024. Euronext reported a net financing expense of €1.5 million in Q1 2025, compared to €4.7 million net financing income in Q1 2024. The variation reflects short-term FX movements and decreasing interest rates. Income tax for Q1 2025 was €67.8 million. This translated into an effective tax rate of 27.7% for the quarter, compared to 26.9% in Q1 2024. Share of non-controlling interests amounted to €11.9 million, correlated with the strong performance of MTS and Nord Pool. As a result, the reported net income, share of the parent company shareholders, increased by +17.9% for Q1 2025 compared to Q1 2024, to €164.8 million. This represents a reported EPS of €1.62 basic and €1.61 diluted. Adjusted net income, share of the parent company shareholders, was up +11.8% to €183.5 million. Adjusted EPS (basic) was €1.80. This increase reflects higher profit and a lower number of outstanding shares over the first quarter of 2025 compared to Q1 2024. The weighted number of shares used over the first quarter of 2025 was 101,695,588 for the basic calculation and 102,166,786 for the diluted calculation, compared to 103,640,164 and 104,040,256 respectively over the first quarter of 2024. The difference is due to the share repurchase programme executed by Euronext. In Q1 2025, Euronext reported a net cash flow from operating activities of €190.6 million, compared to €184.6 million in Q1 2024, reflecting higher profit before tax and higher income tax paid in Q1 2025. Excluding the impact on working capital from Euronext Clearing and Nord Pool CCP activities, net cash flow from operating activities accounted for 88.1% of EBITDA in Q1 2025. Q1 2025 corporate highlights since publication of the fourth quarter 2024 results on 13 February 2025 Euronext consolidates settlement on its markets to improve the competitiveness of European capital markets On 12 March 2025, Euronext has announced that from September 2026, Euronext Amsterdam, Brussels, and Paris will designate Euronext Securities as the central securities depository (CSD) for equity trade settlements. This aligns with Euronext's 'Innovate for Growth 2027' strategic plan and aims to enhance the competitiveness of European capital markets by addressing post-trade fragmentation. Currently, equity trade settlement in Europe is fragmented across over 30 CSDs. This initiative allows clients to consolidate settlement and custody activities across multiple markets into a single CSD, streamlining operations and enhancing liquidity. It also aids them adapting to regulatory changes, such as the move to T+1 settlement in October 2027. Additionally, Euronext has moved its own shares to Euronext Securities, showcasing the benefits of this consolidation for equity issuers. Dividend payment schedule for 2025 The Managing Board, upon the approval of the Supervisory Board, has decided to propose for approval at the Annual General Meeting the payment of a dividend of €2.90 per ordinary share (based on the total number of eligible shares). The dividend would be distributed evenly (pro rata the number of shares held) to holders of ordinary shares on the dividend record date set on 27 May 2025 (ex-dividend date is set on 26 May 2025 and payment date is set on 28 May 2025). This dividend represents a pay-out ratio of 50% of the reported net income, in line with Euronext's current dividend policy. Corporate highlights since 1 April 2025 Euronext completes the acquisition of Admincontrol On 13 May 2025, Euronext announced the completion of the acquisition of 100% of the shares of Admincontrol for an enterprise value of NOK 4,650 million. This transaction complies with Euronext's capital allocation policy, with a ROCE expected to exceed the WACC within three to five years post-closing11. Admincontrol will be part of Euronext Corporate Solutions, strengthening the development of the franchise in the Nordics and the UK. This acquisition supports Euronext's strategy to expand its software-as-a-service (SaaS) offering and increases Euronext's share of subscription-based revenue. Admincontrol has experienced double-digit growth over the past five years, with NOK 452 million in revenue and NOK 200 million in EBITDA in 202412. From the second quarter of 2025, Admincontrol's revenue will be integrated into Euronext's revenue line Corporate and Investor Solutions and Technology Services. Launch of European Common Prospectus to accelerate capital market integration and boost IPO activity across the EU On 25 April 2025, Euronext has launched the European Common Prospectus, a standardised template for equity issuances, with the aim to integrate European capital markets more deeply. This initiative seeks to reduce regulatory fragmentation, enhance transparency, and promote cross-border investment. The prospectus, developed since November 2024, aligns with existing EU regulations and simplifies the listing process by reducing the required sections from 21 to 11. It uses English as the preferred language, facilitating cross-border access to capital. This new format benefits issuers by streamlining the listing process, and investors by providing consistency and comparability across EU jurisdictions. The full implementation of the Listing Act is expected by June 2026; but this prospectus addresses the immediate need to boost IPO activity in Europe in the meantime. Euronext strengthens its support for European strategic autonomy On 6 May 2025, Euronext announced the implementation of a full set of initiatives to support investments in European strategic autonomy. This includes the creation of a new series of thematic indices covering companies that contribute to Europe's strategic autonomy, tailored solutions to enhance equity financing of European aerospace and defence companies and facilitated issuance of European defence bonds13. Euronext volumes for April 2025 In April 2025, the average daily transaction value on the Euronext cash order book stood at €16.0 billion, up +44.1% compared to the same period last year. The overall average daily volume on Euronext derivatives stood at 712,389 lots, up +6.4% compared to April 2024, and the open interest was 25,388,147 contracts at the end of April 2025, up +6.4% compared to April 2024. The average daily volume on Euronext FX's spot foreign exchange market stood at $38.2 billion, up +33.1% compared to the same period last year. Average daily day-ahead power traded was 2.7TWh, down -3.5% compared to the same period last year, and average daily intraday power traded was 0.5TWh, up +37.4% compared to April 2024. MTS Cash average daily volumes were up +55.4% to €55.8 billion in April 2025, MTS Repo term adjusted average daily volume stood at €723.1 billion, up +50.1% compared to the same period last year. Euronext Clearing cleared 32,206,770 shares in April 2025, +58.2% compared to April 2024. €2,752 billion of wholesale bonds were cleared in April 2025 (double counted), up +19.7% compared to the same period in 2024. 1,098,474 bond retail contracts were cleared in April 2025 (double counted), down -18.0% compared to April 2024. The number of derivatives contracts cleared was 14,247,781, up +934.7% compared to April 2024 (single counted). Euronext Securities reported 12,506,259 settlement instructions in April 2025, up +14.0% compared to the same period last year. The total Assets Under Custody reached over €7.0 trillion in April 2025, up +3.0% compared to the same period last year. Results Webcast A webcast will be held on Thursday, 15 May 2025, at 09:00 CEST (Paris time) / 08:O0 BST (London time): Live webcast: For the live webcast go to: Webcast The webcast will be available for replay after the call at the webcast link and on the Euronext Investor Relations ANALYSTS & INVESTORS – ir@ Investor Relations Aurélie Cohen Judith Stein +33 6 15 23 91 97 MEDIA – mediateam@ Europe Aurélie Cohen +33 1 70 48 24 45 Andrea Monzani +39 02 72 42 62 13 Belgium Marianne Aalders +32 26 20 15 01 France, Corporate Flavio Bornancin-Tomasella +33 1 70 48 24 45 Ireland Andrea Monzani +39 02 72 42 62 13 Italy Ester Russom +39 02 72 42 67 56 The Netherlands Marianne Aalders +31 20 721 41 33 Norway Cathrine Lorvik Segerlund +47 41 69 59 10 Portugal Sandra Machado +351 91 777 68 97 Corporate Solutions Andrea Monzani +39 02 72 42 62 13 About Euronext Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, from listing, trading, clearing, settlement and custody, to solutions for issuers and investors. Euronext runs MTS, one of Europe's leading electronic fixed income trading markets, and Nord Pool, the European power market. Euronext also provides clearing and settlement services through Euronext Clearing and its Euronext Securities CSDs in Denmark, Italy, Norway and Portugal. As of March 2025, Euronext's regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal host nearly 1,800 listed issuers with €6.3 trillion in market capitalisation, a strong blue-chip franchise and the largest global centre for debt and fund listings. With a diverse domestic and international client base, Euronext handles 25% of European lit equity trading. Its products include equities, FX, ETFs, bonds, derivatives, commodities and indices. For the latest news, go to or follow us on X and LinkedIn. Disclaimer This press release is for information purposes only: it is not a recommendation to engage in investment activities and is provided 'as is', without representation or warranty of any kind. The figures in this document have not been audited or reviewed by our external auditor. While all reasonable care has been taken to ensure the accuracy of the content, Euronext does not guarantee its accuracy or completeness. Euronext will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on information provided. No information set out or referred to in this publication may be regarded as creating any right or obligation. The creation of rights and obligations in respect of financial products that are traded on the exchanges operated by Euronext's subsidiaries shall depend solely on the applicable rules of the market operator. All proprietary rights and interest in or connected with this publication shall vest in Euronext. This press release speaks only as of this date. Euronext refers to Euronext N.V. and its affiliates. Information regarding trademarks and intellectual property rights of Euronext is available at © 2025, Euronext N.V. - All rights reserved. The Euronext Group processes your personal data in order to provide you with information about Euronext (the "Purpose"). With regard to the processing of this personal data, Euronext will comply with its obligations under Regulation (EU) 2016/679 of the European Parliament and Council of 27 April 2016 (General Data Protection Regulation, 'GDPR'), and any applicable national laws, rules and regulations implementing the GDPR, as provided in its privacy statement available at: In accordance with the applicable legislation you have rights with regard to the processing of your personal data: for more information on your rights, please refer to: To make a request regarding the processing of your data or to unsubscribe from this press release service, please use our data subject request form at or email our Data Protection Officer at dpo@ Appendix The figures in this Appendix have not been audited or reviewed by our external auditor. Non-IFRS financial measures For comparative purposes, the company provides unaudited non-IFRS measures including: Operational expenses excluding depreciation and amortisation, underlying operational expenses excluding depreciation and amortisation; EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin. Non-IFRS measures are defined as follows: Operational expenses excluding depreciation and amortisation as the total of salary and employee benefits, and other operational expenses; Underlying operational expenses excluding depreciation and amortisation as the total of salary and employee benefits, and other operational expenses, excluding non-recurring costs; Underlying revenue and income as the total of revenue and income, excluding non-recurring revenue and income; Non-underlying items as items of revenue, income and expense that are material by their size and/or that are infrequent and unusual by their nature or incidence are not considered to be recurring in the normal course of business and are classified as non-underlying items on the face of the income statement within their relevant category in order to provide further understanding of the ongoing sustainable performance of the Group. These items can include: integration or double run costs of significant projects, restructuring costs and costs related to acquisitions that change the perimeter of the Group; one-off finance costs, gains or losses on sale of subsidiaries and impairments of investments: amortisation and impairment of intangible assets which are recognised as a result of acquisitions and mostly comprising customer relationships, brand names and software that were identified during purchase price allocation (PPA); tax related to non-underlying items. Adjusted operating profit as the operating profit adjusted for any non-underlying revenue and income and non-underlying costs, including PPA of acquired businesses; EBITDA as the operating profit before depreciation and amortisation; Adjusted EBITDA as the adjusted operating profit before depreciation and amortisation adjusted for any non-underlying operational expenses excluding depreciation and amortisation; EBITDA margin as EBITDA divided by total revenue and income; Adjusted EBITDA margin as adjusted EBITDA, divided by total revenue and income; Adjusted net income, as the net income, share of the parent company shareholders, adjusted for any non-underlying items and related tax impact. Non-IFRS financial measures are not meant to be considered in isolation or as a substitute for comparable IFRS measures and should be read only in conjunction with the consolidated financial statements. Consolidated income statement Q1 2025 Q1 2024 in €m, unless stated otherwise Underlying Non-underlying Reported Underlying Non-underlying Reported Revenue and income 458.5 - 458.5 401.9 - 401.9 Securities Services 83.4 - 83.4 78.1 - 78.1 Custody and Settlement 75.8 - 75.8 67.9 - 67.9 Other Post Trade 7.6 - 7.6 10.2 - 10.2 Capital Markets and Data Solutions 157.4 - 157.4 147.6 - 147.6 Primary Markets 46.3 - 46.3 45.5 - 45.5 Advanced data solutions 65.1 - 65.1 60.2 - 60.2 Corporate and Investor Solutions and Technology Services 45.9 - 45.9 41.8 - 41.8 Net treasury income 18.6 - 18.6 11.7 - 11.7 FICC Markets 90.7 - 90.7 72.5 - 72.5 Fixed income trading and clearing 51.8 - 51.8 39.1 - 39.1 Commodities income trading and clearing 29.6 - 29.6 26.3 - 26.3 FX trading 9.2 - 9.2 7.1 - 7.1 Equity Markets 108.4 - 108.4 91.9 - 91.9 Cash equity trading and clearing 94.0 - 94.0 76.8 - 76.8 Financial derivatives trading and clearing 14.4 - 14.4 15.1 - 15.1 Other income 0.1 - 0.1 0.2 - 0.2 Operating expenses excluding D&A (164.5) 0.1 (164.3) (150.7) (8.7) (159.4) Salaries and employee benefits (86.9) (0.5) (87.3) (80.7) (4.4) (85.1) Other operational expenses, of which (77.6) 0.6 (77.0) (70.0) (4.3) (74.3) System & communication (25.9) (0.1) (26.0) (24.6) (1.4) (26.0) Professional services (18.1) 1.0 (17.1) (11.9) (1.9) (13.8) Clearing expense (0.2) - (0.2) (9.1) - (9.1) Accommodation (4.6) (0.2) (4.8) (3.8) (0.3) (4.1) Other operational expenses (28.8) - (28.8) (20.6) (0.7) (21.3) EBITDA 294.1 0.1 294.2 251.3 (8.7) 242.6 EBITDA margin 64.1% 64.2% 62.5% 60.4% Depreciation & amortisation (21.5) (26.8) (48.3) (19.0) (25.0) (44.0) Total expenses (185.9) (26.7) (212.6) (169.7) (33.7) (203.4) Operating profit 272.6 (26.7) 245.9 232.3 (33.7) 198.6 Net financing income / (expense) (1.5) - (1.5) 4.7 (0.0) 4.7 Profit before income tax 271.1 (26.7) 244.4 237.0 (33.7) 203.3 Income tax expense (74.9) 7.1 (67.8) (63.4) 8.7 (54.7) Non-controlling interests (12.7) 0.9 (11.9) (9.3) 0.4 (8.9) Net income, share of the parent company shareholders 183.5 (18.8) 164.8 164.2 (24.5) 139.7 EPS (basic, in €) 1.80 1.62 1.58 1.35 EPS (diluted, in €) 1.80 1.61 1.58 1.34 Adjusted EPS definition Q1 2025 Q1 2024 Net income reported 164.8 139.7 EPS reported 1.62 1.35 Adjustments for non-underlying items included in: Operating expenses exc. D&A 0.1 (8.7) Depreciation and amortisation (26.8) (25.0) Minority interest 0.9 0.4 Tax related to adjustments 7.1 8.7 Adjusted net income 183.5 164.2 Adjusted EPS 1.80 1.58 Consolidated comprehensive income statement Q1 2025 Q1 2024 Profit for the period 176.6 148.6 Other comprehensive income Items that may be reclassified to profit or loss: – Exchange differences on translation of foreign operations 16.9 (26.3) – Income tax impact on exchange differences on translation of foreign operations (1.1) 2.6 - Gains and losses on cash flow hedges 2.2 - – Change in value of debt investments at fair value through other comprehensive income - 0.2 – Income tax impact on change in value of debt investments at fair value through other comprehensive income - (0.1) Items that will not be reclassified to profit or loss: – Remeasurements of post-employment benefit obligations (2.5) (0.3) Other comprehensive income for the period, net of tax 15.5 (23.8) Total comprehensive income for the period 192.1 124.8 Comprehensive income attributable to: – Owners of the parent 179.9 116.6 – Non-controlling interests 12.2 8.2 Consolidated statement of financial position in €m 31 March 2025 31 December 2024 Non-current assets Property, plant and equipment 107.4 106.2 Right-of-use assets 88.2 57.5 Goodwill and other intangible assets 6,096.5 6,096.2 Deferred income tax assets 29.1 30.4 Investments in associates and joint ventures 0.8 0.8 Financial assets at fair value through OCI 357.0 357.0 Other non-current assets 3.4 3.5 Total non-current assets 6,682.4 6,651.6 Current assets Trade and other receivables 574.2 412.9 Income tax receivable 17.5 11.4 Derivative financial instruments 2.2 - CCP clearing business assets 341,647.6 270,288.7 Other current financial assets 59.5 63.8 Cash & cash equivalents 1,642.3 1,673.5 Total current assets 343,943.3 272,450.3 Total assets 350,625.7 279,101.8 Equity Shareholders' equity 4,224.6 4,245.2 Non-controlling interests 161.7 156.8 Total Equity 4,386.3 4,402.0 Non-current liabilities Borrowings 2,537.5 2,537.0 Lease liabilities 71.7 46.2 Other non-current financial liabilities 3.5 3.5 Deferred income tax liabilities 495.1 496.8 Post-employment benefits 23.0 21.0 Contract liabilities 54.2 56.4 Other provisions 7.0 7.2 Total Non-current liabilities 3,192.1 3,168.2 Current liabilities Borrowings 524.0 516.5 Lease liabilities 21.9 15.8 Derivative financial instruments - 0.1 CCP clearing business liabilities 341,695.3 270,357.9 Income tax payable 99.3 91.1 Trade and other payables 526.5 464.3 Contract liabilities 176.2 80.1 Other provisions 4.1 5.9 Total Current liabilities 343,047.3 271,531.7 Total equity and liabilities 350,625.7 279,101.8 *The comparative figures for CCP clearing business assets and liabilities were both adjusted upwards by €69,713.3 million in the Universal Registration Document 2024 as published on 28 March 2025 due to an adjustment in the recognition of clearing business assets and clearing business liabilities, when compared to the positions in the press release dated 13 February 2025. Consolidated statement of cash flows in €m Q1 2025 Q1 2024 Profit before tax 244.4 203.3 Adjustments for: - Depreciation and amortisation 48.3 44.0 - Share based payments 3.9 3.9 - Changes in working capital (37.4) (36.6) Cash flow from operating activities 259.2 214.7 Income tax paid (68.6) (30.0) Net cash flows from operating activities 190.6 184.6 Cash flow from investing activities Purchase of current financial assets (0.7) (21.7) Redemption of current financial assets 5.7 18.6 Purchase of property, plant and equipment (6.8) 0.1 Purchase of intangible assets (23.0) (16.4) Interest received 10.3 10.4 Proceeds from sale of property, plant, equipment and intangible assets - 0.1 Net cash flow from investing activities (14.6) (8.9) Cash flow from financing activities Interest paid (0.8) (0.2) Payment of lease liabilities (5.5) (5.5) Transactions in own shares (204.5) (2.1) Dividends paid to non-controlling interests - (0.3) Net cash flow from financing activities (210.8) (8.2) Total cash flow over the period (34.8) 167.6 Cash and cash equivalents - Beginning of period 1,673.5 1,448.8 Non-cash exchange gains/(losses) on cash and cash equivalents 3.6 (6.8) Cash and cash equivalents - End of period 1,642.3 1,609.6 Volumes for the first quarter of 2025 Securities Services Euronext Securities activity Q1 2025 Q1 2024 % var Number of settlement instructions over the period 39,317,842 35,963,785 +9.3% Assets under Custody (in €bn), end of period 7,132 6,871 +3.8% Capital Markets Q1 2025 Q1 2024 % var Number of trading days 63 63 - Listings Number of Issuers on Equities Euronext 1,786 1,860 -4.0% SMEs 1,397 1,463 -5.0% Number of Listed Securities Funds 2,163 2,392 -10.0% ETFs 4,158 3,861 +8.0% Bonds 55,645 56,862 -2.0% Capital raised on primary and secondary market Total Euronext, (€ million) Number of new equity listings 8 10 Money Raised - New equity listings (including over-allotment) 237 156 +52.0% Money Raised - Follow-ons on equities 2,850 8,012 -64.0% Money Raised - Bonds 316,716 380,183 -17.0% Total Money Raised 319,803 388,352 -18.0% of which SMEs Number of new equity listings 8 9 Money Raised - New equity listings (including over-allotment) 237 156 +52.0% Money Raised - Follow-ons on equities 1,278 4,957 -74.0% Money Raised - Bonds 396 478 -17.0% Total Money Raised 1,911 5,591 -66.0% FICC Markets Fixed income trading Q1 2025 Q1 2024 % var Transaction value (€ million, single counted) MTS ADV MTS Cash 56,791 34,658 +64.0% TAADV MTS Repo 508,929 491,789 +3.0% Other fixed income ADV Fixed income 1,932 1,744 +11.0% Fixed income clearing Number of transactions and lots cleared Q1 2025 Q1 2024 % var Bonds – Wholesale (nominal value in €bn – double counted) 8,160 7,392 +10.0% Bonds – Retail (number of contracts – double counted) 4,175,846 3,800,084 +10.0% Commodities markets Q1 2025 Q1 2024 % var Number of trading days 90 91 -1.1% Power volume (in TWh) ADV Day-ahead Power Market 3.28 3.32 -1.2% ADV Intraday Power Market 0.43 0.29 +47.3% Q1 2025 Q1 2024 % var Number of trading days 63 63 - Derivatives Volume (in lots) Commodity +9.6% Futures 7,570,868 6,756,390 12.1% Options 315,467 437,519 -27.9% Derivatives ADV (in lots) Commodity 125,180 114,189 9.6% Futures 120,173 107,244 12.1% Options 5,007 6,945 -27.9% 31 March 2025 31 March 2024 % var Open interest (in lots) Commodity 1,043,370 923,004 +13.0% Futures 841,449 584,361 +44.0% Options 201,921 338,643 -40.4% FX Markets Q1 2025 Q1 2024 % var Number of trading days 63 63 - FX volume ($m, single counted) Total Euronext FX 1,856,742 1,583,472 +17.3% ADV Euronext FX 29,472 24,742 +19.1% Equity Markets Cash trading Q1 2025 Q1 2024 % var Number of trading days 63 63 - Number of transactions (buy and sell) Total Cash Market 188,721,610 152,340,714 +24.0% ADV Cash Market 2,995,581 2,418,107 +24.0% Transaction value (€ million, single counted) Total Cash Market 867,015 657,688 +31.8% ADV Cash Market 13,762 10,439 +31.8% Cash clearing Number of transactions and lots cleared Q1 2025 Q1 2024 % var Shares (number of contracts – single counted) 76,849,676 58,446,470 +31.0% Derivatives (number of contracts – single counted) 42,112,910 5,823,089 +623.0% Financial derivatives markets Q1 2025 Q1 2024 % var Number of trading days 63 63 - Derivatives Volume (in lots) Equity 34,226,575 32,815,066 +4.3% Index 11,889,419 12,477,980 -4.7% Futures 6,946,746 7,240,666 -4.1% Options 4,942,673 5,237,314 -5.6% Individual Equity 22,337,156 20,337,086 +9.8% Futures 489,757 574,911 -14.8% Options 21,847,399 19,762,175 +10.6% Derivatives ADV (in lots) Equity 543,279 520,874 +4.3% Index 188,721 198,063 -4.7% Futures 110,266 114,931 -4.1% Options 78,455 83,132 -5.6% Individual Equity 354,558 322,811 +9.8% Futures 7,774 9,126 -14.8% Options 346,784 313,685 +10.6% Open interest (in lots) 31 March 2025 31 March 2024 % var Equity 23,589,360 21,831,754 +8.1% Index 1,052,853 878,571 +19.8% Futures 477,425 638,777 -25.3% Options 575,428 239,794 +140.0% Individual Equity 22,536,507 20,953,183 +7.6% Futures 165,404 564,408 -70.7% Options 22,371,103 20,388,775 +9.7%1 Definition in Appendix – adjusted for non-underlying operating expenses excluding D&A and non-underlying revenue and income.3 Fixed income, commodities and currencies4 Last twelve months reported and adjusted EBITDA5 Like-for-like basis at constant currency6 Including revenue from power trading and clearing10 For the total adjustments performed please refer to the Appendix of this press release11 The cashflow related to the transaction will be communicated as part of Q2 2025 results12 Unaudited figures13 Attachment 2025_Euronext_PR_Q12025_VFError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Zawya
06-05-2025
- Business
- Zawya
April trading booms but tariff risks cause concern: IFR
The first-quarter boom in trading revenues for banks continued and even accelerated during April, but the tariff fight and market volatility that has fuelled that bonanza is also prompting banks to warn of potential hits to other revenues and a rise in bad loans. European banks followed their US peers and reported near record trading revenues for January–March, and several said activity stepped up again after "liberation day" on April 2, when US president Donald Trump unveiled hefty tariffs on imports and sparked market turmoil. 'We saw higher spikes in client activity in the first two weeks of April, 30% above the peaks of Covid times. But in the last 10 days, there is more stability around current levels and more of a wait-and-see attitude. It's a more normalised environment,' UBS chief executive Sergio Ermotti told analysts. Deutsche Bank chief financial officer James von Moltke said the first two weeks of April had been even busier than the first quarter. 'There were high volumes with wide bid-ask spreads,' von Moltke said. He added that activity had then settled down to a calmer phase during the second half of the month after Trump announced a 90-day pause on tariffs for most countries. Standard Chartered said on Friday that strong trading in the first quarter had continued in April, with clients particularly active in tactically managing exposure to currencies, commodities and rates. They echoed Goldman Sachs CEO David Solomon, who said on April 14 the second quarter had started well for trading. "I know there is a higher level of uncertainty, but at the same point, clients are active. People are shifting positions. And we still see significant activity levels," he told analysts. Notably, the April surge came on top of a buoyant first quarter for trading. UBS reported record equities trading revenues of US$1.81bn, up 33% from a year ago, while its foreign exchange, rates and credit trading income jumped 27%. Deutsche's fixed income and currencies trading revenues rose 17% from a year earlier to €2.94bn. Deutsche is the biggest fixed-income house outside the big US banks, but it does not have an equities trading division. Barclays ' fixed-income, currency and commodities trading revenues jumped 21% to £1.7bn, its best quarter for two years. Its equities trading revenues of £963m were up 27% year-on-year after stripping out one-off items. Equities trading revenues for the four major European investment banks that report them totalled US$5.65bn in the first quarter, up 31% from a year earlier and broadly in line with the 34% rise across the big five US banks. But European banks outperformed in FICC trading, with aggregate revenues of US$11.61bn across six banks, up 20% from a year earlier, compared with a 6% rise by US peers. BNP Paribas ' equities trading revenues in Q1 jumped 42% and FICC trading was up 4%; Societe Generale 's equities revenue increased 22% while FICC revenues dipped 2%; and HSBC reported that combined debt, equity and FX revenues increased 28% from a year earlier. The pickup was evident in Asia too, and Standard Chartered's global markets income was up 14% in Q1 from a year earlier, with macro trading up 11% and credit trading income jumping 34%. "Adverse but plausible" But while traders may be cheering the tariff uncertainty, M&A and equity capital markets bankers and bank bosses are less impressed. HSBC warned that its revenues could be reduced by 'low single-digit' percentage points and it could take an extra US$500m hit from bad loans due to the impact of substantially higher tariffs and reduced trade. HSBC, one of the largest trading banks in the world, said under 'adverse but plausible downside scenarios' the higher tariffs could reduce GDP and have an impact on unemployment, financial conditions, stock markets and house prices, and hurt sectors including autos, industrials, retail, textiles, transport and logistics. 'We've seen a significant drop in volumes along the US-China corridor in the sectors that have not been given a waiver or a reduction in tariffs," said HSBC CEO Georges Elhedery. Barclays increased its first-quarter provisions by £74m to account for a worsening outlook for its US consumer bank and US exposures for its investment bank, while Deutsche said after assessing its loan book for how tariff-related effects might have an impact that its provisions for credit losses rose to €163m in the first quarter from €101m in the fourth quarter. The European banks said their advisory and ECM desks continued to struggle while economic and geopolitical uncertainty persists. Revenues from advisory and debt and equity underwriting across the major European banks were flat from a year earlier while US banks reported an aggregate 4% rise. That compared with a weak start to 2024, and bankers had started the year hoping for a major rebound. Deutsche's von Moltke said a recovery would hinge on business confidence. 'That slowed pretty dramatically in early April and may take a while to come back into focus,' he said.
Iraqi News
21-04-2025
- Business
- Iraqi News
FICC: The visit of American companies resulted in a regulatory work agreement for the private sector
Baghdad-INA The Federation of Iraqi Chambers of Commerce (FICC) affirmed on Monday that the visit of American companies is a message to the world that Iraq is a safe environment. The Federation explained that the visit of American companies resulted in a regulatory framework agreement for the private sector. The President of the Federation of Iraqi Chambers of Commerce, Abdul Razzaq Al-Zuhairi, told the Iraqi News Agency (INA): "The visit of American companies to Iraq to invest and work with Iraqi businessmen is a positive and important step for Iraq." He explained that "Iraq is a fertile environment, and the visit of American companies to Iraq is a positive message to all countries of the world that Iraq is a safe environment." Abdul Razzaq Al-Zuhairi added that "American companies have signed numerous agreements with the Iraqi private sector in the fields of electric power and renewable energy the most important memorandum is the signing of a regulatory framework between the Iraqi and American private sectors by the American Chamber of Commerce." He pointed out that "a number of American companies have signed with the private sector, most notably the global company Google, which is seeking to enter Iraq. Its representative came and wrote a positive message about Iraq, stating that Iraq is safe, which is an important message to the world."
Yahoo
27-03-2025
- Business
- Yahoo
Goldman Sachs: A Strategic Shift in Investment Focus
The Global Banking and Markets segment (constitutes 65.3% of net revenues as of Dec. 31, 2024) generates revenues from IB fees, including advisory, and equity and debt underwriting fees, Fixed Income, Currency and Commodities (FICC) intermediation and financing activities, and Equities intermediation and financing activities. The segment also includes relationship lending and acquisition financing (and related hedges) and investing activities related to its Global Banking & Markets Asset and Wealth Management segment (30.2%) generates revenues from management and other fees, incentive fees, equity investments, and debt investments, as well as private banking and Platform Solutions segment (4.5%) generates revenues from consumer platforms, transaction banking, and other platform businesses. Warning! GuruFocus has detected 4 Warning Signs with GS. Goldman decided to refocus on its core strengths of IB and trading operations while scaling back its consumer banking footprint and hence undertook a major business restructuring initiative. In October 2024, Goldman finalized a deal to transfer its GM credit card business to Barclays. Barclays will obtain the card program's receivables from Goldman this year. In 2024, Goldman completed the sale of GreenSky, its home-improvement lending platform, to a consortium of investors. In the fourth quarter of 2023, Goldman sold its Personal Financial Management unit to Creative Planning. Goldman aims to cease unsecured loan offerings to consumers through its digital consumer banking platform Marcus. In 2023, it sold substantially all of Marcus's loan portfolio. These moves are in line with GS's decision to focus on and grow core businesses, wherein it has showcased encouraging results, given its strong leadership position, wide scale of operations and exceptional talent. In global banking and markets, Goldman maintained its long-standing top position in announced and completed Merger & Acquisition in 2024. This is likely to give it an edge over its peers. Although IB revenues declined in 2022 and 2023 due to muted global M&A deal value and volumes, it rebounded in 2024 as global M&A bounced back, with deal value and volume witnessing remarkable growth. Management expects the IB business to continue to improve, driven by higher net revenues in equity underwriting and debt underwriting. We believe improved client engagement, backed by digital disruption and transformation trends, signs of growing M&A and underwriting pipelines, and the company's decent IB backlog will support IB revenues in the upcoming period. Goldman has a solid balance sheet position. As of Dec. 31, 2024, cash and cash equivalents were $182 billion. As of the same date, total unsecured debt (comprising long-term and short-term borrowings) was $313 billion. Out of this, only $70 billion were near-term borrowings. Moreover, the company maintains investment-grade long-term debt ratings of A/A2/BBB+ and a stable outlook from Fitch Ratings, Moody's Investors Service and Standard & Poor's, respectively. Thus, the company's decent cash levels and solid credit profile indicate that it will likely be able to continue to meet debt obligations even during economic capital distribution activities have been impressive over the years. In February 2023, it announced a share repurchase program, authorizing repurchases of up to $30 billion of common stock with no expiration date. In 2024, Goldman repurchased approximately $8 billion worth of its common shares. At the end of 2024, GS had the remaining $10 billion worth of shares available under authorization. In August 2024, the Federal Reserve approved a 20-basis-point reduction in Goldman's stress capital buffer requirement, lowering it to 6.2% from 6.4%. This reduction enhanced the bank's flexibility in capital deployment. In July 2024, the company's board of directors approved a 9.1% increase in common stock dividend to $3 per share. Given its decent liquidity, such capital distribution activities seem sustainable. This is likely to stoke investors' confidence in the stock. Goldman plans to ramp up its lending services to private equity and asset managers, and aims to expand internationally, which will likely support its growth over the long run. Goldman Asset Management a unit of GS intends to expand its private credit portfolio to $300 billion in five years. Once the company strengthens its operations in the United States, it plans to expand its lending business in Europe, the U.K. and Asia. In sync with this, in January 2025, in order to expand its business in private credit, private equity and other asset classes, and better serve its corporate and investor clients, Goldman unveiled several initiatives. The company is establishing the Capital Solutions Group to expand and integrate its full range of financing, origination, structuring and risk management solution operations in the Global Banking & Markets business. To ensure the finest comprehension and implementation of investment sourcing and investing capability, the company will also grow its Asset & Wealth Management unit alternatives investment team. Goldman's efforts to diversify its business mix towards more recurring revenues and durable earnings have led to various strategic acquisitions over the years. In 2022, the company acquired NN Investment and robo-advisor NextCapital. These moves are aimed at bolstering international presence as well as wealth and asset management capabilities. These and other past acquisitions continue to help diversify the fee-revenue base and offer top-line stability for the company. Shares of Goldman have outperformed the industry in the past year. The company's earnings estimate for 2025 has revised upward over the past month. Given this, the stock has decent upside potential in the near term. Goldman's shares are up 10.4% in the past six-month period and 45% over the trailing 12-month period. Stocks in the sub-industry and those in the Finance sector are up 12.2% and 4% over the past six months, respectively. Over the past year, the sub-industry is up 25.1% while the sector is up 18.2%. The S&P 500 Index is down 0.4% in the past six months and 10.9% in the past year. The stock is currently trading at 11.53X forward 12-months earnings, which compares to 12.24X for the sub-industry, 16.35X for the sector, and 20.68X for the S&P 500 Index. Given the current market volatility driven by an evolving macroeconomic backdrop, geopolitical concerns, and inflation, Goldman might see limited market-making opportunities in the Global Banking and Markets division. The segment's revenues witnessed a decline in 2022 and 2023 due to an increasingly challenging market-making backdrop. The segment's revenues increased in 2024, driven by record net revenues in Equities and strong performances in Investment banking fees and FICC. However, the future performance of this volatility-driven division depends on market developments and client volumes, which remain uncertain. Goldman's bottom-line growth has been affected in the past few years by its escalating cost base. Expenses saw a three-year (2020-2024) compound annual growth rate (CAGR) of 3.1% due to higher technology costs. Goldman's ongoing investments in technology and market development for business expansion are expected to keep costs elevated in the near term. Additionally, a rise in transaction-based expenses during periods of higher client activity will likely contribute to further expansion of its cost base. Goldman is a geographically diversified company with a presence in almost all the major markets in the world. The company has high dependence on overseas revenues as reflected in the last few years. Several risks stemming from the regulatory and political environment, foreign exchange fluctuations, and the performance of regional economies may hurt its top line. Amid escalating geopolitical concerns and to meet its legal and regulatory obligations, the company has significantly reduced exposure to Russia. Goldman's trailing 12-month return on equity (ROE) undercuts its growth potential. The company's ROE of 13.30% compares unfavorably with 17.10% of the S&P 500. This reflects that the company is less efficient in using shareholders' funds. Over the past few months, Gurus have offloaded GS stock from their portfolios. Each Guru has their respective investment objective based on the overall status quo of their portfolio. However, it seems like Gurus had better opportunities elsewhere after the US Presidential Election, which they didn't want to miss out. And this argument is further vouched by the largest shareholders of Goldman Sachs. 8 of the 10 largest institutional shareholders of the investment bank have amped up their positions as per their latest 13F filing. The largest shareholders of the company are perceiving the tightening spreads as an indication of the opportunities in the refinancing space Goldman can take leverage of. And this is why it is no surprise that the asset management arm of JP Morgan itself was the biggest buyer of Goldman in the last quarter. In 2023, Goldman completed the divestiture of its Personal Financial Management unit to Creative Planning, resulting in a gain of $349 million. In 2022, the company acquired robo-advisor, NextCapital and Dutch asset manager, NN Investment Partners from NN Group N.V. The company also closed the acquisition of GreenSky in an all-stock transaction. In 2020 and 2019, Goldman completed its purchase of Folio Financial and United Capital, respectively. Over the past five years, the stock has traded as high as 17.28X and as low as 5.49X, with a 5-year median of 10.10X. My neutral recommendation indicates that the stock will perform in line with the broader market. My $579 price target reflects 12.11X forward earnings. This article first appeared on GuruFocus. Sign in to access your portfolio
