- Euronext recently completed the acquisition of Borsa Italiana to create the leading pan-European stock exchange.
- Euronext's current valuation remains reasonable, even without accounting for the potential synergies with Borsa Italiana.
- I expect Euronext to provide above-market returns to shareholders in coming years, as the company continues to grow and improve its efficiency.
- Despite the debt load from the Borsa Italiana acquisition, Euronext intends to maintain its dividend policy, whereby 50% of adjusted net income is distributed.
For further details see:
Euronext: A Moated Business At A Reasonable Price