Financials London Stock Exchange plc Deutsche Boerse AG

Equities

LS4C

GB00B0SWJX34

Financial & Commodity Market Operators

Real-time Estimate Tradegate Other stock markets 03:41:21 2024-07-04 EDT			5-day change	1st Jan Change
110.5 ^EUR	+2.31%		-4.35%	+2.80%

07-02	London Stock Exchange Group, Dow Jones Sign Multi-Year News, Analytics Agreement	DJ
07-02	LSEG, Dow Jones Sign News, Analytics Partnership Deal	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	27,061	31,622	38,591	39,525	50,168	48,970	-	-
Enterprise Value (EV) ¹	27,691	31,805	44,320	45,187	56,264	55,056	53,614	51,904
P/E ratio	65.6 x	75.8 x	12 x	30.7 x	67.2 x	57.3 x	42.9 x	34.4 x
Yield	0.9%	0.83%	1.37%	1.5%	1.24%	1.35%	1.5%	1.68%
Capitalization / Revenue	11.7 x	12.9 x	5.67 x	5.1 x	5.99 x	5.61 x	5.23 x	4.87 x
EV / Revenue	12 x	13 x	6.51 x	5.84 x	6.71 x	6.31 x	5.73 x	5.17 x
EV / EBITDA	21.9 x	23.9 x	13.5 x	12.7 x	14.9 x	13.5 x	12 x	10.5 x
EV / FCF	43.1 x	42.4 x	22.8 x	25.5 x	30.3 x	26.4 x	21.8 x	18.5 x
FCF Yield	2.32%	2.36%	4.38%	3.92%	3.3%	3.79%	4.59%	5.41%
Price to Book	7.87 x	8.52 x	1.63 x	1.52 x	2.11 x	2.04 x	1.97 x	1.9 x
Nbr of stocks (in thousands)	349,169	351,046	556,873	553,881	540,950	530,096	-	-
Reference price ²	77.50	90.08	69.30	71.36	92.74	92.38	92.38	92.38
Announcement Date	2/28/20	3/5/21	3/3/22	3/2/23	2/29/24	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,314	2,444	6,811	7,743	8,379	8,723	9,361	10,046
EBITDA ¹	1,265	1,329	3,283	3,550	3,777	4,075	4,479	4,924
EBIT ¹	1,065	1,118	2,509	2,728	2,862	3,112	3,482	3,914
Operating Margin	46.02%	45.74%	36.84%	35.23%	34.16%	35.67%	37.2%	38.96%
Earnings before Tax (EBT) ¹	651	685	987	1,241	1,195	1,616	2,030	2,416
Net income ¹	417	421	3,129	1,302	761	856	1,149	1,452
Net margin	18.02%	17.23%	45.94%	16.82%	9.08%	9.81%	12.28%	14.45%
EPS ²	1.181	1.189	5.781	2.325	1.381	1.613	2.154	2.689
Free Cash Flow ¹	642	750	1,940	1,771	1,858	2,087	2,463	2,809
FCF margin	27.74%	30.69%	28.48%	22.87%	22.17%	23.93%	26.31%	27.96%
FCF Conversion (EBITDA)	50.75%	56.43%	59.09%	49.89%	49.19%	51.22%	54.98%	57.05%
FCF Conversion (Net income)	153.96%	178.15%	62%	136.02%	244.15%	243.85%	214.27%	193.52%
Dividend per Share ²	0.7000	0.7500	0.9500	1.070	1.150	1.243	1.388	1.556
Announcement Date	2/28/20	3/5/21	3/3/22	3/2/23	2/29/24	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 S1	2025 S2
Net sales ¹	1,174	1,235	1,209	3,356	1,691	3,455	1,751	1,984	3,735	4,008	2,100	2,079	4,179	2,054	2,146	4,200	2,182	1,983	4,375	2,086	2,245	4,451	2,206	4,675	4,745
EBITDA	644	674	655	1,657	-	1,626	-	756.5	1,799	1,751	-	-	1,872	-	-	1,905	-	-	2,042	-	-	2,056	-	2,222	2,246
EBIT	532	575	543	1,294	-	1,215	-	464.5	1,408	1,320	-	-	1,418	-	-	1,444	-	-	1,555	-	-	1,556	-	1,728	1,753
Operating Margin	45.32%	46.56%	44.91%	38.56%	-	35.17%	-	23.41%	37.7%	32.93%	-	-	33.93%	-	-	34.38%	-	-	35.55%	-	-	34.96%	-	36.96%	36.94%
Earnings before Tax (EBT)	288	362	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	171	226	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net margin	14.57%	18.3%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EPS	0.4860	0.6380	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	0.4990	0.2330	0.5170	-	-	-	-	-	0.3170	0.7530	-	-	0.3570	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/28/20	7/31/20	3/5/21	8/6/21	3/3/22	3/3/22	5/5/22	8/5/22	8/5/22	3/2/23	4/27/23	8/3/23	8/3/23	10/19/23	2/29/24	2/29/24	4/25/24	-	-	-	-	-	-	-	-

¹GBP in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	630	183	5,729	5,662	6,096	6,086	4,644	2,934
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.498 x	0.1377 x	1.745 x	1.595 x	1.614 x	1.494 x	1.037 x	0.5958 x
Free Cash Flow ¹	642	750	1,940	1,771	1,858	2,087	2,463	2,809
ROE (net income / shareholders' equity)	20.6%	20.5%	11.9%	7.13%	7.13%	8.06%	9.34%	10.4%
ROA (Net income/ Total Assets)	0.08%	0.05%	0.2%	0.22%	0.22%	0.17%	0.19%	0.26%
Assets ¹	491,166	842,000	1,575,529	596,700	351,664	499,098	614,659	563,788
Book Value Per Share ²	9.840	10.60	42.40	46.90	44.00	45.30	46.80	48.60
Cash Flow per Share ²	2.370	2.750	4.810	4.890	5.340	5.580	6.240	6.470
Capex ¹	195	222	662	966	1,084	1,016	948	937
Capex / Sales	8.43%	9.08%	9.72%	12.48%	12.94%	11.65%	10.12%	9.33%
Announcement Date	2/28/20	3/5/21	3/3/22	3/2/23	2/29/24	-	-	-

¹GBP in Million²GBP

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for London Stock Exchange plc

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

92.38 GBP

Average target price

106 GBP

Spread / Average Target

+14.79%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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MARKETAXESS HOLDINGS INC.	-31.36%	7.62B
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Other Financial & Commodity Market Operators