Euronext - 2020 Universal Registration Document
2022 FINANCIAL TARGETS REFLECTING EURONEXT GROWTH AMBITIONS AND ACHIEVED TWO YEARS IN ADVANCE
2018
2022e TARGETS
2020
VS. PROFORMA
€ 795 m to € 826 m +2 to 3 % CAGR 2018PF-2022e
COMPARABLE PERIMETER
PROFORMA
€ 831 m
€ 734 m
Revenue
57.0 % PROFORMA
60.5 %
≥ 60%
EBITDA margin
50 % of Reported Net Income
50 % of Reported Net Income
50% of Reported Net Income Current
Dividend Policy
Proforma / comparable perimeter excludes Nord Pool, Ticker, 3Sens and VP Securities.
Significant diversification and change of perimeter since October 2019, with Nord Pool and VP Securities acquisitions in 2020.
Borsa Italiana group contemplated transformational transaction expected to be completed in H1 2021.
Euronext no longer intends to pursue its 2022 guidance which is withdrawn. Euronext will provide the market with new 2024 guidance reflecting the extended perimeter during the fourth quarter of 2021. As a result, investors should disregard the ‘Let’s Grow Together 2022’ financial targets.
EXECUTING DISCIPLINED AND VALUE ACCRETIVE M&A
Develop new growth and diversification initiatives 2 Investor services New asset classes Post trade solutions Take recent successes to the next level 1 Corporate Services FX stack Index & data franchise
Rigorous capital allocation policy
Investment criteria:
ROCE > WACC in year 3 to 5
Optimised leverage with credit floor rating ≥ Strong investment grade
Transformational deals 3 Expansion of the federal model
Diversification of the revenue base
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2020 UNIVERSAL REGISTRATION DOCUMENT
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