Morningstar

London Stock Exchange Group Has In-Line Results

We believe LSEG offers the greatest value while also edging out its peers in competitive positioning.

""
Securities In This Article
London Stock Exchange Group PLC
(LSEG)

We maintain our GBX 9,800 per-share fair value estimate for wide-moat London Stock Exchange Group LSEG after a set of in-line results. Total income excluding recoveries came in at GBP 7,428 million, matching consensus estimates of GBP 7,402 million as collected by the exchange group prior to the release. Alongside a solid underlying performance supported by the weaker British pound working in LSEG’s favor; confident guidance for 2023, further synergy achievements from the Refinitiv acquisition, and higher shareholder distributions were noteworthy. While all three exchange groups we cover trade at a discount currently, we believe LSEG offers the greatest value while also edging out its peers in competitive positioning as well as organic growth opportunities.

The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar’s editorial policies.

More in Stocks

10 Top-Performing Dividend Stocks of Q3 2024

IBM and Entergy are among the quarter’s high-yielding winners.
Bella Albrecht

33 Undervalued Stocks

Here’s the new list of Morningstar’s top underpriced analyst picks to buy for the fourth quarter of 2024.
Susan Dziubinski

Communication Services: Cable’s Broadband Dominance Isn’t as Strong as It Once Was

Our favorite stocks in this sector include Comcast, Disney, and Alphabet.
Michael Hodel, CFA

About the Author

Niklas Kammer, CFA

Equity Analyst
More from Author

Niklas Kammer, CFA is an equity analyst, Europe, for Morningstar*. He covers European financials. His coverage includes Nordic and UK banks, payment services providers, other fintechs and exchange groups.

Before joining Morningstar in 2016, Kammer interned on the equity research team at Rabobank Netherlands and in the corporate finance department at Kempen & Co. At Morningstar, he worked as an associate equity analyst covering the oil and gas sector before moving into his current role as an equity analyst covering financials.

Kammer holds a bachelor’s degree in economics and business from University of Amsterdam and a master’s degree in finance and investments from the Rotterdam School of Management. He is also a CFA charterholder.

* Morningstar Holland BV (“Morningstar”) is a wholly owned subsidiary of Morningstar, Inc

Sponsor Center