BofA Forecasts Double-digit Topline Growth, New EUR300 Million Buyback from Euronext at Q3 Results

06:13 AM EDT, 10/09/2026 (MT Newswires) -- BofA Global Research expects Euronext (ENX.PA, ENX.AS, ENX.BR, ENXP.LS) to deliver 518 million euros in net revenue alongside a fresh share repurchase program worth 300 million euros at the bourse operator's third-quarter results scheduled for Nov. 5. "We leave EPS relatively unchanged as higher minority interest from MTS strength is offset by an assumed new buyback of EUR300m (2% of market cap), which is expected to be announced at Q326 results. Given liquidity and lack of M&A, we expect the buyback to be above last year's EUR250m. Overall, we see another quarter of double digit topline growth driven by strong markets and ENX's diversification with record volumes in MTS (fixed income) of +80% YoY and +44% QoQ, supported by cyclical and structural factors (i.e. issuance, lower costs)," according to a Thursday third-quarter preview note focused on European exchanges. The research firm models underlying operating costs of 186 million euros for the quarter, driven by ongoing investments and share-price-linked compensation. For full-year 2026, analysts project improved costs of 760 million euros, slightly below management's guidance of 770 million euros. BofA rates the stock at neutral, with a price objective of 170 euros.