NYSE Euronext, Inc. (NYX) - Bear of the Day
09 Novembre 2012 - 1:00AM
Zacks
NYSE Euronext, Inc.'s (NYX) third quarter earnings breezed
past the Zacks Consensus Estimate but plunged year over year based
on weak volumes and pricing across trading venues, which led to a
reduced top line and lower operating margin. A low cash position
and high debt raised the concerns of rating agencies.
NYSE has a bigger debt burden compared to its prime peers, which
poses a competitive threat to the fundamental growth of the
company. Higher debt and lower working capital in the first half of
2012 also impelled ratings agency S&P to downgrade its outlook
to negative from stable, in August 2012.
Our six-month target price of $22.00 equates to about 11.7x our
earnings estimate for 2012. With an annual dividend of $1.20, this
price target implies a negative total return of 6.9% over that
period. This is consistent with our long-term Underperform
recommendation on the shares.
NYSE EURONEXT (NYX): Free Stock Analysis Report
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