NYSE Euronext (NYX) - Bear of the Day
10 Dicembre 2012 - 1:00AM
Zacks
NYSE Euronext's (NYX) third quarter earnings plunged year
over year based on weak volumes and pricing across trading venues,
which led to a reduced top line and lower operating margin.
However, while low cash position and high debt raised the concerns
of rating agencies, capital deployment remained intact.
The launch of NYPC platform, new data centers and IRS
derivatives on U.S. Liffe boost long-term revenue opportunities.
NYSE aims to further augment long-term growth strategies by
developing a clearing house in Europe, enhancing technology and
risk-management services and global expansion, among others. But
these initiatives carry an initial cost and regulation burden.
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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