Euronext (ENXTPA:ENX) Could Be 2% Undervalued After Athens Deal And Trading Update

Why Euronext’s latest trading update matters

Euronext (ENXTPA:ENX) has released its September 2026 trading volumes across equities, fixed income, and derivatives, shortly after securing a majority stake in the Athens Stock Exchange, its central securities depository, and clearing house.

The fresh data on market activity gives investors a timely look at how this wider network is being used by issuers and trading firms following the Greek integration.

Recent moves in Euronext’s stock suggest investors are leaning into this expansion story. The €163.6 share price sits on the back of a 30.25% year to date share price return and a 156.18% three year total shareholder return, pointing to momentum that has been building rather than fading as the Athens deal and rising trading activity reshape expectations around both growth potential and risk.

Scan how Euronext’s momentum compares with other high quality exchanges and market operators by reviewing the hand picked list of solid balance sheet and fundamentals (202 results) in this sector.

Euronext has already rewarded holders with strong recent gains at €163.6. The real question now is whether you lean into that momentum today or hold fire for a cheaper entry.

Most Popular Narrative: 1.6% Undervalued

Euronext’s most followed valuation narrative puts fair value at €166.24, only slightly above the latest €163.6 close. This keeps the focus firmly on whether the earnings engine can support that gap over time.

The company is capturing the momentum of digital transformation across Europe by expanding proprietary data, advanced analytics, and post-trade services, shown by continued double-digit growth in Corporate/Investor Solutions and Advanced Data Solutions. These higher-margin, recurring businesses improve Euronext's net margin mix and revenue resilience as capital markets increasingly embrace fintech solutions.

See why 18 investors see Euronext as 2% undervalued.

Result: Fair Value of €166.24 (UNDERVALUED)

Still, the Euronext narrative can come under pressure if volatility cools and transaction fees soften, or if recent acquisitions underdeliver on expected synergies and cost savings.

Find out about the key risks to this Euronext narrative.

Another view on Euronext’s valuation

The earlier fair value narrative leans on earnings forecasts and price targets. A different lens comes from today’s P/E of 23.5x versus 13.2x for the European Capital Markets group and a fair ratio of 18.1x, which hints at a richer tag that could compress if sentiment cools.

See what the numbers say about this price in our valuation breakdown with the See what the numbers say about this price — find out in our valuation breakdown..

Next Steps

If the tone of this Euronext update feels optimistic, that is because rewards have already caught investors' attention, but the clock rarely pauses while you think. To weigh those positives for yourself and stress test the thesis against your own risk tolerance, start by reviewing the 3 key rewards.

Looking for more Euronext style investment ideas?

Euronext may already sit on your watchlist, but fresh ideas often come from looking slightly off the beaten path where others have not yet focused.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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