Every month, we highlight three of the best buying opportunities from our database. This is an opinion on which stocks will most likely outperform over the next 5 years at today’s prices.

Euronext's latest quarter was another strong one, with revenue up 17%. What matters more than the headline is the mix: more than half of that revenue is now non-transactional (like data subscriptions, indices, corporate services, custody and settlement). This is the part of the business that shows up whether or not markets are busy; investors usually like that kind of predictability and reliability.

Those volumes are the obvious pushback. Exchange revenues are cyclical, and the last two years have been unusually good for anyone who makes money when institutions trade and hedge. But there's a reasonable case that the elevated baseline is closer to a new normal than a peak: interest rates are no longer pinned near zero, geopolitical tensions are a permanent new normal (or so it seems), and the market structure itself has shifted: more algorithmic and momentum-driven flow, more active ETF strategies, more reason to rebalance and hedge continuously rather than quarterly.

Meanwhile, the shares have gone nowhere for over a year, and Euronext still trades at a meaningful discount to peers like Deutsche Börse, London Stock Exchange Group, Intercontinental Exchange and CME Group.

Euronext has spent a decade consolidating a fragmented European market and has been genuinely good at it: buying smaller national exchanges, migrating them onto its own technology, and pulling out cost and scale that the standalone business could never reach. The Greek exchange ATHEX is the most recent example. Crucially, the runway isn't finished: Europe still has plenty of sub-scale venues, which means the capital being generated has somewhere productive to go.

Model assumes 11% revenue growth per year, a cash flow margin of 40%, 100 million shares outstanding at the end of the period, dividend growth of 12%, and a terminal multiple of 20x

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