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    LSE   GB00B0SWJX34

LONDON STOCK EXCHANGE PLC

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LSE's income rises as row over CEO departure fades

04/24/2018 | 06:56am EDT
FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain

(Reuters) - London Stock Exchange Group (LSE) reported higher quarterly income on Tuesday, amid growing signs it is making peace with an influential activist investor after a turbulent 2017.

Hedge fund TCI led an unsuccessful campaign to oust LSE Chairman Donald Brydon last year over his handling of the departure of long-standing group CEO Xavier Rolet.

After the LSE named Goldman Sachs' veteran David Schwimmer as its new CEO earlier this month, a source close to TCI told Reuters on Tuesday the hedge fund appeared to back the new appointment.

He said a meeting had been arranged between Schwimmer and TCI, but it was not clear if it had taken place.

The LSE also said a review of how it handled Rolet's departure found its board did not act improperly, but recommended some improvements for the future, including a greater engagement between the board and shareholders.

"The things they are suggesting they will do are all good and proper things to have," said the source close to TCI. "We still think it's a good company."

The LSE said total income from continuing operations rose 13 percent to 520 million pounds in the quarter ended March 31, with total revenue up 11 percent at 470 million pounds. Growth was driven by its clearing, capital markets and FTSE Russell indexes businesses.

Schwimmer's first challenges, after he takes the helm in August, will include helping the 300-year-old LSE to navigate Britain's departure from the European Union, and leading its efforts to woo oil giant Saudi Aramco <IPO-ARMO.SE> for what is expected to be the world's largest initial public offering.

In particular, he will have to protect the LSE's stronghold in clearing euro transactions, as rival Deutsche Boerse in Frankfurt seeks to exploit uncertainty over Brexit to snatch market share.

RBC analysts said the LSE was equipped for the battle.

"The LSE would have more than 900 million pounds in balance sheet capacity for M&A or further returns to shareholders," they said. RBC has an "outperform" rating on LSE shares, which were up 0.5 percent to 42.38 pounds at 1035 GMT.

Last year, European Union regulators blocked a 29 billion euro (25.4 billion pounds) merger between the LSE and Deutsche Boerse, formally ending a deal that unravelled in the wake of the Brexit decision.

The LSE itself is widely viewed as a potential takeover target, with rivals Intercontinental Exchange and CME in the United States long seen as suitors.

CME agreed to buy NEX Group for $5.5 billion (3.95 billion pounds) last month, creating a cross-border powerhouse for investors trading in the multi-trillion dollar foreign exchange and government debt markets.

Analysts say the tie-up will allow the U.S. exchange operator to challenge the LSE's dominance in the over-the-counter clearing market.

(Reporting by Noor Zainab Hussain in Bengaluru; Additional reporting by Maiya Keidan in London; Editing by Carolyn Cohn and Mark Potter)

By Noor Zainab Hussain


ę Reuters 2018
Stocks mentioned in the article
ChangeLast1st jan.
CME GROUP INC. -1.29% 208.77 Delayed Quote.16.18%
DEUTSCHE BÖRSE AG -1.06% 140.05 Delayed Quote.0.57%
E.ON SE 0.57% 10.506 Delayed Quote.15.91%
FTSE 100 0.34% 7105.72 Delayed Quote.9.62%
INTERCONTINENTAL EXCHANGE, INC. -0.26% 119.12 Delayed Quote.3.32%
JUST GROUP PLC 0.86% 99.7 Delayed Quote.42.63%
LONDON STOCK EXCHANGE PLC -1.09% 7418 Delayed Quote.-17.67%
SAUDI ARABIAN OIL COMPANY 0.43% 35.1 End-of-day quote.0.29%
TCI CO., LTD. -0.76% 325 End-of-day quote.62.50%
THE GOLDMAN SACHS GROUP, INC. 0.57% 380.36 Delayed Quote.44.23%
WILL GROUP, INC. -0.82% 971 End-of-day quote.-3.48%
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Sales 2021 6 857 M 9 538 M 9 538 M
Net income 2021 1 389 M 1 931 M 1 931 M
Net Debt 2021 5 626 M 7 825 M 7 825 M
P/E ratio 2021 29,7x
Yield 2021 1,18%
Capitalization 41 286 M 57 369 M 57 431 M
EV / Sales 2021 6,84x
EV / Sales 2022 6,33x
Nbr of Employees 5 554
Free-Float 60,4%
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Number of Analysts 19
Last Close Price 7 416,00 GBX
Average target price 8 766,88 GBX
Spread / Average Target 18,2%
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David Adam Schwimmer Group Chief Executive Officer & Executive Director
Anna Olive Magdelene Manz Chief Financial Officer & Director
Donald Austin Robert Chairman
Anthony McCarthy Chief Information Officer
David Shalders Chief Operating & Integration Officer
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