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1、 Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analyst under the FINRA rules.Refer to Other Important Disclosures for information on certain BofA Securities entities that take responsibility for the information herein in particular jurisdictions.BofA Securitie

2、s does and seeks to do business with issuers covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their investment d

3、ecision.Refer to important disclosures on page 18 to 21.Analyst Certification on page 16.Price Objective Basis/Risk on page 16.12890801 London Stock Exchange Group The AI panic is over Reiterate Rating:BUY|PO:11,500 GBp|Price:9,346 GBp Reiterate Buy,PO of 115 post Q325 update We reiterate our Buy ra

4、ting with a new PO of 115(from 110,ADR US$38.40 from US$36.90)after a reassuring Q325.LSEG addressed many concerns of the market:1)revenues beat by 1%across divisions driving better organic constant currency growth of 6.4%;2)ASV fell less than expected to 5.6%implying underlying acceleration ex-CS l

5、oss;3)guidance for EBITDA margin expansion of+100bps in 2025 is top of range;4)a new 1bn share buyback reflects strong free cash flow;and 5)additional disclosure on Workflows and Data&Feeds dampens AI fears.LSEG also acquired an increased revenue share in SwapClear adding a further 100bps to EBITDA

6、margin and 2-3%to EPS.Overall,we raise EPS by 4%mainly for the buyback and SwapClear.Shares rose in-line with EPS,so valuation remains depressed on 20 x 2026 PE.We see re-rating potential after falling 17%YTD as AI risks abate.LSEG trades at a 20%discount to US data comps while we continue to foreca