Leonard the Monkey

Eye on NYSE-Euronext: The World's Stock Exchange

Thank you,

The eps growth rates I used were analyst estimates on average over the next 5 years not including the cost saving synergies as they are not factored into the current eps numbers. You make a good point that with the synergies factored in the EPS growth is very impressive. However if you believe as some analysts do that they will not be able to continue growing their bottom line by more then 18% then the stock range is about 50 to 75 with the synergies factored in for this year.

What makes this story so interesting is that there is so much uncertainty surrounding how NYX will continue to maintain a high growth rate going forward. There are also questions about how long it will take for the cost saving synergies to really take hold.

I don't think your doing anything wrong. If you believe in the story and the successful expansion of NYX then the stock is undervalued.