London Stock Exchange Group plc (LSEG.L) analysis

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Health is not a bank's health: clearing collateral is not free capital. Quality separates the data subscription from the clearing commission. Growth follows seats and swap volume, not a concession. P/E is read against a year of heavy derivatives, not a flat year. Shareholder return is the dividend, checked against cash. Do not read it as a closed toll.

The P/E of a year of many swaps is not normal earnings. EV/EBITDA is read without treating customer margin as LSEG's debt. Do not use Bloomberg's multiple, which does not trade, or CME's as if the future and the swap were the same contract. A dash if LSEG.L is missing.

Limits of this report

Not advice on LSEG. Vaultflake does not split data, the exchange and clearing and does not treat clearing as captive. This is not a monopoly. Read the filings. A past dividend is not a right. The table is a snapshot, not a target price.

Questions from this report