Bertie Thomson of Brown Advisory presented his investment thesis on London Stock Exchange Group (UK: LSEG) at Wide-Moat Investing Summit 2023.
Thesis summary:
London Stock Exchange Group is an integrated financial market infrastructure operator that helps customers mitigate risk. The company operates in duopoly and oligopoly markets, with leading positions in data, indices, and post trade, protected by a fortress of economic moats.
LSEG’s acquisition of Refinitiv in 2021 has materially shifted the group’s economic exposure to data and analytics. Bertie believes there is potential for the company to improve the monetization of its data assets, facilitated by a strategic partnership with Microsoft, and to close the growth and margin gap with peers.
The existing equity overhang provides an opportunity for long-term investors, and Bertie sees a five-year IRR of ~20% in a realistic bull case scenario.
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About the instructor:
Bertie Thomson, CFA, is a portfolio manager within the global equity team at Brown Advisory, an independent investment management firm. Prior to joining Brown Advisory in October 2015, Bertie spent thirteen years at Aberdeen Asset Management where he was most recently a Senior Investment Manager in the pan-European equity team.
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