{"id":1546,"date":"2025-10-01T03:40:15","date_gmt":"2025-10-01T03:40:15","guid":{"rendered":"https:\/\/toposuranos.com\/InvestorInsight\/?p=1546"},"modified":"2025-10-01T03:46:51","modified_gmt":"2025-10-01T03:46:51","slug":"lseg-l-results-asv-microsoft-partnership-and-tax-advantage-for-dividends","status":"publish","type":"post","link":"https:\/\/toposuranos.com\/InvestorInsight\/en\/2025\/10\/01\/lseg-l-results-asv-microsoft-partnership-and-tax-advantage-for-dividends\/","title":{"rendered":"$LSEG.L: Results, ASV, Microsoft partnership and tax advantage for dividends"},"content":{"rendered":"\r\n<h1 class=\"wp-block-heading\">$LSEG.L: Results, ASV, Microsoft partnership and tax advantage for dividends<\/h1>\r\n\r\n\r\n\r\n<p><strong>London Stock Exchange Group ($LSEG.L)<\/strong> is today much more than a stock market: it is a global platform of <em>data, indices, and analytics<\/em> serving banks, asset managers, and issuers in over 170 countries. In 2025, the stock suffered from headlines about the slowdown in <em>Annual Subscription Value<\/em> (ASV), despite <strong>interim profit growth<\/strong> and a business that delivered <strong>positive revenues<\/strong> even in volatile environments. This mismatch between narrative and fundamentals opens an <strong>investment opportunity<\/strong> for long-term investors.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">Why now?<\/h2>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li><strong>Advancing results<\/strong> (growing interim profit; positive revenues despite volatility), versus temporary ASV \u201cnoise\u201d. <a href=\"https:\/\/www.thetradenews.com\/lseg-revenue-posts-positive-results-in-face-of-market-volatility\/\" target=\"_blank\" rel=\"nofollow noopener\">The TRADE News (2025)<\/a><\/li>\r\n<li><strong>Transition to workflows and usage<\/strong> (more value per client, less dependence on \u201cseats\u201d) confirmed by management. <a href=\"https:\/\/www.lseg.com\/content\/dam\/lseg\/en_us\/documents\/investor-relations\/financial-results\/interim-results\/transcripts\/lseg-h1-2025-interim-results-transcript-31july2025.pdf\" target=\"_blank\" rel=\"nofollow noopener\">LSEG (2025a)<\/a><\/li>\r\n<li><strong>Technological catalyst<\/strong>: 10-year partnership with Microsoft to co-develop data\/analytics on Azure and enhance Workspace\/M365. <a href=\"https:\/\/www.lseg.com\/content\/dam\/lseg\/en_us\/documents\/investor-relations\/press-releases\/lseg-and-microsoft-launch-strategic-partnership-12dec2022.pdf\" target=\"_blank\" rel=\"nofollow noopener\">LSEG &amp; Microsoft (2022)<\/a><\/li>\r\n<li><strong>Sell-side support<\/strong>: RBC maintains <em>Outperform<\/em> and includes LSEG in its global list, calling the market\u2019s reaction \u201cexcessive\u201d. <a href=\"https:\/\/wiseequities.com\/pdffiles\/rbc_stockpicks_quarterly\/Top%2030%20Global%20Ideas%20for%202025%20-%20Second%20Quarter%20Update%20-%20Apr%202025.pdf\" target=\"_blank\" rel=\"nofollow noopener\">RBC (2025)<\/a><\/li>\r\n<li><strong>Tax advantage<\/strong> for foreign investors: <em>no withholding tax<\/em> on dividends from UK companies, which improves <em>net yield<\/em>. <a href=\"https:\/\/www.pinsentmasons.com\/out-law\/guides\/corporation-tax-in-the-uk\" target=\"_blank\" rel=\"nofollow noopener\">Pinsent Masons (n.d.)<\/a><\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">1) The opportunity: price punished by \u201cnoise\u201d, not by structural weakness<\/h2>\r\n\r\n\r\n\r\n<p>After interim results, many headlines focused on <strong>ASV moderation<\/strong>, overshadowing <strong>profit growth<\/strong>. That media bias pressured the multiple even though the company showed it could generate revenues in a tough quarter. For fundamental investors, the <em>set-up<\/em> is clear: <strong>separate noise from signal<\/strong> and take advantage of the dislocation.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">2) What is changing \u201cunder the hood\u201d: from licenses to workflows<\/h2>\r\n\r\n\r\n\r\n<p>Management was explicit on the call: the focus is on <strong>embedded workflows<\/strong>, <strong>usage<\/strong>, and <strong>data\/analytics packaging<\/strong>, rather than selling isolated \u201cseats\u201d. The <strong>migration from Eikon to Workspace<\/strong> and product integration expand client value and raise switching costs (stickiness). This matters: ASV may \u201csoften\u201d temporarily while the mix reconfigures toward higher-quality contracts. <a href=\"https:\/\/www.lseg.com\/content\/dam\/lseg\/en_us\/documents\/investor-relations\/financial-results\/interim-results\/transcripts\/lseg-h1-2025-interim-results-transcript-31july2025.pdf\" target=\"_blank\" rel=\"nofollow noopener\">LSEG (2025a)<\/a><\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">3) Catalysts for 6\u201318 months: technology, monetization and sentiment<\/h2>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li><strong>Partnership with Microsoft<\/strong>: co-developing solutions on <strong>Azure<\/strong>, integrating with <strong>Microsoft 365<\/strong>, and evolving <strong>Workspace<\/strong>. Expect more applied AI features for professionals (not generic AI), accelerating per-client monetization. <a href=\"https:\/\/www.lseg.com\/content\/dam\/lseg\/en_us\/documents\/investor-relations\/press-releases\/lseg-and-microsoft-launch-strategic-partnership-12dec2022.pdf\" target=\"_blank\" rel=\"nofollow noopener\">LSEG &amp; Microsoft (2022)<\/a><\/li>\r\n<li><strong>Narrative normalization<\/strong>: as the market sees margins\/profit advance and ASV fades from the spotlight, the multiple may <em>re-rate<\/em>.<\/li>\r\n<li><strong>Price\/mix levers<\/strong> in data, indices (<strong>FTSE Russell<\/strong>), risk, and <em>feeds<\/em>; pillars RBC highlights in maintaining its <em>Outperform<\/em> rating. <a href=\"https:\/\/wiseequities.com\/pdffiles\/rbc_stockpicks_quarterly\/Top%2030%20Global%20Ideas%20for%202025%20-%20Second%20Quarter%20Update%20-%20Apr%202025.pdf\" target=\"_blank\" rel=\"nofollow noopener\">RBC (2025)<\/a><\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">4) Tax advantage adding \u201calpha\u201d to dividends<\/h2>\r\n\r\n\r\n\r\n<p>For non-resident investors, the UK offers a little-discussed benefit: <strong>no withholding tax<\/strong> on dividends paid by British companies (except in specific cases). This boosts <strong>effective yield<\/strong> compared to markets where withholding can be 15\u201330%. For \u201cgrowth + dividend\u201d strategies, London is a silent ally. <a href=\"https:\/\/www.pinsentmasons.com\/out-law\/guides\/corporation-tax-in-the-uk\" target=\"_blank\" rel=\"nofollow noopener\">Pinsent Masons (n.d.)<\/a><\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">5) Scale, mix, and competitive moat<\/h2>\r\n\r\n\r\n\r\n<p>LSEG serves ~<strong>44,000 clients<\/strong> with ~<strong>26,000 employees<\/strong> in 170+ countries, combining <strong>data + indices + execution\/post-trade<\/strong>. That mix is hard to replicate for \u201cdata-only\u201d players and strengthens its moat in margin resilience, recurrence, and expanding <em>use-cases<\/em>. <a href=\"https:\/\/www.lseg.com\/content\/dam\/lseg\/en_us\/documents\/investor-relations\/introduction-to-lseg.pdf\" target=\"_blank\" rel=\"nofollow noopener\">LSEG (2025b)<\/a><\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">6) Comparables and portfolio construction<\/h2>\r\n\r\n\r\n\r\n<p>In the data\/indices\/infrastructure layer, obvious comps are <strong>$SPGI<\/strong>, <strong>$MSCI<\/strong>, <strong>$ICE<\/strong>, and <strong>$NDAQ<\/strong>. LSEG relies on its integrated offering and index arm (<em>FTSE Russell<\/em>) to capture price\/mix. For a \u201ccore + satellites\u201d approach, LSEG can serve as the European core in data, complemented by those US peers.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">7) Risks to watch<\/h2>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li><strong>Commercial metric (ASV):<\/strong> moderation phases may continue to weigh on the multiple in the short term, even if profit advances.<\/li>\r\n<li><strong>Tech execution:<\/strong> capitalizing on the Microsoft partnership (Workspace, Azure, applied AI) is key to realizing \u201cmore value per client\u201d. <a href=\"https:\/\/www.lseg.com\/content\/dam\/lseg\/en_us\/documents\/investor-relations\/press-releases\/lseg-and-microsoft-launch-strategic-partnership-12dec2022.pdf\" target=\"_blank\" rel=\"nofollow noopener\">LSEG &amp; Microsoft (2022)<\/a><\/li>\r\n<li><strong>Competition:<\/strong> peers\u2019 response and progress of generic AI; LSEG\u2019s moat depends on proprietary data, low-latency <em>feeds<\/em>, and integrated workflows. <a href=\"https:\/\/www.lseg.com\/content\/dam\/lseg\/en_us\/documents\/investor-relations\/introduction-to-lseg.pdf\" target=\"_blank\" rel=\"nofollow noopener\">LSEG (2025b)<\/a><\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">Conclusion \u2014 Signal vs. noise<\/h2>\r\n\r\n\r\n\r\n<p>The 2025 picture shows a company with <strong>rising profit<\/strong>, <strong>resilient revenues<\/strong>, a clear shift to <strong>usage-based workflows<\/strong>, and a <strong>differentiating tech catalyst<\/strong> (Microsoft). The market punished the \u201cASV noise\u201d, creating an entry point for long-term investors. Adding the dividend \u201calpha\u201d from London\u2019s net payouts, the thesis of <strong>multiple normalization<\/strong> gains traction over 6\u201318 months.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">References<\/h2>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>The TRADE News. (2025). <em>LSEG revenue posts positive results in face of market volatility<\/em>. <a href=\"https:\/\/www.thetradenews.com\/lseg-revenue-posts-positive-results-in-face-of-market-volatility\/\" target=\"_blank\" rel=\"nofollow noopener\">https:\/\/www.thetradenews.com\/&#8230;<\/a><\/li>\r\n<li>LSEG. (2025a, July 31). <em>H1 2025 Interim Results \u2014 Transcript<\/em>. <a href=\"https:\/\/www.lseg.com\/content\/dam\/lseg\/en_us\/documents\/investor-relations\/financial-results\/interim-results\/transcripts\/lseg-h1-2025-interim-results-transcript-31july2025.pdf\" target=\"_blank\" rel=\"nofollow noopener\">https:\/\/www.lseg.com\/&#8230;\/transcript-31july2025.pdf<\/a><\/li>\r\n<li>LSEG &amp; Microsoft. (2022, Dec 12). <em>LSEG and Microsoft launch strategic partnership<\/em>. <a href=\"https:\/\/www.lseg.com\/content\/dam\/lseg\/en_us\/documents\/investor-relations\/press-releases\/lseg-and-microsoft-launch-strategic-partnership-12dec2022.pdf\" target=\"_blank\" rel=\"nofollow noopener\">https:\/\/www.lseg.com\/&#8230;\/partnership-12dec2022.pdf<\/a><\/li>\r\n<li>LSEG. (2025b). <em>Introduction to LSEG<\/em>. <a href=\"https:\/\/www.lseg.com\/content\/dam\/lseg\/en_us\/documents\/investor-relations\/introduction-to-lseg.pdf\" target=\"_blank\" rel=\"nofollow noopener\">https:\/\/www.lseg.com\/&#8230;\/introduction-to-lseg.pdf<\/a><\/li>\r\n<li>RBC Capital Markets. (2025, April). <em>Top 30 Global Ideas for 2025 \u2014 Second Quarter Update<\/em>. <a href=\"https:\/\/wiseequities.com\/pdffiles\/rbc_stockpicks_quarterly\/Top%2030%20Global%20Ideas%20for%202025%20-%20Second%20Quarter%20Update%20-%20Apr%202025.pdf\" target=\"_blank\" rel=\"nofollow noopener\">https:\/\/wiseequities.com\/&#8230;\/Top30-2025-Q2.pdf<\/a><\/li>\r\n<li>Pinsent Masons. (n.d.). <em>Corporation tax in the UK<\/em> (dividends section: no withholding for non-residents). <a href=\"https:\/\/www.pinsentmasons.com\/out-law\/guides\/corporation-tax-in-the-uk\" target=\"_blank\" rel=\"nofollow noopener\">https:\/\/www.pinsentmasons.com\/&#8230;\/corporation-tax-in-the-uk<\/a><\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p><em><strong>Disclaimer:<\/strong><\/em> This content is informational and does not constitute financial advice. Consider your personal situation and conduct your own research before investing.<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>$LSEG.L: Results, ASV, Microsoft partnership and tax advantage for dividends London Stock Exchange Group ($LSEG.L) is today much more than a stock market: it is a global platform of data, indices, and analytics serving banks, asset managers, and issuers in over 170 countries. In 2025, the stock suffered from headlines about the slowdown in Annual [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1544,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-container-style":"default","site-container-layout":"default","site-sidebar-layout":"default","disable-article-header":"default","disable-site-header":"default","disable-site-footer":"default","disable-content-area-spacing":"default","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[55],"tags":[],"class_list":["post-1546","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized-en"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>$LSEG.L: Results, ASV, Microsoft partnership and tax advantage for dividends - Investor Insight<\/title>\n<meta name=\"description\" content=\"Discover why $LSEG.L (London Stock Exchange Group) could be undervalued in 2025: rising profits, Microsoft partnership, global financial data business, and dividends with no withholding tax in the UK. 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