{"id":1566,"date":"2025-10-01T03:40:14","date_gmt":"2025-10-01T03:40:14","guid":{"rendered":"https:\/\/toposuranos.com\/InvestorInsight\/?p=1566"},"modified":"2025-10-01T03:49:46","modified_gmt":"2025-10-01T03:49:46","slug":"lseg-l-resultats-asv-alliance-avec-microsoft-et-avantage-fiscal-sur-les-dividendes","status":"publish","type":"post","link":"https:\/\/toposuranos.com\/InvestorInsight\/fr\/2025\/10\/01\/lseg-l-resultats-asv-alliance-avec-microsoft-et-avantage-fiscal-sur-les-dividendes\/","title":{"rendered":"$LSEG.L : R\u00e9sultats, ASV, alliance avec Microsoft et avantage fiscal sur les dividendes"},"content":{"rendered":"\r\n<h1 class=\"wp-block-heading\">$LSEG.L : R\u00e9sultats, ASV, alliance avec Microsoft et avantage fiscal sur les dividendes<\/h1>\r\n\r\n\r\n\r\n<p><strong>London Stock Exchange Group ($LSEG.L)<\/strong> est aujourd\u2019hui bien plus qu\u2019un march\u00e9 boursier : c\u2019est une plateforme mondiale de <em>donn\u00e9es, indices et analytique<\/em> qui dessert banques, gestionnaires d\u2019actifs et \u00e9metteurs dans plus de 170 pays. En 2025, l\u2019action a souffert de gros titres sur le ralentissement de la croissance de l\u2019<em>Annual Subscription Value<\/em> (ASV), malgr\u00e9 un <strong>r\u00e9sultat interm\u00e9diaire en hausse<\/strong> et une activit\u00e9 g\u00e9n\u00e9rant des <strong>revenus positifs<\/strong> m\u00eame dans des environnements volatils. Ce d\u00e9calage entre narration et fondamentaux ouvre une <strong>opportunit\u00e9 d\u2019investissement<\/strong> pour ceux qui regardent le long terme.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">Pourquoi maintenant ?<\/h2>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li><strong>R\u00e9sultats en progression<\/strong> (r\u00e9sultat interm\u00e9diaire en hausse ; revenus positifs malgr\u00e9 la volatilit\u00e9), face \u00e0 un \u201cbruit\u201d conjoncturel sur l\u2019ASV. <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 vers les workflows et l\u2019usage<\/strong> (plus de valeur par client, moins de d\u00e9pendance aux \u201cpostes\u201d fixes) confirm\u00e9e par la direction. <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>Catalyseur technologique<\/strong> : partenariat de 10 ans avec Microsoft pour co-d\u00e9velopper des donn\u00e9es et de l\u2019analytique dans Azure et renforcer 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>Soutien du sell-side<\/strong> : RBC maintient la note <em>Outperform<\/em> et inclut LSEG dans sa liste globale, qualifiant la r\u00e9action du march\u00e9 d\u2019\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>Avantage fiscal<\/strong> pour les investisseurs \u00e9trangers : <em>pas de retenue \u00e0 la source<\/em> sur les dividendes des soci\u00e9t\u00e9s britanniques, ce qui am\u00e9liore la <em>rentabilit\u00e9 nette<\/em>. <a href=\"https:\/\/www.pinsentmasons.com\/out-law\/guides\/corporation-tax-in-the-uk\" target=\"_blank\" rel=\"nofollow noopener\">Pinsent Masons (s. f.)<\/a><\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">1) L\u2019opportunit\u00e9 : un prix sanctionn\u00e9 par du \u201cbruit\u201d, pas par une faiblesse structurelle<\/h2>\r\n\r\n\r\n\r\n<p>Apr\u00e8s les r\u00e9sultats interm\u00e9diaires, de nombreux gros titres se sont concentr\u00e9s sur la <strong>mod\u00e9ration de l\u2019ASV<\/strong>, \u00e9clipsant la <strong>hausse du b\u00e9n\u00e9fice<\/strong>. Ce biais m\u00e9diatique a pes\u00e9 sur le multiple alors que l\u2019entreprise d\u00e9montrait sa capacit\u00e9 \u00e0 g\u00e9n\u00e9rer des revenus lors d\u2019un trimestre difficile. Pour l\u2019investisseur fondamental, le <em>set-up<\/em> est clair : <strong>distinguer le bruit du signal<\/strong> et exploiter la dislocation.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">2) Ce qui change \u201csous le capot\u201d : des licences aux workflows<\/h2>\r\n\r\n\r\n\r\n<p>La direction a \u00e9t\u00e9 explicite lors de l\u2019appel : l\u2019accent est mis sur les <strong>workflows int\u00e9gr\u00e9s<\/strong>, l\u2019<strong>usage<\/strong> et le <strong>packaging<\/strong> des donn\u00e9es\/analyses, plut\u00f4t que sur la vente de \u201cpostes\u201d isol\u00e9s. La <strong>migration d\u2019Eikon vers Workspace<\/strong> et l\u2019int\u00e9gration des produits augmentent la valeur par client et renforcent le co\u00fbt de changement (<em>stickiness<\/em>). Ce d\u00e9tail est crucial : l\u2019ASV peut \u201cs\u2019assouplir\u201d temporairement tandis que le mix se reconfigure vers des contrats de meilleure qualit\u00e9. <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) Catalyseurs \u00e0 6\u201318 mois : technologie, mon\u00e9tisation et sentiment<\/h2>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li><strong>Partenariat avec Microsoft<\/strong> : co-d\u00e9veloppement de solutions sur <strong>Azure<\/strong>, int\u00e9gration avec <strong>Microsoft 365<\/strong> et \u00e9volution de <strong>Workspace<\/strong>. Attente de plus de fonctionnalit\u00e9s d\u2019IA appliqu\u00e9e pour les professionnels (pas d\u2019IA g\u00e9n\u00e9rique), acc\u00e9l\u00e9rant la mon\u00e9tisation par client. <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>Normalisation du r\u00e9cit<\/strong> : \u00e0 mesure que le march\u00e9 constatera que les marges et b\u00e9n\u00e9fices progressent et que l\u2019ASV cesse de dominer la conversation, le multiple pourra se <em>re-rater<\/em>.<\/li>\r\n<li><strong>Leviers prix\/mix<\/strong> dans les donn\u00e9es, indices (<strong>FTSE Russell<\/strong>), risque et <em>feeds<\/em> ; piliers que RBC souligne en maintenant sa recommandation <em>Outperform<\/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\">RBC (2025)<\/a><\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">4) Avantage fiscal qui ajoute de \u201cl\u2019alpha\u201d au dividende<\/h2>\r\n\r\n\r\n\r\n<p>Pour les investisseurs non-r\u00e9sidents, le Royaume-Uni offre un avantage peu discut\u00e9 : <strong>aucune retenue \u00e0 la source<\/strong> sur les dividendes vers\u00e9s par les soci\u00e9t\u00e9s britanniques (sauf cas sp\u00e9cifiques). Cet atout augmente la <strong>rentabilit\u00e9 effective<\/strong> par rapport aux march\u00e9s o\u00f9 la retenue peut atteindre 15\u201330 %. Pour les strat\u00e9gies \u201ccroissance + dividende\u201d, Londres est un alli\u00e9 silencieux. <a href=\"https:\/\/www.pinsentmasons.com\/out-law\/guides\/corporation-tax-in-the-uk\" target=\"_blank\" rel=\"nofollow noopener\">Pinsent Masons (s. f.)<\/a><\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">5) \u00c9chelle, mix et foss\u00e9 concurrentiel<\/h2>\r\n\r\n\r\n\r\n<p>LSEG dessert environ <strong>44 000 clients<\/strong> avec ~<strong>26 000 employ\u00e9s<\/strong> dans plus de 170 pays, combinant <strong>donn\u00e9es + indices + ex\u00e9cution\/post-trade<\/strong>. Ce mix est difficile \u00e0 reproduire pour les acteurs \u201cdonn\u00e9es seules\u201d et renforce son foss\u00e9 en termes de r\u00e9silience des marges, r\u00e9currence et expansion des <em>cas d\u2019usage<\/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 et construction de portefeuille<\/h2>\r\n\r\n\r\n\r\n<p>Dans la couche donn\u00e9es\/indices\/infrastructures, les comparables \u00e9vidents sont <strong>$SPGI<\/strong>, <strong>$MSCI<\/strong>, <strong>$ICE<\/strong> et <strong>$NDAQ<\/strong>. LSEG s\u2019appuie sur une offre int\u00e9gr\u00e9e et sur son bras indices (<em>FTSE Russell<\/em>) pour capter prix\/mix. Pour une approche \u201cnoyau + satellites\u201d, LSEG peut servir de noyau europ\u00e9en en donn\u00e9es, compl\u00e9t\u00e9 par ces pairs am\u00e9ricains.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">7) Risques \u00e0 surveiller<\/h2>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li><strong>M\u00e9trique commerciale (ASV) :<\/strong> des phases de mod\u00e9ration peuvent continuer de peser sur le multiple \u00e0 court terme, m\u00eame si le b\u00e9n\u00e9fice progresse.<\/li>\r\n<li><strong>Ex\u00e9cution technologique :<\/strong> capitaliser sur le partenariat avec Microsoft (Workspace, Azure, IA appliqu\u00e9e) est essentiel pour mat\u00e9rialiser le \u201cplus de valeur par 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>Concurrence :<\/strong> r\u00e9ponse des pairs et avanc\u00e9e de l\u2019IA g\u00e9n\u00e9rique ; le foss\u00e9 de LSEG repose sur des donn\u00e9es propri\u00e9taires, des <em>feeds<\/em> basse latence et des workflows int\u00e9gr\u00e9s. <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 contre bruit<\/h2>\r\n\r\n\r\n\r\n<p>La photographie de 2025 montre une entreprise avec un <strong>b\u00e9n\u00e9fice en hausse<\/strong>, des <strong>revenus r\u00e9silients<\/strong>, un virage affirm\u00e9 vers des <strong>workflows bas\u00e9s sur l\u2019usage<\/strong> et un <strong>catalyseur technologique<\/strong> diff\u00e9rentiel (Microsoft). Le march\u00e9 a sanctionn\u00e9 le \u201cbruit ASV\u201d, cr\u00e9ant un point d\u2019entr\u00e9e pour ceux qui investissent avec horizon. En ajoutant l\u2019\u201calpha\u201d fiscal des dividendes nets \u00e0 Londres, la th\u00e8se de <strong>normalisation du multiple<\/strong> prend de l\u2019ampleur \u00e0 6\u201318 mois.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">R\u00e9f\u00e9rences<\/h2>\r\n\r\n\r\n\r\n<p><em><strong>Avertissement :<\/strong><\/em> Ce contenu est informatif et ne constitue pas un conseil financier. Tenez compte de votre situation personnelle et effectuez vos propres recherches avant d\u2019investir.<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>$LSEG.L : R\u00e9sultats, ASV, alliance avec Microsoft et avantage fiscal sur les dividendes London Stock Exchange Group ($LSEG.L) est aujourd\u2019hui bien plus qu\u2019un march\u00e9 boursier : c\u2019est une plateforme mondiale de donn\u00e9es, indices et analytique qui dessert banques, gestionnaires d\u2019actifs et \u00e9metteurs dans plus de 170 pays. En 2025, l\u2019action a souffert de gros titres [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1544,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-container-style":"default","site-container-layout":"default","site-sidebar-layout":"default","disable-article-header":"default","disable-site-header":"default","disable-site-footer":"default","disable-content-area-spacing":"default","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-1566","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized-fr"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>$LSEG.L : R\u00e9sultats, ASV, alliance avec Microsoft et avantage fiscal sur les dividendes - Investor Insight<\/title>\n<meta name=\"description\" content=\"D\u00e9couvrez pourquoi $LSEG.L (London Stock Exchange Group) pourrait \u00eatre sous-\u00e9valu\u00e9e en 2025 : b\u00e9n\u00e9fices en hausse, alliance avec Microsoft, activit\u00e9 mondiale de donn\u00e9es financi\u00e8res et dividendes sans retenue \u00e0 la source au Royaume-Uni. 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