The London Stock Exchange, at first glance, seems to be just an exchange. However, its business has undergone significant changes after the acquisition of Refinitiv. The current LSEG exchange now contributes a relatively small portion of the revenue. Instead, more of its business models involve financial data services and subscription platforms, as well as index issuance and licensing fees. The current LSEG has a business model more akin to the combination of Bloomberg and SPGI (the part related to SPGI index issuance), with extremely light assets. Additionally, LSEG is collaborating with Microsoft to integrate AI-related aspects. Looking at the valuation, the FCF yield of the current LSEG is approximately 6%, which is not very high for a company with a continuously growing FCF.