I’m ecstatic to report that this is my favorite FTSE100 economic growth has had several challenging years behind it. Why would I want it to fight? Because it finally gave me the purchasing opportunity I had been waiting for.

The company in question is London Stock Exchange Group (LSE: LSEG), which sells financial data, trading and settlement services to global investors. Its stock had been gaining ground over the years, making it high-priced and keeping me on the sidelines.

Big FTSE 100 winner

For a long time, they traded at a high price-to-earnings (P/E) ratio of around 35, which put me off. As a rule, I prefer to buy unpopular stocks in the hope that I will buy them cheaply and at a profit when sentiment changes.

I saw my moment on September 10 and finally jumped in at around £88.90 per share. London Stock Exchange Group’s share price has fallen 30% in a year, reducing its P/E ratio to around 22 times earnings.

Shortly thereafter, the stock dropped and I almost bought more, but hesitated, distracted by all the talk about a possible stock market crash. I wish I had turned down the noise as I lost the chance to average.

Strong momentum

When the group released its third-quarter results on Thursday (October 23), I didn’t know whether to congratulate or kick myself. It reported a 6.4% boost in total revenue to £2.22 billion, gross profit of 6.5% to £2.02 billion and an undoubted boost in margins.

The board also revealed a further £1 billion of share buybacks, taking the total buyback amount to £2.5 billion over 12 months, and announced a £170 million investment by a group of 11 major banks in its Post Trade Solutions division.

Shares rose 7% on the day and nearly 5% on Friday. At £97.84 I’m up a solid 10%. I buy with the long term in mind, but it’s always nice to start off mighty.

Lower P/E, but not economical

Today, the stock trades at a P/E of around 25.7. It’s not economical, but the company looks good. The “LSEG Everywhere” strategy brings results by integrating AI tools such as Microsoft365 Copilot and is expanding into higher-margin analytics and data services.

Of course there are risks. If this crash actually happened, the London Stock Exchange Group would be in the acute phase of it. Although it is implementing artificial intelligence, as always there is a danger that it may be replaced by it. It operates in a competitive industry, and competitors can potentially undercut prices. However, with solid cash generation and generous buyouts, I see great long-term potential.

Long-term thinking

So what do the experts say? Consensus broker forecasts suggest a one-year target price of around 12,280p, representing a significant upside of 25% from here. Although this is not guaranteed, it is worth striving for. Of the 19 analysts covering the stock, 16 rate it as a mighty buy and two rate it as a buy. Nobody says Sell. So I’m not the only optimist.

Stocks are not without risks, but I think they remain one FTSE 100 best long-term growth prospects. On A motley foolwe cannot buy or sell a company within two full trading days of writing about it. When I run out of this one, I plan to buy more. I just hope the price doesn’t go up.