Financials Nasdaq, Inc.

Equities

NDAQ

US6311031081

Financial & Commodity Market Operators

Market Closed - Nasdaq Other stock markets 04:00:00 2024-04-26 pm EDT			5-day change	1st Jan Change
60.12 ^USD	-0.28%		-0.38%	+3.41%

Apr. 26	Nasdaq, Inc Receives a Shareholder Proposal from Kenneth Steiner	CI
Apr. 26	Jefferies Adjusts Price Target on Nasdaq to $58 From $59	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	17,555	21,774	35,118	30,140	33,545	34,858	-	-
Enterprise Value (EV) ¹	20,610	24,570	40,526	35,015	43,338	45,977	43,405	42,537
P/E ratio	23.1 x	23.7 x	29.8 x	27.1 x	28 x	30.1 x	25.4 x	21.3 x
Yield	1.73%	1.46%	1%	1.27%	1.48%	1.54%	1.69%	1.94%
Capitalization / Revenue	6.93 x	7.5 x	10.3 x	8.41 x	8.61 x	7.53 x	7.04 x	6.51 x
EV / Revenue	8.13 x	8.46 x	11.8 x	9.78 x	11.1 x	9.93 x	8.77 x	7.95 x
EV / EBITDA	15.5 x	15.5 x	21.2 x	17.8 x	19.9 x	17.9 x	15.5 x	13.8 x
EV / FCF	24.7 x	23.1 x	44.1 x	22.5 x	28.2 x	26.9 x	23.3 x	21.2 x
FCF Yield	4.06%	4.33%	2.27%	4.44%	3.55%	3.71%	4.29%	4.72%
Price to Book	3.17 x	3.45 x	5.53 x	4.91 x	3.09 x	2.82 x	2.71 x	2.51 x
Nbr of stocks (in thousands)	491,745	492,113	501,666	491,280	576,965	579,802	-	-
Reference price ²	35.70	44.25	70.00	61.35	58.14	60.12	60.12	60.12
Announcement Date	1/29/20	1/27/21	1/26/22	1/25/23	1/31/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,535	2,903	3,420	3,582	3,895	4,629	4,950	5,351
EBITDA ¹	1,329	1,588	1,912	1,966	2,182	2,574	2,797	3,085
EBIT ¹	1,240	1,489	1,804	1,861	2,065	2,454	2,678	2,966
Operating Margin	48.92%	51.29%	52.75%	51.95%	53.02%	53.02%	54.1%	55.42%
Earnings before Tax (EBT) ¹	1,019	1,212	1,534	1,475	1,401	1,377	1,783	2,148
Net income ¹	774	933	1,187	1,125	1,059	1,147	1,341	1,580
Net margin	30.53%	32.14%	34.71%	31.41%	27.19%	24.78%	27.09%	29.52%
EPS ²	1.543	1.863	2.350	2.260	2.080	1.995	2.368	2.818
Free Cash Flow ¹	836	1,064	920	1,554	1,538	1,708	1,861	2,008
FCF margin	32.98%	36.65%	26.9%	43.38%	39.49%	36.89%	37.6%	37.52%
FCF Conversion (EBITDA)	62.9%	67%	48.12%	79.04%	70.49%	66.35%	66.56%	65.07%
FCF Conversion (Net income)	108.01%	114.04%	77.51%	138.13%	145.23%	148.9%	138.79%	127.08%
Dividend per Share ²	0.6167	0.6467	0.7033	0.7800	0.8600	0.9270	1.018	1.164
Announcement Date	1/29/20	1/27/21	1/26/22	1/25/23	1/31/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	838	885	892	893	890	906	914	925	940	1,117	1,117	1,131	1,161	1,209	1,178
EBITDA ¹	468	477	491	506	498	471	509	512	518	643	625	636	651	684.4	660.2
EBIT ¹	441	451	464	480	473	446	478	484	491	613	593	598.5	613	646.9	633.4
Operating Margin	52.63%	50.96%	52.02%	53.75%	53.15%	49.23%	52.3%	52.32%	52.23%	54.88%	53.09%	52.92%	52.81%	53.5%	53.79%
Earnings before Tax (EBT) ¹	371	314	374	397	382	322	396	337	391	278	312	325	337	403	389
Net income ¹	288	259	284	307	294	241	302	267	294	197	234	270.4	285.2	319.9	291
Net margin	34.37%	29.27%	31.84%	34.38%	33.03%	26.6%	33.04%	28.86%	31.28%	17.64%	20.95%	23.91%	24.57%	26.45%	24.71%
EPS ²	0.5633	0.5100	0.5667	0.6167	0.5900	0.4800	0.6100	0.5400	0.6000	0.3600	0.4000	0.4678	0.4928	0.5564	0.5050
Dividend per Share ²	0.1800	0.1800	0.1800	0.2000	0.2000	0.2000	0.2000	0.2200	0.2200	0.2200	0.2267	0.2350	0.2350	0.2350	0.2300
Announcement Date	10/20/21	1/26/22	4/20/22	7/20/22	10/19/22	1/25/23	4/19/23	7/19/23	10/18/23	1/31/24	4/25/24	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,055	2,796	5,408	4,875	9,793	11,119	8,547	7,680
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.299 x	1.761 x	2.828 x	2.48 x	4.488 x	4.32 x	3.056 x	2.489 x
Free Cash Flow ¹	836	1,064	920	1,554	1,538	1,708	1,861	2,008
ROE (net income / shareholders' equity)	15.1%	17.1%	19.8%	17.9%	16.9%	13.7%	14.4%	15.5%
ROA (Net income/ Total Assets)	5.64%	5.8%	6.68%	5.49%	5.39%	3.8%	4.2%	5%
Assets ¹	13,730	16,086	17,760	20,491	19,646	30,180	31,930	31,595
Book Value Per Share ²	11.30	12.80	12.70	12.50	18.80	21.40	22.20	24.00
Cash Flow per Share	-	-	2.140	3.430	-	-	-	-
Capex ¹	127	188	163	152	158	176	182	210
Capex / Sales	5.01%	6.48%	4.77%	4.24%	4.06%	3.8%	3.67%	3.93%
Announcement Date	1/29/20	1/27/21	1/26/22	1/25/23	1/31/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Nasdaq, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

60.12 USD

Average target price

66.93 USD

Spread / Average Target

+11.33%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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