Company Valuation: MarketAxess Holdings Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 15,639 10,497 11,101 8,523 6,737 4,047 - -
Change - -32.88% 5.76% -23.22% -20.95% -39.94% - -
Enterprise Value (EV) 1 15,082 10,015 10,604 7,931 6,389 3,628 3,494 3,395
Change - -33.6% 5.88% -25.21% -19.45% -43.22% -3.69% -2.83%
P/E 60.7x 41.9x 42.8x 31x 27.3x 14.5x 13.1x 12.2x
PBR 15x 9.71x 8.58x 6.13x 5.89x 3.16x 2.83x 2.52x
PEG - -23.64x 14.23x 4.94x -3.11x 0.8x 1.2x 1.55x
Capitalization / Revenue 22.4x 14.6x 14.8x 10.4x 7.96x 4.52x 4.22x 3.94x
EV / Revenue 21.6x 13.9x 14.1x 9.71x 7.55x 4.05x 3.65x 3.31x
EV / EBITDA 38.9x 25x 27.7x 19.3x 15.2x 8.28x 7.45x 6.74x
EV / EBIT 44.7x 30.6x 33.7x 23.3x 18.4x 10.1x 9.03x 8.04x
EV / FCF 50.8x 42.2x 37.7x 24.1x 19.7x 11.8x 10.4x 9.38x
FCF Yield 1.97% 2.37% 2.65% 4.14% 5.07% 8.44% 9.6% 10.7%
Dividend per Share 2 2.64 2.8 2.88 2.96 3.04 3.12 3.256 3.498
Rate of return 0.64% 1% 0.98% 1.31% 1.68% 2.74% 2.86% 3.07%
EPS 2 6.77 6.65 6.85 7.28 6.64 7.858 8.684 9.365
Distribution rate 39% 42.1% 42% 40.7% 45.8% 39.7% 37.5% 37.4%
Net sales 1 699 718.3 752.5 817.1 846.3 895.9 958.1 1,027
EBITDA 1 388.2 400.4 382.8 409.9 420.8 438.3 469.1 503.5
EBIT 1 337.2 326.9 315 340.9 347.4 359.1 386.8 422.5
Net income 1 257.9 250.2 258.1 274.2 246.6 276.2 300.5 322.5
Net Debt 1 -556.9 -481.7 -496.4 -591.6 -348.5 -418.9 -552.7 -651.5
Reference price 2 411.27 278.89 292.85 226.04 181.25 113.86 113.86 113.86
Nbr of stocks (in thousands) 38,026 37,637 37,905 37,704 37,172 35,539 - -
Announcement Date 1/26/22 1/25/23 1/31/24 2/6/25 2/6/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
14.49x4.05x8.28x2.74% 4.05B
19.07x8.65x12.85x1.56% 76.62B
33.61x5.29x10.56x1.87% 58.21B
20.23x7.65x12.8x1.86% 51.84B
25.8x9.98x16.94x1.35% 49.81B
35.57x16.71x26.23x1.86% 20.07B
20.59x8.02x12.85x2.42% 17.16B
13.14x6.7x9.53x7.54% 15.12B
21.67x7.96x13.85x1.99% 9.44B
18.64x-4.54x-7.81x1.64% 7.76B
Average 22.28x 7.05x 11.61x 2.48% 31.01B
Weighted average by Cap. 23.94x 8.05x 13.23x 2.02%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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