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 5,779 - -
Change - -32.88% 5.76% -23.22% -20.95% -14.22% - -
Enterprise Value (EV) 1 15,082 10,015 10,604 7,931 6,389 5,491 5,408 5,313
Change - -33.6% 5.88% -25.21% -19.45% -14.06% -1.52% -1.74%
P/E 60.7x 41.9x 42.8x 31x 27.3x 20.5x 18.7x 17.2x
PBR 15x 9.71x 8.58x 6.13x 5.89x 4.38x 3.96x 3.51x
PEG - -23.64x 14.23x 4.94x -3.11x 1x 1.98x 1.96x
Capitalization / Revenue 22.4x 14.6x 14.8x 10.4x 7.96x 6.47x 6.05x 5.65x
EV / Revenue 21.6x 13.9x 14.1x 9.71x 7.55x 6.14x 5.66x 5.19x
EV / EBITDA 38.9x 25x 27.7x 19.3x 15.2x 12.5x 11.5x 10.5x
EV / EBIT 44.7x 30.6x 33.7x 23.3x 18.4x 15.1x 13.8x 12.5x
EV / FCF 50.8x 42.2x 37.7x 24.1x 19.7x 17.9x 16.2x 14.9x
FCF Yield 1.97% 2.37% 2.65% 4.14% 5.07% 5.6% 6.19% 6.69%
Dividend per Share 2 2.64 2.8 2.88 2.96 3.04 3.124 3.217 3.471
Rate of return 0.64% 1% 0.98% 1.31% 1.68% 1.92% 1.98% 2.13%
EPS 2 6.77 6.65 6.85 7.28 6.64 7.938 8.686 9.449
Distribution rate 39% 42.1% 42% 40.7% 45.8% 39.4% 37% 36.7%
Net sales 1 699 718.3 752.5 817.1 846.3 893.9 954.8 1,023
EBITDA 1 388.2 400.4 382.8 409.9 420.8 439.6 471.7 507
EBIT 1 337.2 326.9 315 340.9 347.4 362.7 390.7 425
Net income 1 257.9 250.2 258.1 274.2 246.6 279.8 302.6 324.4
Net Debt 1 -556.9 -481.7 -496.4 -591.6 -348.5 -288.7 -371.9 -465.9
Reference price 2 411.27 278.89 292.85 226.04 181.25 162.62 162.62 162.62
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.($)
20.46x6.13x12.47x1.92% 5.77B
20.81x9.3x13.84x1.41% 84.12B
26.95x15.77x19.89x3.32% 66.81B
27.17x5.16x10.36x1.94% 56.53B
21.48x8.12x13.55x1.74% 56B
26.54x10.32x17.21x1.27% 52.86B
35.48x16.25x25.51x1.88% 20.03B
21.53x8.46x13.44x2.28% 18.87B
23.39x8.49x15.24x1.89% 10.35B
19.62x-4.03x-7x1.58% 8.2B
Average 24.34x 8.40x 13.45x 1.93% 37.95B
Weighted average by Cap. 24.58x 9.76x 14.98x 1.95%

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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