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 5,724 - -
Change - -32.88% 5.76% -23.22% -20.95% -15.04% - -
Enterprise Value (EV) 1 15,082 10,015 10,604 7,931 6,389 5,435 5,352 5,258
Change - -33.6% 5.88% -25.21% -19.45% -14.92% -1.53% -1.76%
P/E 60.7x 41.9x 42.8x 31x 27.3x 20.4x 18.7x 17.3x
PBR 15x 9.71x 8.58x 6.13x 5.89x 4.37x 3.96x 3.53x
PEG - -23.64x 14.23x 4.94x -3.11x 1x 2.05x 2.04x
Capitalization / Revenue 22.4x 14.6x 14.8x 10.4x 7.96x 6.4x 5.99x 5.59x
EV / Revenue 21.6x 13.9x 14.1x 9.71x 7.55x 6.08x 5.6x 5.13x
EV / EBITDA 38.9x 25x 27.7x 19.3x 15.2x 12.3x 11.3x 10.3x
EV / EBIT 44.7x 30.6x 33.7x 23.3x 18.4x 14.9x 13.7x 12.3x
EV / FCF 50.8x 42.2x 37.7x 24.1x 19.7x 17.7x 16x 14.8x
FCF Yield 1.97% 2.37% 2.65% 4.14% 5.07% 5.66% 6.25% 6.76%
Dividend per Share 2 2.64 2.8 2.88 2.96 3.04 3.124 3.22 3.473
Rate of return 0.64% 1% 0.98% 1.31% 1.68% 1.92% 1.98% 2.14%
EPS 2 6.77 6.65 6.85 7.28 6.64 7.955 8.679 9.417
Distribution rate 39% 42.1% 42% 40.7% 45.8% 39.3% 37.1% 36.9%
Net sales 1 699 718.3 752.5 817.1 846.3 894.6 955.5 1,024
EBITDA 1 388.2 400.4 382.8 409.9 420.8 440.9 472.9 508.7
EBIT 1 337.2 326.9 315 340.9 347.4 364.8 391.7 426.6
Net income 1 257.9 250.2 258.1 274.2 246.6 280.3 302.7 324.9
Net Debt 1 -556.9 -481.7 -496.4 -591.6 -348.5 -288.7 -371.9 -465.9
Reference price 2 411.27 278.89 292.85 226.04 181.25 162.65 162.65 162.65
Nbr of stocks (in thousands) 38,026 37,637 37,905 37,704 37,172 35,193 - -
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.($)
20.44x6.08x12.33x1.92% 5.72B
22.32x9.81x14.58x1.32% 90.22B
26.48x15.7x19.62x3.38% 68.56B
22.9x8.59x14.32x1.63% 60.31B
29x5.35x10.67x1.85% 59.05B
27.7x10.71x17.85x1.22% 55.12B
32.33x15.25x23.47x1.97% 21.42B
21.98x8.58x13.61x2.28% 19.22B
13.18x7.17x10.2x7.01% 15.66B
23.98x8.66x15.01x1.83% 10.73B
Average 24.03x 9.59x 15.17x 2.44% 40.6B
Weighted average by Cap. 24.99x 10.14x 15.50x 2.1%

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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