Financials Nasdaq, Inc.

Equities

NDAQ

US6311031081

Financial & Commodity Market Operators

Market Closed - Nasdaq Other stock markets 16:00:00 2024-12-09 EST			5-day change	1st Jan Change
79.70 ^USD	-1.77%		-2.39%	+37.08%

12-09	Nasdaq's Thomas Expects 'Fairly Busy' Year for IPOs in 2025	MT
12-09	Barclays Adjusts Price Target on Nasdaq to $97 From $87, Maintains Overweight Rating	MT

Projected Income Statement: Nasdaq, Inc.

income-statement-evolution-chart NASDAQ-INC

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,535	2,903	3,420	3,582	3,895	4,674	5,022	5,401
Change	-	14.52%	17.81%	4.74%	8.74%	20%	7.45%	7.56%
EBITDA ¹	1,329	1,588	1,912	1,966	2,182	2,647	2,867	3,142
Change	-	19.49%	20.4%	2.82%	10.99%	21.31%	8.3%	9.6%
EBIT ¹	1,240	1,489	1,804	1,861	2,065	2,510	2,740	3,003
Change	-	20.08%	21.16%	3.16%	10.96%	21.53%	9.19%	9.6%
Interest Paid ¹	-124	-101	-125	-129	-284	-396.6	-360.2	-340.2
Earnings before Tax (EBT) ¹	1,019	1,212	1,534	1,475	1,401	1,776	2,089	2,387
Change	-	18.94%	26.57%	-3.85%	-5.02%	26.79%	17.62%	14.27%
Net income ¹	774	933	1,187	1,125	1,059	1,095	1,404	1,633
Change	-	20.54%	27.22%	-5.22%	-5.87%	3.42%	28.19%	16.34%
Announcement Date	1/29/20	1/27/21	1/26/22	1/25/23	1/31/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	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	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3
Net sales ¹	646	701	699	715	788	851	846	838	885	892	893	890	906	914	925	940	1,117	1,117	1,159	1,146	1,217	1,213	1,254	1,255	1,305	1,299	1,339	1,342
Change	-	8.51%	-0.29%	2.29%	10.21%	7.99%	-0.59%	-0.95%	5.61%	0.79%	0.11%	-0.34%	1.8%	0.88%	1.2%	1.62%	18.83%	0%	3.76%	-1.12%	6.17%	-0.27%	3.32%	0.11%	4.01%	-0.51%	3.1%	0.21%
EBITDA ¹	333	388	396	394	409	485	482	468	477	491	506	498	471	509	512	518	643	625	651	668	691.5	680.8	714	722.8	756.5	743	785.7	790.3
Change	-	16.52%	2.06%	-0.51%	3.81%	18.58%	-0.62%	-2.9%	1.92%	2.94%	3.05%	-1.58%	-5.42%	8.07%	0.59%	1.17%	24.13%	-2.8%	4.16%	2.61%	3.52%	-1.54%	4.88%	1.23%	4.67%	-1.78%	5.74%	0.59%
EBIT ¹	311	365	372	369	382	458	454	441	451	464	480	473	446	478	484	491	613	593	620	637	658.1	650.7	681.4	686.8	717.9	711.5	750.5	753
Change	-	17.36%	1.92%	-0.81%	3.52%	19.9%	-0.87%	-2.86%	2.27%	2.88%	3.45%	-1.46%	-5.71%	7.17%	1.26%	1.45%	24.85%	-3.26%	4.55%	2.74%	3.31%	-1.12%	4.72%	0.8%	4.52%	-0.89%	5.48%	0.33%
Charge d'intérêts ¹	-28	-26	-26	-24	-24	-29	-33	-33	-31	-32	-32	-32	-33	-36	-36	-101	-111	-108	-102	-102	-95.4	-93.5	-91.5	-88.5	-87.25	-88	-87.33	-87
Earnings before Tax (EBT) ¹	252	273	316	357	267	395	454	371	314	374	397	382	322	396	337	391	278	312	341	356	472.8	492.4	529.6	520	553.6	506	567	548
Change	-	8.33%	15.75%	12.97%	-25.21%	47.94%	14.94%	-18.28%	-15.36%	19.11%	6.15%	-3.78%	-15.71%	22.98%	-14.9%	16.02%	-28.9%	12.23%	9.29%	4.4%	32.8%	4.15%	7.55%	-1.82%	6.48%	-8.61%	12.06%	-3.35%
Net income ¹	202	203	241	264	224	298	341	288	259	284	307	294	241	302	267	294	197	234	222	306	326.9	329	368	354	383	387	434	419
Change	-	0.5%	18.72%	9.54%	-15.15%	33.04%	14.43%	-15.54%	-10.07%	9.65%	8.1%	-4.23%	-18.03%	25.31%	-11.59%	10.11%	-32.99%	18.78%	-5.13%	37.84%	6.82%	0.66%	11.85%	-3.8%	8.19%	1.04%	12.14%	-3.46%
Announcement Date	1/29/20	4/22/20	7/22/20	10/21/20	1/27/21	4/21/21	7/21/21	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	7/25/24	10/24/24	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Nasdaq, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,055	2,796	5,408	4,875	9,793	9,125	8,120	6,906
Change	-	-8.48%	93.42%	-9.86%	100.88%	-6.82%	-11.01%	-14.95%
Announcement Date	1/29/20	1/27/21	1/26/22	1/25/23	1/31/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Nasdaq, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	127	188	163	152	158	178.4	187.3	198.6
Change	-	48.03%	-13.3%	-6.75%	3.95%	12.92%	4.97%	6.05%
Free Cash Flow (FCF) ¹	836	1,064	920	1,554	1,538	1,740	1,947	2,151
Change	-	27.27%	-13.53%	68.91%	-1.03%	13.16%	11.86%	10.49%
Announcement Date	1/29/20	1/27/21	1/26/22	1/25/23	1/31/24	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Nasdaq, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	52.43%	54.7%	55.91%	54.89%	56.02%	56.63%	57.08%	58.16%
EBIT Margin (%)	48.92%	51.29%	52.75%	51.95%	53.02%	53.69%	54.56%	55.6%
EBT Margin (%)	40.2%	41.75%	44.85%	41.18%	35.97%	38.01%	41.6%	44.2%
Net margin (%)	30.53%	32.14%	34.71%	31.41%	27.19%	23.43%	27.96%	30.24%
FCF margin (%)	32.98%	36.65%	26.9%	43.38%	39.49%	37.24%	38.76%	39.82%
FCF / Net Income (%)	108.01%	114.04%	77.51%	138.13%	145.23%	158.9%	138.66%	131.68%
Profitability
ROA	5.64%	5.8%	6.68%	5.49%	5.39%	5.35%	5.89%	9.36%
ROE	15.06%	17.1%	19.85%	17.93%	16.89%	14.1%	15.58%	16.64%
Financial Health
Leverage (Debt/EBITDA)	2.3x	1.76x	2.83x	2.48x	4.49x	3.45x	2.83x	2.2x
Debt / Free cash flow	3.65x	2.63x	5.88x	3.14x	6.37x	5.24x	4.17x	3.21x
Capital Intensity
CAPEX / Current Assets (%)	5.01%	6.48%	4.77%	4.24%	4.06%	3.82%	3.73%	3.68%
CAPEX / EBITDA (%)	9.56%	11.84%	8.53%	7.73%	7.24%	6.74%	6.53%	6.32%
CAPEX / FCF (%)	15.19%	17.67%	17.72%	9.78%	10.27%	10.25%	9.62%	9.23%
Items per share
Cash flow per share ¹	-	-	2.144	3.427	-	-	-	-
Change	-	-	-	59.81%	-	-	-	-
Dividend per Share ¹	0.6167	0.6467	0.7033	0.78	0.86	0.9346	1.047	1.142
Change	-	4.86%	8.76%	10.9%	10.26%	8.67%	12.02%	9.04%
Book Value Per Share ¹	11.26	12.83	12.66	12.49	18.81	19.58	20.82	22.4
Change	-	14.02%	-1.36%	-1.31%	50.54%	4.11%	6.32%	7.58%
EPS ¹	1.543	1.863	2.35	2.26	2.08	1.893	2.453	2.878
Change	-	20.73%	26.12%	-3.83%	-7.96%	-8.99%	29.56%	17.33%
Nbr of stocks (in thousands)	491,745	492,113	501,666	491,280	576,965	574,758	574,758	574,758
Announcement Date	1/29/20	1/27/21	1/26/22	1/25/23	1/31/24	-	-	-