Company Valuation: Nasdaq, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 35,118 30,140 33,545 44,435 55,461 51,476 - -
Change - -14.18% 11.3% 32.46% 24.81% -7.18% - -
Enterprise Value (EV) 1 40,526 35,015 43,338 53,108 63,623 59,186 58,101 56,774
Change - -13.6% 23.77% 22.54% 19.8% -6.97% -1.83% -2.28%
P/E 29.8x 27.1x 28x 40.1x 31.4x 25.9x 23.7x 20.9x
PBR 5.53x 4.91x 3.09x 3.97x 4.53x 4.31x 3.91x 3.49x
PEG - -7.08x -3.52x -5.56x 0.5x 1.7x 2.51x 1.6x
Capitalization / Revenue 10.3x 8.41x 8.61x 9.49x 10.6x 8.71x 8.05x 7.43x
EV / Revenue 11.8x 9.78x 11.1x 11.3x 12.1x 10x 9.09x 8.19x
EV / EBITDA 21.2x 17.8x 19.9x 20.1x 20.8x 16.7x 15x 13.5x
EV / EBIT 22.5x 18.8x 21x 21.1x 21.8x 17.6x 15.7x 14x
EV / FCF 44.1x 22.5x 28.2x 30.7x 32x 23.6x 21.8x 19x
FCF Yield 2.27% 4.44% 3.55% 3.26% 3.13% 4.23% 4.6% 5.27%
Dividend per Share 2 0.7033 0.78 0.86 0.94 1.05 1.203 1.346 1.523
Rate of return 1% 1.27% 1.48% 1.22% 1.08% 1.31% 1.46% 1.65%
EPS 2 2.35 2.26 2.08 1.93 3.09 3.549 3.884 4.402
Distribution rate 29.9% 34.5% 41.3% 48.7% 34% 33.9% 34.6% 34.6%
Net sales 1 3,420 3,582 3,895 4,683 5,249 5,912 6,395 6,931
EBITDA 1 1,912 1,966 2,182 2,646 3,063 3,548 3,877 4,204
EBIT 1 1,804 1,861 2,065 2,521 2,918 3,369 3,701 4,047
Net income 1 1,187 1,125 1,059 1,117 1,788 2,012 2,164 2,409
Net Debt 1 5,408 4,875 9,793 8,673 8,162 7,710 6,625 5,298
Reference price 2 70.00 61.35 58.14 77.31 97.13 92.09 92.09 92.09
Nbr of stocks (in thousands) 501,666 491,280 576,965 574,758 570,995 558,977 - -
Announcement Date 1/26/22 1/25/23 1/31/24 1/29/25 1/29/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
20.73x9.19x13.66x1.45% 82.58B
26x15.14x19.14x3.45% 64.31B
32.45x5.19x10.43x1.9% 57B
20.5x7.83x13.08x1.8% 52.98B
34.94x16x25.12x1.91% 19.6B
20.74x8.06x12.92x2.4% 17.21B
12.86x6.74x9.6x7.54% 15.27B
22.29x8.14x14.17x1.93% 9.77B
18.12x-4.75x-8.17x1.68% 7.47B
Average 23.18x 7.95x 12.22x 2.67% 36.24B
Weighted average by Cap. 24.25x 9.33x 14.06x 2.36%

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