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 51,186 - -
Change - -14.18% 11.3% 32.46% 24.81% -7.71% - -
Enterprise Value (EV) 1 40,526 35,015 43,338 53,108 63,623 59,215 58,449 57,747
Change - -13.6% 23.77% 22.54% 19.8% -6.93% -1.29% -1.2%
P/E 29.8x 27.1x 28x 40.1x 31.4x 25.7x 23.3x 20.3x
PBR 5.53x 4.91x 3.09x 3.97x 4.53x 4.29x 3.89x 3.47x
PEG - -7.08x -3.52x -5.56x 0.5x 1.7x 2.2x 1.4x
Capitalization / Revenue 10.3x 8.41x 8.61x 9.49x 10.6x 8.66x 8x 7.37x
EV / Revenue 11.8x 9.78x 11.1x 11.3x 12.1x 10x 9.13x 8.31x
EV / EBITDA 21.2x 17.8x 19.9x 20.1x 20.8x 16.7x 15.1x 13.7x
EV / EBIT 22.5x 18.8x 21x 21.1x 21.8x 17.6x 15.8x 14.2x
EV / FCF 44.1x 22.5x 28.2x 30.7x 32x 23.7x 21.9x 19.3x
FCF Yield 2.27% 4.44% 3.55% 3.26% 3.13% 4.23% 4.57% 5.19%
Dividend per Share 2 0.7033 0.78 0.86 0.94 1.05 1.202 1.338 1.51
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 3.558 3.935 4.503
Distribution rate 29.9% 34.5% 41.3% 48.7% 34% 33.8% 34% 33.5%
Net sales 1 3,420 3,582 3,895 4,683 5,249 5,911 6,400 6,946
EBITDA 1 1,912 1,966 2,182 2,646 3,063 3,545 3,879 4,222
EBIT 1 1,804 1,861 2,065 2,521 2,918 3,366 3,701 4,061
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 8,030 7,264 6,561
Reference price 2 70.00 61.35 58.14 77.31 97.13 91.57 91.57 91.57
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
22.08x9.68x14.41x1.35% 88.56B
24.76x14.95x18.45x3.53% 64.04B
22.47x8.43x14.06x1.68% 58.67B
27.3x5.09x10.15x1.96% 55.2B
25.74x10.02x16.7x1.31% 51.19B
29.04x13.59x20.95x2.2% 19.26B
21.4x8.43x13.31x2.34% 18.77B
13.43x7.66x10.93x6.51% 16.84B
23.91x8.63x14.97x1.83% 10.66B
Average 23.35x 9.61x 14.88x 2.52% 42.58B
Weighted average by Cap. 23.82x 9.77x 14.86x 2.18%

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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