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 54,903 - -
Change - -14.18% 11.3% 32.46% 24.81% -1.01% - -
Enterprise Value (EV) 1 40,526 35,015 43,338 53,108 63,623 63,074 62,369 61,547
Change - -13.6% 23.77% 22.54% 19.8% -0.86% -1.12% -1.32%
P/E 29.8x 27.1x 28x 40.1x 31.4x 27.6x 25x 21.8x
PBR 5.53x 4.91x 3.09x 3.97x 4.53x 4.6x 4.17x 3.72x
PEG - -7.08x -3.52x -5.56x 0.5x 1.8x 2.4x 1.5x
Capitalization / Revenue 10.3x 8.41x 8.61x 9.49x 10.6x 9.29x 8.58x 7.91x
EV / Revenue 11.8x 9.78x 11.1x 11.3x 12.1x 10.7x 9.75x 8.87x
EV / EBITDA 21.2x 17.8x 19.9x 20.1x 20.8x 17.8x 16.1x 14.6x
EV / EBIT 22.5x 18.8x 21x 21.1x 21.8x 18.7x 16.9x 15.2x
EV / FCF 44.1x 22.5x 28.2x 30.7x 32x 25.2x 23.4x 20.6x
FCF Yield 2.27% 4.44% 3.55% 3.26% 3.13% 3.97% 4.28% 4.87%
Dividend per Share 2 0.7033 0.78 0.86 0.94 1.05 1.202 1.345 1.522
Rate of return 1% 1.27% 1.48% 1.22% 1.08% 1.22% 1.37% 1.55%
EPS 2 2.35 2.26 2.08 1.93 3.09 3.56 3.932 4.499
Distribution rate 29.9% 34.5% 41.3% 48.7% 34% 33.8% 34.2% 33.8%
Net sales 1 3,420 3,582 3,895 4,683 5,249 5,911 6,398 6,939
EBITDA 1 1,912 1,966 2,182 2,646 3,063 3,545 3,878 4,220
EBIT 1 1,804 1,861 2,065 2,521 2,918 3,367 3,700 4,059
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 8,171 7,466 6,644
Reference price 2 70.00 61.35 58.14 77.31 97.13 98.22 98.22 98.22
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.($)
22.03x9.7x14.43x1.34% 89.04B
26.02x15.41x19.26x3.44% 67.34B
22.24x8.36x13.93x1.68% 58.87B
27.52x5.13x10.23x1.95% 56.5B
27.4x10.61x17.68x1.23% 54.53B
31.56x15.02x23.1x1.99% 20.93B
21.85x8.54x13.53x2.29% 19.2B
11.65x6.34x9x7.93% 13.83B
23.18x8.42x14.61x1.89% 10.44B
Average 23.72x 9.73x 15.09x 2.64% 43.41B
Weighted average by Cap. 24.46x 10.02x 15.27x 2.15%

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