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 54,528 - -
Change - -14.18% 11.3% 32.46% 24.81% -1.68% - -
Enterprise Value (EV) 1 40,526 35,015 43,338 53,108 63,623 62,700 61,995 61,172
Change - -13.6% 23.77% 22.54% 19.8% -1.45% -1.12% -1.33%
P/E 29.8x 27.1x 28x 40.1x 31.4x 27.4x 24.8x 21.7x
PBR 5.53x 4.91x 3.09x 3.97x 4.53x 4.57x 4.14x 3.69x
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 9.22x 8.52x 7.86x
EV / Revenue 11.8x 9.78x 11.1x 11.3x 12.1x 10.6x 9.69x 8.82x
EV / EBITDA 21.2x 17.8x 19.9x 20.1x 20.8x 17.7x 16x 14.5x
EV / EBIT 22.5x 18.8x 21x 21.1x 21.8x 18.6x 16.8x 15.1x
EV / FCF 44.1x 22.5x 28.2x 30.7x 32x 25x 23.2x 20.4x
FCF Yield 2.27% 4.44% 3.55% 3.26% 3.13% 3.99% 4.31% 4.9%
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% 1.23% 1.38% 1.56%
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 97.55 97.55 97.55
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.($)
21.84x9.63x14.32x1.35% 88.27B
25.67x15.53x19.14x3.49% 66.84B
22.1x8.31x13.85x1.69% 58.41B
27.45x5.12x10.21x1.95% 56.2B
27.06x10.49x17.5x1.25% 53.86B
31.87x15.18x23.35x1.97% 21.13B
21.69x8.48x13.44x2.31% 19.03B
11.72x6.38x9.05x7.88% 13.93B
23.4x8.49x14.73x1.87% 10.51B
Average 23.64x 9.74x 15.07x 2.64% 43.13B
Weighted average by Cap. 24.29x 10.01x 15.20x 2.17%

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