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 51,772 - -
Change - -14.18% 11.3% 32.46% 24.81% -6.65% - -
Enterprise Value (EV) 1 40,526 35,015 43,338 53,108 63,623 59,802 59,036 58,334
Change - -13.6% 23.77% 22.54% 19.8% -6% -1.28% -1.19%
P/E 29.8x 27.1x 28x 40.1x 31.4x 26x 23.5x 20.6x
PBR 5.53x 4.91x 3.09x 3.97x 4.53x 4.34x 3.93x 3.51x
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 8.76x 8.09x 7.45x
EV / Revenue 11.8x 9.78x 11.1x 11.3x 12.1x 10.1x 9.22x 8.4x
EV / EBITDA 21.2x 17.8x 19.9x 20.1x 20.8x 16.9x 15.2x 13.8x
EV / EBIT 22.5x 18.8x 21x 21.1x 21.8x 17.8x 15.9x 14.4x
EV / FCF 44.1x 22.5x 28.2x 30.7x 32x 23.9x 22.1x 19.5x
FCF Yield 2.27% 4.44% 3.55% 3.26% 3.13% 4.19% 4.52% 5.13%
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% 1.3% 1.44% 1.63%
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 92.62 92.62 92.62
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.($)
21.41x9.43x14.04x1.39% 85.84B
24.2x14.59x18.23x3.68% 62.61B
22.93x8.58x14.29x1.65% 58.85B
26.22x4.92x9.8x2.04% 52B
26.03x10.12x16.87x1.3% 51.77B
28.49x13.31x20.52x2.24% 18.78B
21.72x8.48x13.27x2.31% 18.52B
13.87x7.74x11.16x6.23% 16.91B
Average 23.11x 9.65x 14.77x 2.61% 45.66B
Weighted average by Cap. 23.50x 9.71x 14.76x 2.22%

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