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 53,410 - -
Change - -14.18% 11.3% 32.46% 24.81% -3.7% - -
Enterprise Value (EV) 1 40,526 35,015 43,338 53,108 63,623 61,579 60,876 60,059
Change - -13.6% 23.77% 22.54% 19.8% -3.21% -1.14% -1.34%
P/E 29.8x 27.1x 28x 40.1x 31.4x 26.8x 24.3x 21.3x
PBR 5.53x 4.91x 3.09x 3.97x 4.53x 4.47x 4.06x 3.62x
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 9.03x 8.35x 7.7x
EV / Revenue 11.8x 9.78x 11.1x 11.3x 12.1x 10.4x 9.52x 8.66x
EV / EBITDA 21.2x 17.8x 19.9x 20.1x 20.8x 17.4x 15.7x 14.2x
EV / EBIT 22.5x 18.8x 21x 21.1x 21.8x 18.3x 16.5x 14.8x
EV / FCF 44.1x 22.5x 28.2x 30.7x 32x 24.6x 22.8x 20.1x
FCF Yield 2.27% 4.44% 3.55% 3.26% 3.13% 4.06% 4.39% 4.99%
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% 1.26% 1.41% 1.59%
EPS 2 2.35 2.26 2.08 1.93 3.09 3.562 3.929 4.494
Distribution rate 29.9% 34.5% 41.3% 48.7% 34% 33.7% 34.2% 33.9%
Net sales 1 3,420 3,582 3,895 4,683 5,249 5,912 6,396 6,936
EBITDA 1 1,912 1,966 2,182 2,646 3,063 3,546 3,876 4,218
EBIT 1 1,804 1,861 2,065 2,521 2,918 3,367 3,699 4,056
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 8,168 7,466 6,649
Reference price 2 70.00 61.35 58.14 77.31 97.13 95.55 95.55 95.55
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.($)
21.72x9.55x14.19x1.38% 87.39B
26.57x15.5x19.59x3.37% 65.72B
33.84x5.38x10.8x1.82% 59.5B
21.28x8.05x13.42x1.74% 55.5B
35.51x16.27x25.54x1.88% 19.86B
21.02x8.16x13.08x2.37% 17.44B
13.47x7.01x9.98x7.27% 14.95B
23.07x8.43x14.68x1.85% 10.12B
19.28x-4.23x-7.29x1.59% 7.91B
Average 23.97x 8.24x 12.67x 2.59% 37.6B
Weighted average by Cap. 25.11x 9.58x 14.45x 2.27%

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