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 49,496 - -
Change - -14.18% 11.3% 32.46% 24.81% -10.75% - -
Enterprise Value (EV) 1 40,526 35,015 43,338 53,108 63,623 57,610 56,866 56,016
Change - -13.6% 23.77% 22.54% 19.8% -9.45% -1.29% -1.49%
P/E 29.8x 27.1x 28x 40.1x 31.4x 25.6x 23.1x 20.2x
PBR 5.53x 4.91x 3.09x 3.97x 4.53x 4.03x 3.79x 3.5x
PEG - -7.08x -3.52x -5.56x 0.5x 2.4x 2.1x 1.4x
Capitalization / Revenue 10.3x 8.41x 8.61x 9.49x 10.6x 8.53x 7.86x 7.26x
EV / Revenue 11.8x 9.78x 11.1x 11.3x 12.1x 9.93x 9.03x 8.22x
EV / EBITDA 21.2x 17.8x 19.9x 20.1x 20.8x 16.8x 15.2x 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 22.3x 21.6x 19.1x
FCF Yield 2.27% 4.44% 3.55% 3.26% 3.13% 4.48% 4.63% 5.24%
Dividend per Share 2 0.7033 0.78 0.86 0.94 1.05 1.185 1.334 1.501
Rate of return 1% 1.27% 1.48% 1.22% 1.08% 1.35% 1.52% 1.72%
EPS 2 2.35 2.26 2.08 1.93 3.09 3.414 3.79 4.325
Distribution rate 29.9% 34.5% 41.3% 48.7% 34% 34.7% 35.2% 34.7%
Net sales 1 3,420 3,582 3,895 4,683 5,249 5,804 6,298 6,819
EBITDA 1 1,912 1,966 2,182 2,646 3,063 3,423 3,736 4,080
EBIT 1 1,804 1,861 2,065 2,521 2,918 3,276 3,593 3,938
Net income 1 1,187 1,125 1,059 1,117 1,788 1,938 2,114 2,357
Net Debt 1 5,408 4,875 9,793 8,673 8,162 8,114 7,370 6,520
Reference price 2 70.00 61.35 58.14 77.31 97.13 87.52 87.52 87.52
Nbr of stocks (in thousands) 501,666 491,280 576,965 574,758 570,995 565,541 - -
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.($)
19.05x8.61x12.78x1.57% 76.53B
25.04x14.54x18.46x3.58% 61.36B
33.08x5.22x10.41x1.9% 57.2B
20.45x7.73x12.92x1.84% 52.42B
36.13x16.98x26.65x1.83% 20.36B
20.58x8.04x12.88x2.42% 17.2B
12.6x6.42x9.14x7.86% 14.45B
21.44x7.88x13.72x2.01% 9.32B
18.58x-4.56x-7.85x1.64% 7.74B
Average 22.99x 7.87x 12.12x 2.74% 35.17B
Weighted average by Cap. 23.92x 9.06x 13.73x 2.43%

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