Projected Income Statement: Nasdaq, Inc.

Forecast Balance Sheet: Nasdaq, Inc.

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Net Debt 1 5,408 4,875 9,793 8,673 8,162 8,171 7,466 6,644
Change - -9.86% 100.88% -11.44% -5.89% 0.11% -8.63% -11.01%
Announcement Date 26/1/22 25/1/23 31/1/24 29/1/25 29/1/26 - - -
1USD in Million
Estimates

Cash Flow Forecast: Nasdaq, Inc.

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
CAPEX 1 163 152 158 207 266 276.7 291.6 311.9
Change - -6.75% 3.95% 31.01% 28.5% 4.02% 5.4% 6.95%
Free Cash Flow (FCF) 1 920 1,554 1,538 1,732 1,989 2,503 2,671 2,995
Change - 68.91% -1.03% 12.61% 14.84% 25.84% 6.71% 12.13%
Announcement Date 26/1/22 25/1/23 31/1/24 29/1/25 29/1/26 - - -
1USD in Million
Estimates

Forecast Financial Ratios: Nasdaq, Inc.

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028

Profitability

        
EBITDA Margin (%) 55.91% 54.89% 56.02% 56.5% 58.35% 59.98% 60.61% 60.81%
EBIT Margin (%) 52.75% 51.95% 53.02% 53.83% 55.59% 56.95% 57.83% 58.49%
EBT Margin (%) 44.85% 41.18% 35.97% 30.94% 40.86% 44.64% 45.75% 48.06%
Net margin (%) 34.71% 31.41% 27.19% 23.85% 34.06% 34.04% 33.82% 34.72%
FCF margin (%) 26.9% 43.38% 39.49% 36.98% 37.89% 42.34% 41.75% 43.16%
FCF / Net Income (%) 77.51% 138.13% 145.23% 155.06% 111.24% 124.4% 123.43% 124.32%

Profitability

        
ROA 6.68% 5.49% 5.39% 5.2% 5.82% 12.92% 6.5% 6.9%
ROE 19.85% 17.93% 16.89% 14.82% 17.2% 19.03% 20.7% 22.07%

Financial Health

        
Leverage (Debt/EBITDA) 2.83x 2.48x 4.49x 3.28x 2.66x 2.3x 1.93x 1.57x
Debt / Free cash flow 5.88x 3.14x 6.37x 5.01x 4.1x 3.26x 2.8x 2.22x

Capital Intensity

        
CAPEX / Current Assets (%) 4.77% 4.24% 4.06% 4.42% 5.07% 4.68% 4.56% 4.49%
CAPEX / EBITDA (%) 8.53% 7.73% 7.24% 7.82% 8.68% 7.8% 7.52% 7.39%
CAPEX / FCF (%) 17.72% 9.78% 10.27% 11.95% 13.37% 11.05% 10.92% 10.41%

Items per share

        
Cash flow per share 1 2.144 3.427 - - - - - -
Change - 59.81% - - - - - -
Dividend per Share 1 0.7033 0.78 0.86 0.94 1.05 1.202 1.345 1.522
Change - 10.9% 10.26% 9.3% 11.7% 14.5% 11.91% 13.15%
Book Value Per Share 1 12.66 12.49 18.81 19.46 21.45 21.36 23.54 26.4
Change - -1.31% 50.54% 3.48% 10.25% -0.44% 10.22% 12.14%
EPS 1 2.35 2.26 2.08 1.93 3.09 3.56 3.932 4.499
Change - -3.83% -7.96% -7.21% 60.1% 15.22% 10.44% 14.41%
Nbr of stocks (in thousands) 501,666 491,280 576,965 574,758 570,995 558,977 558,977 558,977
Announcement Date 26/1/22 25/1/23 31/1/24 29/1/25 29/1/26 - - -
1USD
Estimates
2026 *2027 *
P/E 27.6x 25x
PBR 4.6x 4.17x
EV / Sales 10.7x 9.75x
Yield 1.22% 1.37%

EPS & Dividend

Y-o-Y evolution of P/E

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
-
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
17
Last Close Price
98.22USD
Average target price
109.80USD
Spread / Average Target
+11.79%

Quarterly revenue - Rate of surprise