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 55,221 - -
Change - -14.18% 11.3% 32.46% 24.81% -0.43% - -
Enterprise Value (EV) 1 40,526 35,015 43,338 53,108 63,623 63,393 62,688 61,865
Change - -13.6% 23.77% 22.54% 19.8% -0.36% -1.11% -1.31%
P/E 29.8x 27.1x 28x 40.1x 31.4x 27.7x 25.1x 22x
PBR 5.53x 4.91x 3.09x 3.97x 4.53x 4.62x 4.2x 3.74x
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 9.34x 8.63x 7.96x
EV / Revenue 11.8x 9.78x 11.1x 11.3x 12.1x 10.7x 9.8x 8.92x
EV / EBITDA 21.2x 17.8x 19.9x 20.1x 20.8x 17.9x 16.2x 14.7x
EV / EBIT 22.5x 18.8x 21x 21.1x 21.8x 18.8x 16.9x 15.2x
EV / FCF 44.1x 22.5x 28.2x 30.7x 32x 25.3x 23.5x 20.7x
FCF Yield 2.27% 4.44% 3.55% 3.26% 3.13% 3.95% 4.26% 4.84%
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% 1.22% 1.36% 1.54%
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 98.79 98.79 98.79
Nbr of stocks (in thousands) 501,666 491,280 576,965 574,758 570,995 558,977 - -
Announcement Date 26/1/22 25/1/23 31/1/24 29/1/25 29/1/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
22.64x9.92x14.76x1.3% 91.5B
26.02x15.41x19.26x3.44% 67.39B
22.76x8.54x14.24x1.64% 60.21B
28.48x5.28x10.52x1.88% 58.47B
27.75x10.72x17.88x1.22% 55.22B
31.9x15.03x23.14x2% 21.17B
22.09x8.62x13.67x2.26% 19.4B
12.55x6.84x9.71x7.36% 15.02B
23.78x8.61x14.94x1.84% 10.67B
Average 24.22x 9.89x 15.34x 2.55% 44.34B
Weighted average by Cap. 24.91x 10.13x 15.46x 2.11%

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