Morningstar - MarketAxess Holdings Inc. (MKTX) MarketAxess Is Practically Priced for Perfection and Above Our Increased Fair Value Estimate of $167

Report

Morningstar

Michael Wong

EUR 101.80 For Business Accounts Only

MarketAxess Is Practically Priced for Perfection and Above Our Increased Fair Value Estimate of $167

We are increasing our fair value estimate for MarketAxess to $167 per share from $115, implying a forward price/earnings of 37 times and an enterprise value/EBITDA of 24 times. We are also increasing our stewardship rating for the company to exemplary from standard. Even after the increase, the company is still trading above our fair value estimate. While we believe the company has a strong business model and rate it as having a narrow economic moat with a positive moat trend based on its networ...

14/07/2017 13 EN

Underlying

MarketAxess Holdings Inc.

MarketAxess Holdings operates an electronic trading platform that enables fixed-income market participants to trade corporate bonds and other types of fixed-income instruments using its patented technology. Through its Open Trading? protocols, the company executes trades in certain bond between and among institutional investor and broker-dealer clients. The company also provides trading-related products and services, including: Composite+ pricing and other market data products to assist clients with trading decisions; auto-execution and other execution services for clients requiring specialized workflow solutions; connectivity solutions that facilitate straight-through processing; and technology services.

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US57060D1081 NASDAQ Stock Market United States

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

Michael Wong

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MarketAxess Is Practically Priced for Perfection and Above Our Increased Fair Value Estimate of $167

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Sasol Provides Full-Year Production Update

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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