Nasdaq's EVestment Acquisition Looks Reasonable, but If More Acquisitions Follow, We May Worry
Nasdaq’s eVestment acquisition looks fine, but we’re cautious about whether the company intends to leave its checkered acquisition history in the past. Nasdaq is acquiring eVestment, a data and analytics platform for institutional investors, for $705 million in cash. The purchase price is 16.5 times adjusted cash EBITDA for 2018, which looks reasonable given that eVestment has historically increased revenue at a 12% rate, it’s technology-driven with high incremental operating margins, and Nasdaq...Nasdaq is a holding company. Nasdaq is a holding company. Through its subsidiaries, the company manages, operates and provides its products and services in business segments: Market Services, which includes equity derivative trading and clearing, cash equity trading, fixed income and commodities trading and clearing and trade management services businesses; Corporate Services, which includes listing services and corporate solutions businesses; Information Services, which includes market data, index, and investment data and analytics; and Market Technology, which provides and delivers solutions across the trade lifecycle via the Nasdaq Financial Framework.
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.
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