Nasdaq Increasingly a Data Company and Less an Exchange
After taking a fresh look at Nasdaq, we are increasing our fair value estimate to $78 per share from $76 per share while maintaining our narrow moat rating. Our fair value estimate translates into a 2019 price/earnings of 18.1. Currently, the stock trades at a nearly 20% premium to our fair value estimate. Given this, we would wait for a pullback before investing. Like its exchange peers, we believe Nasdaq should increasingly be viewed as a vendor of proprietary data. Though Nasdaq's exchange op...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.
We have operations in 27 countries.
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