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Intrinsic value of MarketAxess Holdings Inc. (MKTX)

Previous Close$264.23
Intrinsic Value
Upside potential
Previous Close
$264.23
* Our model cannot be used “out of the box” for the valuation of this stock. You can still do your own valuation by changing the valuation input parameters.

VALUATION INPUT DATA (original, your and others' valuations)

ParameterOrig.Your
Date of valuation (DoV)  
Intrinsic value (IV) at DoV, $/sh  
IV at current val. algorithm, $/sh71.65 

The original valuation is based on fiscal year data as of 2021-12-31 and quarterly data as of 2022-03-31.

Registered users can save their valuation input data

  1. Annual
  2. Quarterly YoY
  3. Quarterly QoQ

Annual revenue growth rates, % (past and forecasted)

NOTE: The bar chart shows historic and forecasted yearly revenue growth rates. Its purpose is to help you in determining what initial revenue rate you want to base your stock valuation on. Please make sure that you are confident in the value you select - for most stocks it is by far the most important parameter in valuation.

Company description

MarketAxess Holdings Inc., together with its subsidiaries, operates an electronic trading platform that enables fixed-income market participants to trade corporate bonds and other types of fixed-income instruments worldwide. It offers institutional investor and broker-dealer firms the access to global liquidity in U.S. investment-grade corporate bonds, emerging markets and high-yield bonds, Eurobonds, U.S. agency bonds, municipal bonds, leveraged loans, and other fixed-income securities. The company, through its Open Trading protocols, executes bond trades between and among institutional investor and broker-dealer clients in an all-to-all anonymous trading environment for corporate bonds. It also offers 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 to optimize trading environments. In addition, the company offers a range of pre-and post-trade services, such as trade matching, trade publication, regulatory transaction reporting, and market and reference data across a range of fixed-income and other products. MarketAxess Holdings Inc. was founded in 2000 and is headquartered in New York, New York.

show cash flow forecast

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year2021(a)2022202320242025202620272028202920302031203220332034203520362037203820392040204120422043204420452046

INCOME STATEMENT

Revenue growth rate, %1.7NaN
Revenue, $701NaN
Variable operating expenses, $mNaN
Fixed operating expenses, $mNaN
Total operating expenses, $m364NaN
Operating income, $m337NaN
EBITDA, $m397NaN
Interest expense (income), $mNaN
Earnings before tax, $m334NaN
Tax expense, $m76NaN
Net income, $m258NaN

BALANCE SHEET

Cash and short-term investments, $m557NaN
Total assets, $m1530NaN
Adjusted assets (=assets-cash), $m973NaN
Average production assets, $m421NaN
Working capital, $m692NaN
Total debt, $m176NaN
Total liabilities, $m489NaN
Total equity, $m1041NaN
Debt-to-equity ratio0.169NaN
Adjusted equity ratio0.588NaN

CASH FLOW

Net income, $m258NaN
Depreciation, amort., depletion, $m60NaN
Funds from operations, $mNaN
Change in working capital, $mNaN
Cash from operations, $m297NaN
Maintenance CAPEX, $mNaN
New CAPEX, $mNaN
Total CAPEX, $m-51NaN
Free cash flow, $m348NaN
Issuance/(repurchase) of shares, $mNaN
Retained Cash Flow, $mNaN
Pot'l extraordinary dividend, $m692
Cash available for distribution, $mNaN
Discount rate, %NaN
PV of cash for distribution, $mNaN
Current shareholders' claim on cash, %NaN
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