Marketaxess Holdings Inc
NASDAQ:MKTX
Intrinsic Value
MarketAxess Holdings, Inc. operates as an electronic trading platform that allows investment industry professionals to trade corporate bonds and other types of fixed-income instruments. [ Read More ]
The intrinsic value of one MKTX stock under the Base Case scenario is 205.81 USD. Compared to the current market price of 219.25 USD, Marketaxess Holdings Inc is Overvalued by 6%.
Valuation Backtest
Marketaxess Holdings Inc
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Fundamental Analysis
Increased Revenue and Dividends, Guidance for Growth
2023-Q4 Earnings Call
In the quarter, the company saw revenue rise to $197 million, up 11% from the previous year, bolstered by the Pragma acquisition which contributed $8 million. Information services and post-trade services revenues notably increased by 15% and 24% respectively. Commission revenue also grew by $13 million, or 8%, albeit with some decrease in high yield market share. Operating expenses totaled $120 million, and cash and investments were robust at $586 million. Shareholders enjoyed higher dividends, now at $0.74 per share. Looking ahead to 2024, revenue from Pragma is expected to grow in the mid-single digits, and total expenses are projected to increase to $480-$500 million, with an effective tax rate of 24-25%.
Balance Sheet Decomposition
Marketaxess Holdings Inc
Current Assets | 1.3B |
Cash & Short-Term Investments | 451.3m |
Receivables | 777.8m |
Other Current Assets | 84.5m |
Non-Current Assets | 701.5m |
Long-Term Investments | 180m |
PP&E | 165.7m |
Intangibles | 355.8m |
Current Liabilities | 717.6m |
Accounts Payable | 569.9m |
Accrued Liabilities | 139.8m |
Other Current Liabilities | 7.9m |
Non-Current Liabilities | 4.5m |
Other Non-Current Liabilities | 4.5m |
Earnings Waterfall
Marketaxess Holdings Inc
Revenue
|
752.4m
USD
|
Cost of Revenue
|
-62.7m
USD
|
Gross Profit
|
689.7m
USD
|
Operating Expenses
|
-374.8m
USD
|
Operating Income
|
314.9m
USD
|
Other Expenses
|
-56.8m
USD
|
Net Income
|
258.1m
USD
|
Free Cash Flow Analysis
Marketaxess Holdings Inc
What is Free Cash Flow?
MKTX Profitability Score
Profitability Due Diligence
Marketaxess Holdings Inc's profitability score is 71/100. The higher the profitability score, the more profitable the company is.
Score
Marketaxess Holdings Inc's profitability score is 71/100. The higher the profitability score, the more profitable the company is.
MKTX Solvency Score
Solvency Due Diligence
Marketaxess Holdings Inc's solvency score is 85/100. The higher the solvency score, the more solvent the company is.
Score
Marketaxess Holdings Inc's solvency score is 85/100. The higher the solvency score, the more solvent the company is.
Wall St
Price Targets
MKTX Price Targets Summary
Marketaxess Holdings Inc
According to Wall Street analysts, the average 1-year price target for MKTX is 263.53 USD with a low forecast of 212.1 USD and a high forecast of 325.5 USD.
Ownership
MKTX Insider Trading
Buy and sell transactions by insiders
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Shareholder Return
MKTX Price
Marketaxess Holdings Inc
Average Annual Return | 11.86% |
Standard Deviation of Annual Returns | 46.44% |
Max Drawdown | -65% |
Market Capitalization | 8.3B USD |
Shares Outstanding | 37 867 700 |
Percentage of Shares Shorted | 4.81% |
MKTX News
Last Important Events
Marketaxess Holdings Inc
Significant happenings or occurrences that are of interest to investors. These could be company-specific developments or market-wide shifts.
Sentiment Analysis
Marketaxess Holdings Inc
Company Profile
Country
Industry
Market Cap
Dividend Yield
Description
MarketAxess Holdings, Inc. operates as an electronic trading platform that allows investment industry professionals to trade corporate bonds and other types of fixed-income instruments. The company is headquartered in New York City, New York and currently employs 676 full-time employees. The company went IPO on 2004-11-05. The company provides Open Trading marketplace, which offers all-to-all trading solutions in the global credit markets, creating a liquidity pool for a range of credit market participants. The company is involved in drawing on a diverse set of trading protocols, including request-for-quote, live order books, sessions-based trading, and portfolio trading solutions, as well as its data and analytical resources. The company provides integrated and actionable data offerings, including Composite+ and Axess All real time pricing to assist clients with trading decisions and transaction cost analysis. The firm offers a range of post-trade services, including straight-through processing, trade matching, trade publication, regulatory transaction reporting, and market and reference data across fixed-income and other products.
Contact
IPO
Employees
Officers
The intrinsic value of one MKTX stock under the Base Case scenario is 205.81 USD.
Compared to the current market price of 219.25 USD, Marketaxess Holdings Inc is Overvalued by 6%.