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Marketaxess Holdings Inc
NASDAQ:MKTX

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Marketaxess Holdings Inc Logo
Marketaxess Holdings Inc
NASDAQ:MKTX
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Price: 219.25 USD 0.69%
Updated: Mar 29, 2024

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%.

Key Points:
MKTX Intrinsic Value
Base Case
205.81 USD
Overvaluation 6%
Intrinsic Value
Price
Worst Case
Base Case
Best Case

Valuation Backtest
Marketaxess Holdings Inc

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Fundamental Analysis

Increased Revenue and Dividends, Guidance for Growth
2023-Q4 Earnings Call

Increased Revenue and Dividends, Guidance for Growth

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%.

Financials

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
Efficiency

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

Last Value
3-Years Average
FCF Margin
Conversion Rate
History
Components
Chart
Table
What is Free Cash Flow?
Fundamental Scores

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.

Positive Free Cash Flow
Exceptional 3-Year Average ROIC
Positive Gross Profit
Positive Operating Income
71/100
Profitability
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.

High Interest Coverage
High Altman Z-Score
Low D/E
Long-Term Solvency
85/100
Solvency
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

Wall Street analysts forecast MKTX stock price to rise over the next 12 months.

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.

Lowest
Price Target
212.1 USD
3% Downside
Average
Price Target
263.53 USD
20% Upside
Highest
Price Target
325.5 USD
48% Upside
View Analyst Estimates
View Analyst Estimates

Competitive Landscape

Ownership

MKTX Insider Trading
Buy and sell transactions by insiders

Cumulative Transactions Amount
Period Sold Bought Net
3 Months
6 Months
9 Months
12 Months
Why is insider trading important?

Shareholder Return

MKTX Price
Marketaxess Holdings Inc

1M 1M
+3%
6M 6M
+3%
1Y 1Y
-43%
3Y 3Y
-57%
5Y 5Y
-8%
10Y 10Y
+298%
Annual Price Range
219.25
52w Low
201.78
52w High
391.35
Price Metrics
Average Annual Return 11.86%
Standard Deviation of Annual Returns 46.44%
Max Drawdown -65%
Shares Statistics
Market Capitalization 8.3B USD
Shares Outstanding 37 867 700
Percentage of Shares Shorted 4.81%

MKTX Return Decomposition
Main factors of price return

What is price return decomposition?

MKTX News

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Last Important Events
Marketaxess Holdings Inc

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Sentiment Analysis
Marketaxess Holdings Inc

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Company Profile

Marketaxess Holdings Inc Logo
Marketaxess Holdings Inc

Country

United States of America

Industry

Financial Services

Market Cap

8.3B USD

Dividend Yield

1.36%

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

NEW YORK
New York City
55 Hudson Yards Fl 15
+12128316000.0
https://www.marketaxess.com/

IPO

2004-11-05

Employees

676

Officers

Founder & Executive Chairman
Mr. Richard Mitchell McVey
CEO, Interim CFO & Director
Mr. Christopher Robert Concannon
Chief Information Officer
Mr. Naineshkumar Shantilal Panchal
Chief Revenue Officer
Mr. Kevin M. McPherson
Head of External Reporting & Interim Principal Accounting Officer
Mr. Michael R. Cianciulli
Head of Investor Relations
Mr. Stephen C. Davidson
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General Counsel & Corporate Secretary
Mr. Scott Pintoff
Chief Human Resources Officer
Ms. Julie Sheffet
Global Head of Trading Solutions
Mr. Richard J. Schiffman
Global Head of Operations Services
Mr. James Nevil Blair Rucker
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See Also

Discover More
What is the Intrinsic Value of one MKTX stock?

The intrinsic value of one MKTX stock under the Base Case scenario is 205.81 USD.

Is MKTX stock undervalued or overvalued?

Compared to the current market price of 219.25 USD, Marketaxess Holdings Inc is Overvalued by 6%.