Definitive Analysis
Definitive Analysis

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MarketAxess Holdings Inc. (MKTX)

Company Dividend Discount ModelIndustry: Financial - Capital MarketsSector: Financial Services

Valuation Snapshot

Stable Growth$225.04 - $1,168.58$454.90
Multi-Stage$127.94 - $139.78$133.75
Blended Fair Value$294.33
Current Price$174.25
Upside68.91%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS8.13%16.76%3.022.932.842.672.422.041.671.311.030.79
YoY Growth--2.77%3.51%6.16%10.19%18.80%22.10%27.70%27.00%30.34%23.36%
Dividend Yield--1.39%1.36%0.72%0.79%0.49%0.61%0.68%0.60%0.55%0.63%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)219.56
(-) Cash Dividends Paid (M)114.85
(=) Cash Retained (M)104.71
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)43.9127.4516.47
Cash Retained (M)104.71104.71104.71
(-) Cash Required (M)-43.91-27.45-16.47
(=) Excess Retained (M)60.8077.2788.24
(/) Shares Outstanding (M)37.3737.3737.37
(=) Excess Retained per Share1.632.072.36
LTM Dividend per Share3.073.073.07
(+) Excess Retained per Share1.632.072.36
(=) Adjusted Dividend4.705.145.44
WACC / Discount Rate7.70%7.70%7.70%
Growth Rate5.50%6.50%7.50%
Fair Value$225.04$454.90$1,168.58
Upside / Downside29.15%161.06%570.63%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)219.56233.83249.03265.22282.46300.82309.84
Payout Ratio52.31%59.85%67.39%74.92%82.46%90.00%92.50%
Projected Dividends (M)114.85139.94167.81198.71232.92270.73286.60

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.70%7.70%7.70%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)128.71129.93131.15
Year 2 PV (M)141.96144.66147.39
Year 3 PV (M)154.61159.05163.57
Year 4 PV (M)166.68173.09179.69
Year 5 PV (M)178.20186.81195.74
PV of Terminal Value (M)4,010.544,204.254,405.37
Equity Value (M)4,780.704,997.795,222.92
Shares Outstanding (M)37.3737.3737.37
Fair Value$127.94$133.75$139.78
Upside / Downside-26.58%-23.24%-19.78%

High-Yield Dividend Screener

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