DDM Analysis: NDAQ

Valuation Snapshot

Stable Growth	$75.84 - $248.45	$123.17
Multi-Stage	$49.82 - $54.42	$52.08
Blended Fair Value	$87.62
Current Price	$88.45
Upside	-0.94%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.14%	18.63%	0.93	0.76	0.66	0.60	0.55	0.53	0.48	0.42	0.35	0.26
YoY Growth	-	-	22.68%	15.14%	9.43%	9.38%	4.92%	8.93%	15.23%	21.50%	34.23%	52.04%
Dividend Yield	-	-	1.23%	1.22%	1.21%	1.02%	1.12%	1.66%	1.64%	1.46%	1.49%	1.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,625.00
(-) Cash Dividends Paid (M)	586.00
(=) Cash Retained (M)	1,039.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	325.00	203.13	121.88
Cash Retained (M)	1,039.00	1,039.00	1,039.00
(-) Cash Required (M)	-325.00	-203.13	-121.88
(=) Excess Retained (M)	714.00	835.88	917.13
(/) Shares Outstanding (M)	579.05	579.05	579.05
(=) Excess Retained per Share	1.23	1.44	1.58
LTM Dividend per Share	1.01	1.01	1.01
(+) Excess Retained per Share	1.23	1.44	1.58
(=) Adjusted Dividend	2.25	2.46	2.60
WACC / Discount Rate	8.62%	8.62%	8.62%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$75.84	$123.17	$248.45
Upside / Downside	-14.26%	39.25%	180.89%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,625.00	1,730.63	1,843.12	1,962.92	2,090.51	2,226.39	2,293.18
Payout Ratio	36.06%	46.85%	57.64%	68.42%	79.21%	90.00%	92.50%
Projected Dividends (M)	586.00	810.78	1,062.32	1,343.12	1,655.94	2,003.75	2,121.19

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.62%	8.62%	8.62%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	739.41	746.42	753.43
Year 2 PV (M)	883.52	900.34	917.33
Year 3 PV (M)	1,018.72	1,047.97	1,077.76
Year 4 PV (M)	1,145.42	1,189.47	1,234.78
Year 5 PV (M)	1,264.00	1,325.05	1,388.44
PV of Terminal Value (M)	23,795.78	24,945.13	26,138.46
Equity Value (M)	28,846.85	30,154.38	31,510.20
Shares Outstanding (M)	579.05	579.05	579.05
Fair Value	$49.82	$52.08	$54.42
Upside / Downside	-43.68%	-41.12%	-38.48%

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Nasdaq, Inc. (NDAQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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