MarketAxess Holdings Inc. (MKTX)

Industry: Financial - Capital Markets Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
601456.SS	78	Guolian Minsheng S	1,073	35.96	28.40	107.84	107.84	43.56	66.66
CMCX.L	79	CMC Markets plc	999	3.83	3.27	2.05	1.77	1.55	1.30
K3C.L	80	K3 Capital Group P	994	0.51	0.51	0.42	0.42	0.21	0.42
MARA	81	Marathon Digital H	919	7.33	7.33	3.25	3.25	31.36	11.32
600909.SS	82	Huaan Securities C	917	13.29	11.81	26.79	24.18	18.76	24.06
000686.SZ	83	Northeast Securiti	909	13.84	13.09	26.84	25.29	16.22	25.29
INFO.IS	84	Info Yatirim Menku	840	5.91	3.33	-1.14	-0.60	-0.69	-0.91
MKTX	85	MarketAxess Holdin	839	29.38	30.77	13.27	12.84	17.66	17.46
EDELWEISS.BO	86	Edelweiss Financia	813	17.45	17.45	40.10	40.10	-	53.64
002926.SZ	87	HUAXI Securities C	812	17.58	18.22	35.08	36.38	24.31	36.38
MONEXB.MX	88	Monex, S.A.B. de C	806	3.61	2.79	-	-	-1.81	-1.62
601198.SS	89	Dongxing Securitie	800	17.03	15.52	38.52	36.23	27.34	37.42
002939.SZ	90	China Great Wall S	799	19.42	17.42	39.88	36.70	68.09	36.70
PWP	91	Perella Weinberg P	757	40.84	40.84	24.34	24.34	48.72	33.98
DFIN	92	Donnelley Financia	751	44.15	38.74	13.09	13.50	13.96	8.86
601162.SS	93	Tianfeng Securitie	723	81.62	85.16	140.16	160.05	191.66	175.88

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	13.84	13.09	26.79	24.34	21.53	25.29
Full Range Median Multiple	17.03	15.52	26.84	25.29	25.82	33.98
Industry Multiple	21.49	20.26	38.34	39.23	40.48	39.38
Market Implied Multiple	29.69	31.10	13.42	12.98	17.86	17.66
Company (MKTX) Multiple	29.38	30.77	13.27	12.84	17.66	17.46
(*) Net Income / EBITDA / Revenue	220	210	455	471	342	346
Winsorized Enterprise Value	N/A	N/A	12,201	11,460	7,371	8,753
Full Range Median Enterprise Value	N/A	N/A	12,225	11,905	8,840	11,764
(-) Net Debt	-406	-406	-406	-406	-406	-406
Winsorized Equity Value	3,038	2,744	12,608	11,867	7,777	9,160
Full Range Median Equity Value	3,739	3,254	12,631	12,311	9,246	12,170
(/) Shares Outstanding	37	37	37	37	37	37
Winsorized Fair Value	$82.05	$74.11	$340.53	$320.52	$210.06	$247.41
Full Range Median Fair Value	$100.98	$87.90	$341.17	$332.53	$249.74	$328.71
Current Price	$176.08	$176.08	$176.08	$176.08	$176.08	$176.08
Upside / Downside	-53.40%	-57.91%	93.40%	82.03%	19.30%	40.51%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$57.43	$51.88	$238.37	$224.37	$147.04	$173.19
Buy / Don't Buy	Don’t Buy	Don’t Buy	BUY	BUY	Don’t Buy	Don’t Buy