Tradeweb Markets Inc. (TW)

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
600705.SS	48	AVIC Industry-Fina	2,249	163.83	283.21	25.39	27.85	35.32	56.70
BRBI11.SA	49	BRBI BR Partners S	2,235	11.01	11.01	60.00	60.00	55.45	62.31
601377.SS	50	Industrial Securit	2,207	16.78	16.44	41.26	40.96	28.35	40.84
600837.SS	51	Haitong Securities	2,205	-	-	-	-	-	-
600918.SS	52	Zhongtai Securitie	2,150	27.73	30.45	26.81	28.55	18.48	28.48
600061.SS	53	SDIC Capital Co.,L	2,132	14.55	15.02	23.44	23.44	10.78	15.50
005940.KS	54	NH Investment & Se	2,127	9.50	8.66	24.43	22.24	19.98	24.30
TW	55	Tradeweb Markets I	1,995	37.58	28.30	18.51	15.11	26.03	21.54
601901.SS	56	Founder Securities	1,945	16.58	13.44	34.52	28.49	23.35	28.52
INVEXA.MX	57	INVEX Controladora	1,908	3.14	2.18	2.56	1.74	4.92	1.74
0RS1.L	58	Lang & Schwarz AG	1,790	4.03	2.81	2.01	2.01	0.09	0.07
601878.SS	59	Zheshang Securitie	1,722	20.43	17.81	36.61	31.77	29.80	31.77
601788.SS	60	Everbright Securit	1,686	23.16	19.57	43.52	39.25	40.68	39.22
PIPR	61	Piper Sandler Comp	1,672	24.53	16.93	19.32	15.47	13.23	15.29
PJT	62	PJT Partners Inc.	1,656	25.70	22.34	10.20	9.37	7.79	9.84
601555.SS	63	Soochow Securities	1,636	14.04	12.03	36.15	30.93	31.99	30.93

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	15.57	14.23	24.91	25.65	19.23	26.39
Full Range Median Multiple	16.68	15.73	26.10	28.17	21.66	28.50
Industry Multiple	26.79	33.71	27.59	25.86	22.87	27.54
Market Implied Multiple	35.98	27.10	17.66	14.42	24.83	20.55
Company (TW) Multiple	37.58	28.30	18.51	15.11	26.03	21.54
(*) Net Income / EBITDA / Revenue	630	837	1,184	1,450	841	1,017
Winsorized Enterprise Value	N/A	N/A	29,481	37,175	16,182	26,838
Full Range Median Enterprise Value	N/A	N/A	30,889	40,837	18,228	28,983
(-) Net Debt	-1,772	-1,772	-1,772	-1,772	-1,772	-1,772
Winsorized Equity Value	9,807	11,907	31,253	38,947	17,954	28,610
Full Range Median Equity Value	10,510	13,163	32,661	42,609	20,001	30,755
(/) Shares Outstanding	213	213	213	213	213	213
Winsorized Fair Value	$45.97	$55.81	$146.48	$182.54	$84.15	$134.09
Full Range Median Fair Value	$49.26	$61.69	$153.08	$199.71	$93.74	$144.15
Current Price	$106.26	$106.26	$106.26	$106.26	$106.26	$106.26
Upside / Downside	-56.74%	-47.48%	37.86%	71.80%	-20.80%	26.20%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$32.18	$39.06	$102.54	$127.78	$58.90	$93.86
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	BUY	Don’t Buy	Don’t Buy