X: Future Earnings Momentum Will Drive Sector Outperformance Over Peers

AN

AnalystConsensusTarget

AnalystConsensusTarget

Not Invested

Based on Analyst Price Targets

Published

25 Nov 24

Updated

29 Nov 25

n/a

n/a

AnalystConsensusTarget's Fair Value

n/a

1Y

16.8%

7D

0.3%

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1Y

16.8%

7D

0.3%

You can edit this narrative until Nov 30 2:05 PM. Then, changes will post as Updates.

Author's Valuation

CA$62.517.7% undervalued

AnalystConsensusTarget Fair Value

Shared on 29 Nov 25

X: Earnings Momentum Will Drive Outperformance As Volumes Show Steady Improvement

Analysts have recently adjusted their price targets for TMX Group, with modest changes reflecting a balanced outlook as they cite the company’s earnings durability, valuation convergence with peers, and overall growth prospects. Analyst Commentary Recent street research on TMX Group reveals a mix of optimism and caution, with analysts updating their price targets and ratings in light of the company’s performance and market positioning.

Shared on 15 Nov 25

X: Earnings Momentum And Trading Volumes Will Drive Future Market Performance

TMX Group's average analyst price target has seen mixed adjustments recently, with updates ranging from a reduction to C$58 to an increase to C$70. Analysts cite steady earnings momentum and ongoing growth potential despite minor revisions in revenue growth and profit margins.

Shared on 01 Nov 25

Fair value Increased 1.16%

TMX Group's analyst price target has been modestly increased from C$61.79 to C$62.50, as analysts cite ongoing earnings resilience and industry growth potential despite some recent mixed target revisions. Analyst Commentary Recent analyst activity reflects ongoing debate about TMX Group’s valuation and growth trajectory.

Shared on 18 Sep 25

Fair value Increased 1.17%

Analysts have raised TMX Group’s price target to CA$61.79, citing durable earnings momentum, anticipated valuation multiple expansion, and a strong combination of resilience and growth, supported by robust trading activity and a favorable rate environment. Analyst Commentary Bullish analysts believe TMX's earnings momentum is durable and underappreciated at current share levels.

Shared on 01 May 25

Fair value Increased 11%

Shared on 23 Apr 25

AnalystConsensusTarget made no meaningful changes to valuation assumptions.

Shared on 17 Apr 25

Fair value Increased 0.49%

AnalystConsensusTarget made no meaningful changes to valuation assumptions.

Shared on 09 Apr 25

Fair value Decreased 4.64%

AnalystConsensusTarget made no meaningful changes to valuation assumptions.

Shared on 02 Apr 25

Fair value Increased 11%

Shared on 26 Mar 25

AnalystConsensusTarget made no meaningful changes to valuation assumptions.

Shared on 19 Mar 25

AnalystConsensusTarget made no meaningful changes to valuation assumptions.

Shared on 12 Mar 25

Fair value Decreased 7.73%

AnalystConsensusTarget made no meaningful changes to valuation assumptions.

AnalystConsensusTarget Fair Value

CA$62.5

17.7% undervalued

Future estimation in

% p.a.

0

Decrease

Increase

Current revenue growth rate

6.82%

Capital Markets revenue growth rate

0.25%

Risk Level (Discount Rate)

Our default considers factors like the company's size, volatility, profitablity and country of operation.

%

0

Decrease

Increase

Current discount rate

7.50%

Calculation

CA$677.24m

Earnings '28

x

31.97x

PE Ratio '28

=

CA$21.65b

Market Cap '28

CA$21.65b

Market Cap '28

/

279.27m

No. shares '28

=

CA$77.53

Share Price '28

CA$77.53 Share Price '28

Discounted to 2025 @ 7.48% p.a.

=

CA$62.44

Fair Value '25