Nasdaq, Inc.

XTRA:NAQ Stock Report

Market Cap: €44.7b

Nasdaq Valuation

Is NAQ undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of NAQ when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: NAQ (€78.02) is trading above our estimate of fair value (€63.43)

Significantly Below Fair Value: NAQ is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for NAQ?

Key metric: As NAQ is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for NAQ. This is calculated by dividing NAQ's market cap by their current earnings.
What is NAQ's PE Ratio?
PE Ratio48.6x
EarningsUS$959.00m
Market CapUS$46.60b

Price to Earnings Ratio vs Peers

How does NAQ's PE Ratio compare to its peers?

The above table shows the PE ratio for NAQ vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average18.2x
DB1 Deutsche Börse
21.4x4.6%€39.5b
DBK Deutsche Bank
7.8x13.4%€30.2b
DWS DWS Group GmbH KGaA
13.2x12.7%€7.9b
388 Hong Kong Exchanges and Clearing
30.5x8.3%HK$361.4b
NAQ Nasdaq
48.6x17.3%€46.6b

Price-To-Earnings vs Peers: NAQ is expensive based on its Price-To-Earnings Ratio (48.6x) compared to the peer average (18.2x).

Price to Earnings Ratio vs Industry

How does NAQ's PE Ratio compare vs other companies in the DE Capital Markets Industry?

4 CompaniesPrice / EarningsEstimated GrowthMarket Cap
AR4 AURELIUS Equity Opportunities SE KGaA
3.9xn/aUS$406.78m
HXCK Ernst Russ
3.8x-18.2%US$206.28m
VG8 Varengold Bank
1.8xn/aUS$24.05m
XE8 Black Sea Property
0.7xn/aUS$7.68m
No more companies available in this PE range
NAQ 48.6xIndustry Avg. 20.3xNo. of Companies6PE01632486480+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: NAQ is expensive based on its Price-To-Earnings Ratio (48.6x) compared to the German Capital Markets industry average (20.3x).

Price to Earnings Ratio vs Fair Ratio

What is NAQ's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

NAQ PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio48.6x
Fair PE Ratio22.5x

Price-To-Earnings vs Fair Ratio: NAQ is expensive based on its Price-To-Earnings Ratio (48.6x) compared to the estimated Fair Price-To-Earnings Ratio (22.5x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst NAQ forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€78.02
€77.23
-1.0%
8.7%€87.77€60.40n/a18
Nov ’25€68.87
€75.71
+9.9%
8.7%€86.16€59.29n/a18
Oct ’25€65.90
€69.68
+5.7%
8.9%€80.83€57.48n/a17
Sep ’25€64.47
€64.46
-0.02%
11.1%€75.95€47.36n/a14
Aug ’25€62.51
€65.41
+4.6%
12.3%€78.63€49.03n/a14
Jul ’25€55.76
€61.96
+11.1%
11.5%€74.50€46.57n/a15
Jun ’25€54.35
€61.98
+14.0%
11.6%€74.46€46.54n/a15
May ’25€56.00
€62.86
+12.3%
11.9%€74.62€46.64n/a15
Apr ’25€58.54
€59.58
+1.8%
12.1%€76.34€50.27n/a15
Mar ’25€51.60
€57.63
+11.7%
12.2%€76.07€50.10n/a16
Feb ’25€52.24
€56.81
+8.7%
12.4%€75.44€49.68n/a16
Jan ’25€52.70
€54.56
+3.5%
13.3%€75.11€45.80n/a16
Dec ’24€51.42
€54.60
+6.2%
13.2%€75.40€45.98n/a16
Nov ’24€46.37
€56.28
+21.4%
14.0%€77.47€47.24€68.8714
Oct ’24€46.10
€56.23
+22.0%
14.2%€77.59€47.31€65.9014
Sep ’24€48.61
€55.04
+13.2%
14.4%€75.42€45.99€64.4713
Aug ’24€45.78
€53.36
+16.6%
14.5%€73.21€44.64€62.5113
Jul ’24€45.99
€56.17
+22.1%
13.9%€75.10€46.71€55.7612
Jun ’24€51.18
€57.63
+12.6%
11.6%€76.13€49.21€54.3514
May ’24€49.71
€56.52
+13.7%
11.7%€74.75€48.31€56.0014
Apr ’24€49.98
€58.26
+16.6%
11.9%€75.60€46.10€58.5415
Mar ’24€52.16
€59.16
+13.4%
11.7%€76.68€46.76€51.6015
Feb ’24€54.41
€58.20
+7.0%
11.8%€75.60€46.10€52.2415
Jan ’24€57.27
€62.25
+8.7%
12.2%€79.20€51.85€52.7015
Dec ’23€65.33
€63.22
-3.2%
11.9%€80.76€52.88€51.4215
Nov ’23€62.98
€66.05
+4.9%
12.3%€85.86€51.11€46.3715

Analyst Forecast: Target price is less than 20% higher than the current share price.

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