Nasdaq, Inc.

XTRA:NAQ Stock Report

Market Cap: €43.6b

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 (€74.75) is trading above our estimate of fair value (€61.57)

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 Ratio47.4x
EarningsUS$959.00m
Market CapUS$45.47b

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 Average18.8x
DB1 Deutsche Börse
22x5.3%€40.6b
DBK Deutsche Bank
8.2x12.6%€31.7b
DWS DWS Group GmbH KGaA
13.2x13.0%€7.9b
388 Hong Kong Exchanges and Clearing
31.7x8.3%HK$380.9b
NAQ Nasdaq
47.4x17.6%€45.5b

Price-To-Earnings vs Peers: NAQ is expensive based on its Price-To-Earnings Ratio (47.4x) compared to the peer average (18.9x).

Price to Earnings Ratio vs Industry

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

5 CompaniesPrice / EarningsEstimated GrowthMarket Cap
AR40 AURELIUS Equity Opportunities SE KGaA
3.4xn/aUS$357.40m
HXCK Ernst Russ
3.8x-19.3%US$208.54m
SPT6 Sparta
2.5xn/aUS$173.72m
VG8 Varengold Bank
2.1xn/aUS$27.00m
NAQ 47.4xIndustry Avg. 19.6xNo. of Companies7PE01632486480+
5 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: NAQ is expensive based on its Price-To-Earnings Ratio (47.4x) compared to the German Capital Markets industry average (19.6x).

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 Ratio47.4x
Fair PE Ratio22.5x

Price-To-Earnings vs Fair Ratio: NAQ is expensive based on its Price-To-Earnings Ratio (47.4x) 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€74.75
€80.67
+7.9%
11.1%€97.76€61.34n/a18
Dec ’25€79.10
€77.80
-1.6%
9.3%€89.78€60.48n/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€45.98€79.1016
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

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

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/27 12:45
End of Day Share Price 2024/12/23 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Nasdaq, Inc. is covered by 43 analysts. 16 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Kevin HealArgus Research Company
Roger FreemanBarclays
Benjamin BudishBarclays