MarketAxess Holdings Valuation

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

Valuation Score

1/6

Valuation Score 1/6

  • 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 MWI when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: MWI (€187.45) is trading above our estimate of fair value (€177.39)

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


Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

MWI key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue9.6x
Enterprise Value/EBITDA18.7x
PEG Ratio3.1x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for MWI vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average13.6x
DB1 Deutsche Börse
19.2x5.7%€33.7b
DWS DWS Group GmbH KGaA
14.2x13.2%€8.0b
DBK Deutsche Bank
6.7x9.1%€29.8b
FTK flatexDEGIRO
14.2x12.6%€1.4b
MWI MarketAxess Holdings
29.7x9.7%€7.7b

Price-To-Earnings vs Peers: MWI is expensive based on its Price-To-Earnings Ratio (29.7x) compared to the peer average (13.6x).


Price to Earnings Ratio vs Industry

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

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a6.9%
n/an/an/a
No. of CompaniesPE048121620

Fetching data

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a6.9%
n/an/an/a
No more companies

Price-To-Earnings vs Industry: MWI is expensive based on its Price-To-Earnings Ratio (29.7x) compared to the German Capital Markets industry average (21x).


Price to Earnings Ratio vs Fair Ratio

What is MWI'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.

MWI PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio29.7x
Fair PE Ratio17.4x

Price-To-Earnings vs Fair Ratio: MWI is expensive based on its Price-To-Earnings Ratio (29.7x) compared to the estimated Fair Price-To-Earnings Ratio (17.4x).


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 MWI forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€187.45
€237.36
+26.6%
14.5%€291.37€187.04n/a13
Apr ’25€200.60
€239.16
+19.2%
12.4%€283.15€191.81n/a12
Mar ’25€196.60
€243.39
+23.8%
12.6%€287.71€194.90n/a12
Feb ’25€207.60
€249.24
+20.1%
14.6%€308.20€193.20n/a12
Jan ’25€266.40
€236.86
-11.1%
13.2%€279.38€185.95n/a12
Dec ’24€219.10
€232.65
+6.2%
13.0%€285.45€189.99n/a12
Nov ’24€201.00
€237.91
+18.4%
13.1%€288.90€192.28n/a12
Oct ’24€197.05
€264.49
+34.2%
10.3%€308.52€218.77n/a11
Sep ’24€222.20
€265.63
+19.5%
11.5%€321.90€215.21n/a11
Aug ’24€243.70
€260.76
+7.0%
11.5%€314.62€210.34n/a11
Jul ’24€238.90
€302.10
+26.5%
10.4%€343.58€232.71n/a11
Jun ’24€253.40
€323.36
+27.6%
9.9%€385.29€267.38n/a10
May ’24€288.30
€320.79
+11.3%
10.2%€376.49€261.27n/a10
Apr ’24€357.20
€345.29
-3.3%
17.8%€502.44€265.51€200.6011
Mar ’24€320.20
€336.13
+5.0%
18.8%€509.63€269.31€196.6011
Feb ’24€332.30
€330.22
-0.6%
18.8%€501.56€265.05€207.6011
Jan ’24€264.30
€256.61
-2.9%
12.5%€334.69€201.76€266.4011
Dec ’23€258.40
€258.42
+0.007%
13.1%€344.53€207.69€219.1011
Nov ’23€243.80
€267.67
+9.8%
13.9%€359.93€216.97€201.0011
Oct ’23€230.20
€293.50
+27.5%
10.6%€362.28€235.74€197.0510
Sep ’23€249.50
€289.89
+16.2%
10.3%€353.65€230.12€222.2010
Aug ’23€263.20
€288.82
+9.7%
7.3%€338.03€270.42€243.709
Jul ’23€244.50
€312.30
+27.7%
16.7%€447.54€256.55€238.9012
Jun ’23€261.90
€311.30
+18.9%
15.9%€438.88€251.59€253.4012
May ’23€256.10
€312.51
+22.0%
15.3%€436.33€254.76€288.3012
Apr ’23€306.20
€340.18
+11.1%
12.8%€422.30€268.98€357.2012

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.


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