TMX Group Limited

OTCPK:TMXX.F Stock Report

Market Cap: US$9.7b

TMX Group Valuation

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

Valuation Score

1/6

Valuation Score 1/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow Value

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

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: TMXX.F ($35.19) is trading above our estimate of future cash flow value ($28.67)

Significantly Below Future Cash Flow Value: TMXX.F is trading above our estimate of future cash flow value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TMXX.F?

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

The above table shows the Price to Earnings ratio for TMXX.F. This is calculated by dividing TMXX.F's market cap by their current earnings.
What is TMXX.F's PE Ratio?
PE Ratio32.2x
EarningsCA$415.70m
Market CapCA$13.24b

Price to Earnings Ratio vs Peers

How does TMXX.F's PE Ratio compare to its peers?

The above table shows the PE ratio for TMXX.F vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average22.6x
FDS FactSet Research Systems
12.6x6.09%US$7.6b
MORN Morningstar
19.1x12.31%US$7.1b
MKTX MarketAxess Holdings
26.2x10.64%US$6.4b
TW Tradeweb Markets
32.3x10.49%US$29.1b
TMXX.F TMX Group
32.2x19.28%US$13.2b

Price-To-Earnings vs Peers: TMXX.F is expensive based on its Price-To-Earnings Ratio (32.2x) compared to the peer average (22.6x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

How does TMXX.F's PE Ratio compare vs other companies in the US Capital Markets Industry?

21 CompaniesPrice / EarningsEstimated GrowthMarket Cap
GAM General American Investors Company
4.4xn/aUS$1.43b
ASA ASA Gold and Precious Metals
2xn/aUS$1.36b
MUDS Mudrick Capital Acquisition Corporation II
3.4xn/aUS$401.64m
CRRC.F Cohn Robbins Holdings
4.3xn/aUS$283.01m
TMXX.F 32.2xIndustry Avg. 22.0xNo. of Companies70PE020406080100+
21 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: TMXX.F is expensive based on its Price-To-Earnings Ratio (32.2x) compared to the US Capital Markets industry average (22.8x).

Price to Earnings Ratio vs Fair Ratio

What is TMXX.F'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.

TMXX.F PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio32.2x
Fair PE Ratio15.5x

Price-To-Earnings vs Fair Ratio: TMXX.F is expensive based on its Price-To-Earnings Ratio (32.2x) compared to the estimated Fair Price-To-Earnings Ratio (15.5x).

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 TMXX.F forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$35.19
US$45.17
+28.37%
7.60%US$51.63US$38.35n/a8
Mar ’27US$33.69
US$45.17
+34.08%
7.60%US$51.63US$38.35n/a8
Feb ’27US$36.98
US$45.99
+24.37%
6.08%US$51.41US$43.33n/a8
Jan ’27US$37.80
US$45.49
+20.35%
6.08%US$50.85US$42.86n/a8
Dec ’26US$36.43
US$44.55
+22.28%
6.30%US$49.89US$41.34n/a8
Nov ’26US$36.60
US$44.56
+21.75%
6.30%US$49.91US$41.35n/a8
Oct ’26US$37.78
US$44.69
+18.30%
5.94%US$50.21US$41.60n/a8
Sep ’26US$40.14
US$44.32
+10.42%
3.57%US$47.17US$42.09n/a7
Aug ’26US$40.75
US$43.63
+7.06%
4.95%US$47.11US$39.87n/a8
Jul ’26US$42.19
US$41.22
-2.30%
3.05%US$43.23US$39.57n/a8
Jun ’26US$40.62
US$40.71
+0.23%
2.90%US$42.64US$39.03n/a9
May ’26US$40.15
US$39.30
-2.13%
4.68%US$41.19US$35.41n/a8
Apr ’26US$36.57
US$36.25
-0.89%
6.71%US$39.13US$31.44n/a8
Mar ’26US$35.22
US$36.46
+3.52%
6.71%US$39.36US$31.63US$33.698
Feb ’26US$31.06
US$33.31
+7.24%
6.02%US$37.28US$31.06US$36.988
Jan ’26US$30.87
US$33.52
+8.57%
4.94%US$36.69US$31.05US$37.808
Dec ’25US$31.93
US$33.63
+5.29%
4.39%US$35.77US$31.48US$36.438
Nov ’25US$31.20
US$33.59
+7.65%
4.58%US$35.83US$31.53US$36.608
Oct ’25US$31.83
US$31.58
-0.79%
2.76%US$33.10US$30.15US$37.788
Sep ’25US$31.80
US$31.58
-0.69%
2.76%US$33.10US$30.15US$40.148
Aug ’25US$29.73
US$30.71
+3.31%
6.00%US$33.16US$26.67US$40.759
Jul ’25US$28.37
US$28.80
+1.52%
5.87%US$32.12US$26.28US$42.199
Jun ’25US$26.70
US$28.72
+7.55%
5.87%US$32.03US$26.21US$40.629
May ’25US$26.19
US$28.09
+7.24%
6.90%US$31.96US$25.42US$40.159
Apr ’25US$26.89
US$26.68
-0.77%
6.28%US$30.18US$24.29US$36.578
Mar ’25US$26.17
US$26.38
+0.80%
3.95%US$28.14US$24.43US$35.228
US$44.79
Fair Value
21.4% undervalued intrinsic discount
8
Number of Analysts

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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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/03/12 19:33
End of Day Share Price 2026/03/12 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

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.

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 Github.

Analyst Sources

TMX Group Limited is covered by 14 analysts. 7 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Jeffrey FenwickATB Cormark Historical (Cormark Securities)
Benjamin BudishBarclays
Jeremy CampbellBarclays