Intrinsic value of MarketAxess Holdings - MKTX

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$191.68

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$191.68

 
Intrinsic value

$188.97

 
Up/down potential

-1%

 
Rating

hold

 
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Our model is not good at valuating stocks of financial companies, such as MKTX.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of MKTX stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 7.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  22.11
  22.10
  20.39
  18.85
  17.47
  16.22
  15.10
  14.09
  13.18
  12.36
  11.62
  10.96
  10.37
  9.83
  9.35
  8.91
  8.52
  8.17
  7.85
  7.57
  7.31
  7.08
  6.87
  6.68
  6.52
  6.36
  6.23
  6.10
  5.99
  5.89
  5.81
Revenue, $m
  370
  452
  544
  646
  759
  882
  1,016
  1,159
  1,312
  1,474
  1,645
  1,825
  2,014
  2,212
  2,419
  2,635
  2,859
  3,093
  3,336
  3,588
  3,851
  4,123
  4,406
  4,701
  5,007
  5,326
  5,658
  6,003
  6,363
  6,738
  7,129
Variable operating expenses, $m
 
  154
  184
  217
  254
  294
  338
  385
  435
  488
  544
  596
  658
  723
  791
  861
  934
  1,011
  1,090
  1,173
  1,258
  1,347
  1,440
  1,536
  1,636
  1,740
  1,849
  1,962
  2,079
  2,202
  2,330
Fixed operating expenses, $m
 
  53
  55
  56
  57
  59
  60
  62
  63
  65
  67
  68
  70
  72
  73
  75
  77
  79
  81
  83
  85
  87
  90
  92
  94
  96
  99
  101
  104
  106
  109
Total operating expenses, $m
  178
  207
  239
  273
  311
  353
  398
  447
  498
  553
  611
  664
  728
  795
  864
  936
  1,011
  1,090
  1,171
  1,256
  1,343
  1,434
  1,530
  1,628
  1,730
  1,836
  1,948
  2,063
  2,183
  2,308
  2,439
Operating income, $m
  192
  245
  306
  373
  448
  529
  617
  712
  814
  921
  1,035
  1,161
  1,286
  1,418
  1,555
  1,699
  1,848
  2,003
  2,165
  2,333
  2,507
  2,688
  2,877
  3,073
  3,277
  3,489
  3,710
  3,940
  4,180
  4,430
  4,690
EBITDA, $m
  210
  259
  321
  391
  467
  551
  642
  739
  843
  954
  1,070
  1,193
  1,322
  1,457
  1,599
  1,746
  1,899
  2,059
  2,224
  2,397
  2,576
  2,762
  2,956
  3,157
  3,367
  3,585
  3,811
  4,048
  4,294
  4,550
  4,818
Interest expense (income), $m
  0
  0
  0
  1
  2
  2
  3
  4
  4
  5
  6
  7
  8
  9
  10
  12
  13
  14
  15
  17
  18
  20
  21
  23
  25
  26
  28
  30
  32
  34
  36
Earnings before tax, $m
  192
  245
  305
  372
  446
  527
  615
  709
  809
  916
  1,029
  1,153
  1,278
  1,408
  1,545
  1,687
  1,835
  1,989
  2,149
  2,316
  2,489
  2,669
  2,856
  3,050
  3,252
  3,463
  3,682
  3,910
  4,148
  4,396
  4,654
Tax expense, $m
  66
  66
  82
  100
  120
  142
  166
  191
  218
  247
  278
  311
  345
  380
  417
  455
  495
  537
  580
  625
  672
  721
  771
  824
  878
  935
  994
  1,056
  1,120
  1,187
  1,257
Net income, $m
  126
  179
  223
  272
  326
  385
  449
  517
  591
  669
  751
  842
  933
  1,028
  1,128
  1,231
  1,339
  1,452
  1,569
  1,690
  1,817
  1,948
  2,085
  2,227
  2,374
  2,528
  2,688
  2,854
  3,028
  3,209
  3,397

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  168
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  528
  439
  529
  629
  739
  858
  988
  1,127
  1,276
  1,433
  1,600
  1,776
  1,960
  2,152
  2,353
  2,563
  2,781
  3,009
  3,245
  3,490
  3,746
  4,011
  4,286
  4,573
  4,871
  5,181
  5,503
  5,839
  6,189
  6,554
  6,935
Adjusted assets (=assets-cash), $m
  360
  439
  529
  629
  739
  858
  988
  1,127
  1,276
  1,433
  1,600
  1,776
  1,960
  2,152
  2,353
  2,563
  2,781
  3,009
  3,245
  3,490
  3,746
  4,011
  4,286
  4,573
  4,871
  5,181
  5,503
  5,839
  6,189
  6,554
  6,935
Revenue / Adjusted assets
  1.028
  1.030
  1.028
  1.027
  1.027
  1.028
  1.028
  1.028
  1.028
  1.029
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
  1.028
Average production assets, $m
  35
  43
  52
  61
  72
  84
  96
  110
  125
  140
  156
  173
  191
  210
  230
  250
  272
  294
  317
  341
  366
  392
  419
  447
  476
  506
  537
  570
  604
  640
  677
Working capital, $m
  0
  -205
  -247
  -293
  -345
  -401
  -461
  -526
  -595
  -669
  -747
  -829
  -915
  -1,004
  -1,098
  -1,196
  -1,298
  -1,404
  -1,514
  -1,629
  -1,748
  -1,872
  -2,000
  -2,134
  -2,273
  -2,418
  -2,569
  -2,725
  -2,889
  -3,059
  -3,237
Total debt, $m
  0
  13
  28
  45
  63
  83
  105
  128
  153
  179
  207
  237
  267
  299
  333
  368
  405
  442
  482
  523
  566
  610
  656
  704
  753
  805
  859
  915
  974
  1,035
  1,098
Total liabilities, $m
  60
  73
  88
  105
  123
  143
  165
  188
  213
  239
  267
  297
  327
  359
  393
  428
  465
  502
  542
  583
  626
  670
  716
  764
  813
  865
  919
  975
  1,034
  1,095
  1,158
Total equity, $m
  468
  366
  441
  524
  615
  715
  823
  939
  1,063
  1,194
  1,333
  1,479
  1,632
  1,793
  1,960
  2,135
  2,317
  2,506
  2,703
  2,908
  3,120
  3,341
  3,571
  3,809
  4,057
  4,316
  4,584
  4,864
  5,156
  5,460
  5,777
Total liabilities and equity, $m
  528
  439
  529
  629
  738
  858
  988
  1,127
  1,276
  1,433
  1,600
  1,776
  1,959
  2,152
  2,353
  2,563
  2,782
  3,008
  3,245
  3,491
  3,746
  4,011
  4,287
  4,573
  4,870
  5,181
  5,503
  5,839
  6,190
  6,555
  6,935
Debt-to-equity ratio
  0.000
  0.040
  0.060
  0.090
  0.100
  0.120
  0.130
  0.140
  0.140
  0.150
  0.160
  0.160
  0.160
  0.170
  0.170
  0.170
  0.170
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
Adjusted equity ratio
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  126
  179
  223
  272
  326
  385
  449
  517
  591
  669
  751
  842
  933
  1,028
  1,128
  1,231
  1,339
  1,452
  1,569
  1,690
  1,817
  1,948
  2,085
  2,227
  2,374
  2,528
  2,688
  2,854
  3,028
  3,209
  3,397
Depreciation, amort., depletion, $m
  18
  14
  16
  18
  20
  22
  24
  27
  30
  32
  35
  33
  36
  40
  43
  47
  51
  55
  60
  64
  69
  74
  79
  84
  90
  95
  101
  108
  114
  121
  128
Funds from operations, $m
  3
  193
  238
  289
  345
  407
  473
  544
  620
  701
  786
  875
  969
  1,068
  1,171
  1,279
  1,391
  1,507
  1,629
  1,755
  1,886
  2,022
  2,164
  2,311
  2,464
  2,623
  2,789
  2,962
  3,142
  3,329
  3,525
Change in working capital, $m
  -77
  -37
  -42
  -47
  -51
  -56
  -60
  -65
  -69
  -74
  -78
  -82
  -86
  -90
  -94
  -98
  -102
  -106
  -110
  -115
  -119
  -124
  -129
  -134
  -139
  -145
  -151
  -157
  -163
  -170
  -178
Cash from operations, $m
  80
  230
  280
  336
  397
  462
  533
  609
  689
  775
  864
  956
  1,055
  1,158
  1,265
  1,377
  1,493
  1,613
  1,739
  1,869
  2,005
  2,146
  2,292
  2,444
  2,603
  2,768
  2,940
  3,119
  3,305
  3,500
  3,703
Maintenance CAPEX, $m
  0
  -7
  -8
  -10
  -12
  -14
  -16
  -18
  -21
  -24
  -26
  -29
  -33
  -36
  -40
  -43
  -47
  -51
  -55
  -60
  -64
  -69
  -74
  -79
  -84
  -90
  -95
  -101
  -108
  -114
  -121
New CAPEX, $m
  -19
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
Cash from investing activities, $m
  -53
  -15
  -17
  -20
  -23
  -26
  -29
  -32
  -36
  -39
  -42
  -46
  -51
  -55
  -60
  -63
  -68
  -73
  -78
  -84
  -89
  -95
  -101
  -107
  -113
  -120
  -127
  -134
  -142
  -150
  -158
Free cash flow, $m
  27
  215
  263
  316
  374
  437
  505
  577
  654
  736
  821
  910
  1,004
  1,103
  1,206
  1,313
  1,424
  1,540
  1,660
  1,786
  1,916
  2,051
  2,191
  2,338
  2,490
  2,648
  2,813
  2,984
  3,163
  3,350
  3,545
Issuance/(repayment) of debt, $m
  0
  13
  15
  17
  18
  20
  22
  23
  25
  26
  28
  29
  31
  32
  34
  35
  36
  38
  39
  41
  43
  44
  46
  48
  50
  52
  54
  56
  58
  61
  64
Issuance/(repurchase) of shares, $m
  -27
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -18
  13
  15
  17
  18
  20
  22
  23
  25
  26
  28
  29
  31
  32
  34
  35
  36
  38
  39
  41
  43
  44
  46
  48
  50
  52
  54
  56
  58
  61
  64
Total cash flow (excl. dividends), $m
  7
  229
  278
  333
  393
  457
  526
  600
  679
  762
  849
  939
  1,035
  1,135
  1,239
  1,348
  1,461
  1,578
  1,700
  1,827
  1,958
  2,095
  2,237
  2,385
  2,539
  2,700
  2,867
  3,041
  3,222
  3,411
  3,608
Retained Cash Flow (-), $m
  -77
  -66
  -75
  -83
  -91
  -100
  -108
  -116
  -124
  -131
  -139
  -146
  -153
  -160
  -168
  -175
  -182
  -189
  -197
  -205
  -213
  -221
  -230
  -239
  -248
  -258
  -269
  -280
  -292
  -304
  -317
Prev. year cash balance distribution, $m
 
  168
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  331
  204
  250
  301
  357
  419
  485
  555
  631
  710
  793
  882
  975
  1,072
  1,173
  1,279
  1,389
  1,503
  1,622
  1,746
  1,874
  2,008
  2,147
  2,291
  2,441
  2,598
  2,761
  2,930
  3,107
  3,291
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  317
  187
  217
  248
  277
  304
  327
  347
  362
  372
  377
  376
  371
  360
  344
  325
  302
  277
  250
  222
  194
  167
  141
  117
  95
  76
  59
  45
  34
  25
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

MarketAxess Holdings Inc., together with its subsidiaries, operates an electronic trading platform that enables fixed-income market participants to trade corporate bonds and other types of fixed-income instruments worldwide. It offers institutional investor and broker-dealer the access to global liquidity in U.S. high-grade corporate bonds, emerging markets and high-yield bonds, European bonds, U.S. agency bonds, municipal bonds, credit default swaps, and other fixed-income securities. The company through its Open Trading protocol, executes trades in certain bonds between and among institutional investor and broker-dealer clients in an all-to-all trading environment on a matched principal basis. In addition, it offers trading-related products and services, including market data to assist clients with trading decisions; connectivity solutions that facilitate straight-through processing; technology services to optimize trading environments; and execution services for exchange-traded fund managers and other clients. Further, the company through its Trax division offers a range of pre-and post-trade services, such as trade matching, regulatory transaction reporting, and market and reference data across a range of fixed-income and other products. MarketAxess Holdings Inc. has an agreement with S&P Dow Jones Indices to jointly develop indices that track the liquid segments of the U.S. corporate bond market. MarketAxess Holdings Inc. was founded in 2000 and is headquartered in New York, New York.

FINANCIAL RATIOS  of  MarketAxess Holdings (MKTX)

Valuation Ratios
P/E Ratio 57.1
Price to Sales 19.4
Price to Book 15.4
Price to Tangible Book
Price to Cash Flow 89.9
Price to Free Cash Flow 118
Growth Rates
Sales Growth Rate 22.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 26.7%
Cap. Spend. - 3 Yr. Gr. Rate -3.7%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 26.1%
Ret/ On Assets - 3 Yr. Avg. 23.3%
Return On Total Capital 29.3%
Ret/ On T. Cap. - 3 Yr. Avg. 26.4%
Return On Equity 29.3%
Return On Equity - 3 Yr. Avg. 26.4%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 90.5%
Gross Margin - 3 Yr. Avg. 89.6%
EBITDA Margin 56.8%
EBITDA Margin - 3 Yr. Avg. 54.5%
Operating Margin 51.9%
Oper. Margin - 3 Yr. Avg. 48.7%
Pre-Tax Margin 51.9%
Pre-Tax Margin - 3 Yr. Avg. 48.7%
Net Profit Margin 34.1%
Net Profit Margin - 3 Yr. Avg. 31.4%
Effective Tax Rate 34.4%
Eff/ Tax Rate - 3 Yr. Avg. 35.5%
Payout Ratio 30.2%

MKTX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MKTX stock intrinsic value calculation we used $370 million for the last fiscal year's total revenue generated by MarketAxess Holdings. The default revenue input number comes from 2016 income statement of MarketAxess Holdings. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our MKTX stock valuation model: a) initial revenue growth rate of 22.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for MKTX is calculated based on our internal credit rating of MarketAxess Holdings, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of MarketAxess Holdings.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of MKTX stock the variable cost ratio is equal to 34.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $52 million in the base year in the intrinsic value calculation for MKTX stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for MarketAxess Holdings.

Corporate tax rate of 27% is the nominal tax rate for MarketAxess Holdings. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the MKTX stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for MKTX are equal to 9.5%.

Life of production assets of 5.3 years is the average useful life of capital assets used in MarketAxess Holdings operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for MKTX is equal to -45.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $468 million for MarketAxess Holdings - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 37.922 million for MarketAxess Holdings is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of MarketAxess Holdings at the current share price and the inputted number of shares is $7.3 billion.


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COMPANY NEWS

▶ 3 Stocks at 52-Week Highs Still Worth Buying   [May-25-17 10:15AM  Motley Fool]
▶ MarketAxess posts 1Q profit   [Apr-26-17 07:28AM  Associated Press]
▶ Baron Asset Fund Comments on MarketAxess Holdings   [Apr-13-17 06:36PM  GuruFocus.com]
▶ 3 Stocks We're Never Selling   [Apr-10-17 03:38PM  Motley Fool]
▶ MOVES-SocGen, eVestment, Marketaxess   [Feb-27-17 04:25PM  Reuters]
▶ [$$] Former Finra Chief Joins Board of MarketAxess   [05:01PM  at The Wall Street Journal]
▶ Mozambique 2023 dollar bond rebounds 1.5 cents   [Jan-17-17 10:51AM  Reuters]
▶ 1 Growth Stock I'd Buy Right Now   [Jan-09-17 03:54PM  at Motley Fool]
▶ Top Growth Dividend Stocks to Buy in 2017   [Dec-23-16 10:42AM  at Motley Fool]
▶ MarketAxess Reports Record Open Trading Volume in 2016   [Dec-20-16 09:57AM  GlobeNewswire]
▶ 3 Tech Stocks to Buy in November   [Nov-08-16 08:00AM  at Motley Fool]
▶ 2 Stocks With Jaw-Dropping Growth Potential   [Nov-01-16 04:41PM  at Motley Fool]
▶ MarketAxess Holdings Inc. Earnings Surge 36%   [Oct-28-16 02:21PM  at Motley Fool]
▶ [$$] Companies exploit arbitrages and market dislocations   [Oct-06-16 12:00AM  at Financial Times]
Stock chart of MKTX Financial statements of MKTX Annual reports of MKTX
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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