Intrinsic value of MarketAxess Holdings - MKTX

Previous Close

$193.34

  Intrinsic Value

$130.42

stock screener

  Rating & Target

sell

-33%

  Value-price divergence*

+145%

Previous close

$193.34

 
Intrinsic value

$130.42

 
Up/down potential

-33%

 
Rating

sell

 
Value-price divergence*

+145%

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
  16.90
  15.71
  14.64
  13.68
  12.81
  12.03
  11.32
  10.69
  10.12
  9.61
  9.15
  8.73
  8.36
  8.02
  7.72
  7.45
  7.21
  6.98
  6.79
  6.61
  6.45
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
Revenue, $m
  370
  433
  500
  574
  652
  736
  824
  918
  1,016
  1,118
  1,226
  1,338
  1,455
  1,577
  1,703
  1,835
  1,971
  2,113
  2,261
  2,414
  2,574
  2,740
  2,913
  3,092
  3,280
  3,475
  3,678
  3,890
  4,112
  4,343
  4,585
Variable operating expenses, $m
 
  147
  170
  193
  219
  246
  275
  306
  338
  371
  407
  437
  475
  515
  557
  600
  644
  691
  739
  789
  841
  895
  952
  1,011
  1,072
  1,135
  1,202
  1,271
  1,344
  1,419
  1,498
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
  200
  225
  249
  276
  305
  335
  368
  401
  436
  474
  505
  545
  587
  630
  675
  721
  770
  820
  872
  926
  982
  1,042
  1,103
  1,166
  1,231
  1,301
  1,372
  1,448
  1,525
  1,607
Operating income, $m
  192
  232
  276
  324
  376
  430
  489
  550
  614
  682
  753
  833
  910
  990
  1,073
  1,160
  1,250
  1,344
  1,441
  1,542
  1,648
  1,757
  1,871
  1,990
  2,114
  2,243
  2,377
  2,518
  2,664
  2,817
  2,977
EBITDA, $m
  210
  242
  287
  336
  388
  443
  502
  565
  630
  699
  770
  845
  923
  1,005
  1,089
  1,177
  1,269
  1,364
  1,463
  1,565
  1,672
  1,783
  1,899
  2,019
  2,145
  2,276
  2,412
  2,555
  2,703
  2,859
  3,021
Interest expense (income), $m
  0
  0
  0
  1
  1
  2
  2
  3
  3
  4
  4
  5
  6
  6
  7
  8
  8
  9
  10
  11
  12
  13
  13
  14
  15
  17
  18
  19
  20
  21
  23
Earnings before tax, $m
  192
  232
  276
  324
  375
  429
  486
  547
  611
  678
  749
  828
  904
  984
  1,066
  1,152
  1,242
  1,335
  1,431
  1,532
  1,636
  1,745
  1,858
  1,976
  2,098
  2,226
  2,360
  2,499
  2,644
  2,796
  2,955
Tax expense, $m
  66
  63
  75
  87
  101
  116
  131
  148
  165
  183
  202
  223
  244
  266
  288
  311
  335
  360
  386
  414
  442
  471
  502
  533
  567
  601
  637
  675
  714
  755
  798
Net income, $m
  126
  169
  201
  236
  273
  313
  355
  400
  446
  495
  546
  604
  660
  718
  778
  841
  906
  974
  1,045
  1,118
  1,194
  1,274
  1,356
  1,442
  1,532
  1,625
  1,723
  1,824
  1,930
  2,041
  2,157

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
  421
  487
  558
  634
  716
  802
  893
  988
  1,088
  1,193
  1,302
  1,415
  1,534
  1,657
  1,785
  1,918
  2,056
  2,199
  2,349
  2,504
  2,665
  2,833
  3,008
  3,190
  3,380
  3,578
  3,784
  4,000
  4,225
  4,460
Adjusted assets (=assets-cash), $m
  360
  421
  487
  558
  634
  716
  802
  893
  988
  1,088
  1,193
  1,302
  1,415
  1,534
  1,657
  1,785
  1,918
  2,056
  2,199
  2,349
  2,504
  2,665
  2,833
  3,008
  3,190
  3,380
  3,578
  3,784
  4,000
  4,225
  4,460
Revenue / Adjusted assets
  1.028
  1.029
  1.027
  1.029
  1.028
  1.028
  1.027
  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
  1.028
  1.028
  1.028
Average production assets, $m
  35
  41
  48
  55
  62
  70
  78
  87
  96
  106
  116
  127
  138
  150
  162
  174
  187
  201
  215
  229
  245
  260
  277
  294
  312
  330
  349
  370
  391
  413
  436
Working capital, $m
  0
  -43
  -50
  -57
  -65
  -74
  -82
  -92
  -102
  -112
  -123
  -134
  -146
  -158
  -170
  -183
  -197
  -211
  -226
  -241
  -257
  -274
  -291
  -309
  -328
  -347
  -368
  -389
  -411
  -434
  -458
Total debt, $m
  0
  10
  21
  33
  46
  60
  74
  89
  105
  122
  139
  157
  176
  196
  217
  238
  260
  283
  307
  332
  358
  385
  413
  442
  473
  504
  538
  572
  608
  646
  685
Total liabilities, $m
  60
  70
  81
  93
  106
  120
  134
  149
  165
  182
  199
  217
  236
  256
  277
  298
  320
  343
  367
  392
  418
  445
  473
  502
  533
  564
  598
  632
  668
  706
  745
Total equity, $m
  468
  350
  406
  465
  528
  596
  668
  744
  823
  906
  993
  1,084
  1,179
  1,278
  1,380
  1,487
  1,597
  1,713
  1,832
  1,956
  2,086
  2,220
  2,360
  2,506
  2,658
  2,816
  2,980
  3,152
  3,332
  3,519
  3,715
Total liabilities and equity, $m
  528
  420
  487
  558
  634
  716
  802
  893
  988
  1,088
  1,192
  1,301
  1,415
  1,534
  1,657
  1,785
  1,917
  2,056
  2,199
  2,348
  2,504
  2,665
  2,833
  3,008
  3,191
  3,380
  3,578
  3,784
  4,000
  4,225
  4,460
Debt-to-equity ratio
  0.000
  0.030
  0.050
  0.070
  0.090
  0.100
  0.110
  0.120
  0.130
  0.130
  0.140
  0.150
  0.150
  0.150
  0.160
  0.160
  0.160
  0.170
  0.170
  0.170
  0.170
  0.170
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
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
  169
  201
  236
  273
  313
  355
  400
  446
  495
  546
  604
  660
  718
  778
  841
  906
  974
  1,045
  1,118
  1,194
  1,274
  1,356
  1,442
  1,532
  1,625
  1,723
  1,824
  1,930
  2,041
  2,157
Depreciation, amort., depletion, $m
  18
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  13
  14
  15
  16
  17
  19
  20
  21
  23
  24
  26
  28
  29
  31
  33
  35
  37
  39
  41
  44
Funds from operations, $m
  3
  179
  212
  248
  286
  326
  369
  414
  462
  512
  564
  617
  674
  733
  795
  859
  925
  994
  1,066
  1,141
  1,219
  1,300
  1,384
  1,472
  1,563
  1,658
  1,758
  1,861
  1,969
  2,082
  2,200
Change in working capital, $m
  -77
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
Cash from operations, $m
  80
  186
  219
  255
  293
  334
  378
  424
  472
  522
  575
  628
  685
  745
  807
  872
  939
  1,009
  1,081
  1,156
  1,235
  1,316
  1,401
  1,490
  1,582
  1,678
  1,778
  1,882
  1,992
  2,106
  2,225
Maintenance CAPEX, $m
  0
  -4
  -4
  -5
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -19
  -20
  -21
  -23
  -24
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -41
New CAPEX, $m
  -19
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
Cash from investing activities, $m
  -53
  -10
  -10
  -12
  -12
  -14
  -15
  -17
  -18
  -20
  -21
  -23
  -24
  -26
  -27
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -64
Free cash flow, $m
  27
  176
  208
  243
  281
  320
  362
  407
  454
  503
  554
  606
  662
  720
  780
  843
  908
  976
  1,047
  1,120
  1,197
  1,276
  1,359
  1,445
  1,535
  1,628
  1,726
  1,827
  1,934
  2,044
  2,160
Issuance/(repayment) of debt, $m
  0
  10
  11
  12
  13
  14
  14
  15
  16
  17
  17
  18
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  34
  36
  38
  39
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
  10
  11
  12
  13
  14
  14
  15
  16
  17
  17
  18
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  34
  36
  38
  39
Total cash flow (excl. dividends), $m
  7
  186
  219
  255
  293
  334
  377
  422
  470
  519
  571
  624
  681
  740
  801
  864
  931
  999
  1,071
  1,145
  1,223
  1,303
  1,387
  1,474
  1,565
  1,660
  1,759
  1,862
  1,970
  2,082
  2,200
Retained Cash Flow (-), $m
  -77
  -50
  -55
  -59
  -64
  -68
  -72
  -76
  -79
  -83
  -87
  -91
  -95
  -99
  -103
  -107
  -111
  -115
  -120
  -124
  -129
  -134
  -140
  -146
  -152
  -158
  -165
  -172
  -179
  -187
  -196
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
 
  304
  164
  196
  230
  266
  305
  346
  390
  436
  484
  533
  586
  641
  698
  758
  820
  884
  951
  1,021
  1,093
  1,169
  1,247
  1,328
  1,413
  1,502
  1,594
  1,690
  1,790
  1,895
  2,004
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
 
  291
  151
  170
  189
  206
  221
  234
  244
  251
  254
  253
  250
  244
  234
  222
  208
  192
  175
  157
  139
  121
  103
  87
  72
  58
  46
  36
  28
  21
  15
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 57.6
Price to Sales 19.6
Price to Book 15.5
Price to Tangible Book
Price to Cash Flow 90.7
Price to Free Cash Flow 119
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 16.9% 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 10 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 -10%. 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 37.625 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

▶ [$$] Amsterdam shines as financial groups seek EU access   [Aug-05-17 07:06AM  Financial Times]
▶ [$$] MarketAxess defends its corporate bond trading status   [Jul-26-17 06:33PM  Financial Times]
▶ MarketAxess posts 2Q profit   [04:53PM  Associated Press]
▶ [$$] MarketAxess chooses Amsterdam as EU base after Brexit   [Jul-23-17 08:19AM  Financial Times]
▶ Winning Mutual Fund Focuses On Leading Stocks Like Autohome, MarketAxess   [Jul-07-17 02:43PM  Investor's Business Daily]
▶ 3 Stocks I'm Never Selling   [Jun-25-17 11:30AM  Motley Fool]
▶ The 3 Best Dividend Stocks of Tomorrow   [Jun-20-17 08:06AM  Motley Fool]
▶ FAANG Alternatives in Unloved Names & Sectors   [Jun-19-17 06:00AM  Investopedia]
▶ Stocks To Buy And Watch: Top IPOs, Big And Small Caps, Growth Stocks   [May-30-17 02:13PM  Investor's Business Daily]
▶ 3 Stocks at 52-Week Highs Still Worth Buying   [May-25-17 10:15AM  Motley Fool]
▶ MarketAxess posts 1Q profit   [Apr-26-17 07:28AM  Associated Press]
▶ Baron Asset Fund Comments on MarketAxess Holdings   [Apr-13-17 06:36PM  GuruFocus.com]
▶ 3 Stocks We're Never Selling   [Apr-10-17 03:38PM  Motley Fool]
▶ MOVES-SocGen, eVestment, Marketaxess   [Feb-27-17 04:25PM  Reuters]
▶ [$$] 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]
Financial statements 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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