Intrinsic value of Nasdaq - NDAQ

Previous Close

$93.89

  Intrinsic Value

$50.16

stock screener

  Rating & Target

sell

-47%

Previous close

$93.89

 
Intrinsic value

$50.16

 
Up/down potential

-47%

 
Rating

sell

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

We calculate the intrinsic value of NDAQ 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  8.87
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
Revenue, $m
  3,705
  4,243
  4,531
  4,831
  5,143
  5,468
  5,806
  6,158
  6,524
  6,907
  7,306
  7,722
  8,156
  8,610
  9,085
  9,580
  10,099
  10,641
  11,209
  11,803
  12,425
  13,076
  13,759
  14,474
  15,223
  16,009
  16,832
  17,695
  18,601
  19,550
  20,546
Variable operating expenses, $m
 
  3,882
  4,085
  4,295
  4,514
  4,742
  4,979
  5,226
  5,483
  5,752
  6,031
  5,418
  5,723
  6,041
  6,374
  6,722
  7,086
  7,466
  7,865
  8,281
  8,718
  9,175
  9,654
  10,156
  10,681
  11,232
  11,810
  12,416
  13,051
  13,717
  14,416
Fixed operating expenses, $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
Total operating expenses, $m
  3,444
  3,882
  4,085
  4,295
  4,514
  4,742
  4,979
  5,226
  5,483
  5,752
  6,031
  5,418
  5,723
  6,041
  6,374
  6,722
  7,086
  7,466
  7,865
  8,281
  8,718
  9,175
  9,654
  10,156
  10,681
  11,232
  11,810
  12,416
  13,051
  13,717
  14,416
Operating income, $m
  261
  360
  446
  536
  629
  726
  827
  932
  1,041
  1,155
  1,274
  2,304
  2,433
  2,569
  2,710
  2,858
  3,013
  3,175
  3,344
  3,521
  3,707
  3,901
  4,105
  4,318
  4,542
  4,776
  5,022
  5,279
  5,549
  5,833
  6,130
EBITDA, $m
  431
  2,225
  2,377
  2,534
  2,698
  2,868
  3,045
  3,230
  3,422
  3,623
  3,832
  4,050
  4,278
  4,516
  4,765
  5,025
  5,297
  5,582
  5,880
  6,191
  6,517
  6,859
  7,217
  7,592
  7,985
  8,397
  8,829
  9,282
  9,757
  10,255
  10,777
Interest expense (income), $m
  119
  227
  265
  304
  344
  386
  430
  476
  523
  573
  624
  678
  734
  793
  854
  918
  985
  1,055
  1,128
  1,205
  1,285
  1,369
  1,457
  1,549
  1,645
  1,746
  1,852
  1,963
  2,080
  2,202
  2,330
Earnings before tax, $m
  136
  133
  182
  232
  285
  339
  397
  456
  518
  582
  650
  1,626
  1,699
  1,776
  1,856
  1,940
  2,028
  2,120
  2,216
  2,317
  2,422
  2,533
  2,648
  2,770
  2,897
  3,030
  3,170
  3,316
  3,470
  3,631
  3,800
Tax expense, $m
  28
  36
  49
  63
  77
  92
  107
  123
  140
  157
  175
  439
  459
  480
  501
  524
  548
  572
  598
  626
  654
  684
  715
  748
  782
  818
  856
  895
  937
  980
  1,026
Net income, $m
  108
  97
  133
  169
  208
  248
  289
  333
  378
  425
  474
  1,187
  1,240
  1,296
  1,355
  1,416
  1,480
  1,548
  1,618
  1,691
  1,768
  1,849
  1,933
  2,022
  2,115
  2,212
  2,314
  2,421
  2,533
  2,651
  2,774

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  648
  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
  14,150
  16,903
  18,052
  19,247
  20,490
  21,783
  23,130
  24,532
  25,993
  27,517
  29,106
  30,764
  32,495
  34,304
  36,193
  38,169
  40,234
  42,395
  44,656
  47,023
  49,501
  52,097
  54,816
  57,664
  60,650
  63,779
  67,059
  70,499
  74,106
  77,889
  81,857
Adjusted assets (=assets-cash), $m
  13,502
  16,903
  18,052
  19,247
  20,490
  21,783
  23,130
  24,532
  25,993
  27,517
  29,106
  30,764
  32,495
  34,304
  36,193
  38,169
  40,234
  42,395
  44,656
  47,023
  49,501
  52,097
  54,816
  57,664
  60,650
  63,779
  67,059
  70,499
  74,106
  77,889
  81,857
Revenue / Adjusted assets
  0.274
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
Average production assets, $m
  2,208
  9,597
  10,249
  10,928
  11,633
  12,368
  13,132
  13,928
  14,758
  15,623
  16,525
  17,467
  18,450
  19,476
  20,549
  21,671
  22,843
  24,070
  25,354
  26,698
  28,105
  29,579
  31,122
  32,740
  34,435
  36,211
  38,074
  40,027
  42,075
  44,222
  46,475
Working capital, $m
  478
  -327
  -349
  -372
  -396
  -421
  -447
  -474
  -502
  -532
  -563
  -595
  -628
  -663
  -700
  -738
  -778
  -819
  -863
  -909
  -957
  -1,007
  -1,059
  -1,114
  -1,172
  -1,233
  -1,296
  -1,363
  -1,432
  -1,505
  -1,582
Total debt, $m
  3,603
  4,906
  5,627
  6,376
  7,155
  7,966
  8,810
  9,690
  10,606
  11,561
  12,557
  13,597
  14,683
  15,816
  17,001
  18,240
  19,535
  20,890
  22,307
  23,791
  25,345
  26,973
  28,677
  30,463
  32,335
  34,297
  36,354
  38,511
  40,772
  43,144
  45,632
Total liabilities, $m
  8,720
  10,598
  11,319
  12,068
  12,847
  13,658
  14,502
  15,382
  16,298
  17,253
  18,249
  19,289
  20,375
  21,508
  22,693
  23,932
  25,227
  26,582
  27,999
  29,483
  31,037
  32,665
  34,369
  36,155
  38,027
  39,989
  42,046
  44,203
  46,464
  48,836
  51,324
Total equity, $m
  5,430
  6,305
  6,733
  7,179
  7,643
  8,125
  8,627
  9,150
  9,696
  10,264
  10,856
  11,475
  12,121
  12,795
  13,500
  14,237
  15,007
  15,813
  16,657
  17,540
  18,464
  19,432
  20,446
  21,509
  22,622
  23,790
  25,013
  26,296
  27,642
  29,053
  30,533
Total liabilities and equity, $m
  14,150
  16,903
  18,052
  19,247
  20,490
  21,783
  23,129
  24,532
  25,994
  27,517
  29,105
  30,764
  32,496
  34,303
  36,193
  38,169
  40,234
  42,395
  44,656
  47,023
  49,501
  52,097
  54,815
  57,664
  60,649
  63,779
  67,059
  70,499
  74,106
  77,889
  81,857
Debt-to-equity ratio
  0.664
  0.780
  0.840
  0.890
  0.940
  0.980
  1.020
  1.060
  1.090
  1.130
  1.160
  1.180
  1.210
  1.240
  1.260
  1.280
  1.300
  1.320
  1.340
  1.360
  1.370
  1.390
  1.400
  1.420
  1.430
  1.440
  1.450
  1.460
  1.480
  1.490
  1.490
Adjusted equity ratio
  0.354
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  108
  97
  133
  169
  208
  248
  289
  333
  378
  425
  474
  1,187
  1,240
  1,296
  1,355
  1,416
  1,480
  1,548
  1,618
  1,691
  1,768
  1,849
  1,933
  2,022
  2,115
  2,212
  2,314
  2,421
  2,533
  2,651
  2,774
Depreciation, amort., depletion, $m
  170
  1,865
  1,930
  1,998
  2,069
  2,142
  2,219
  2,298
  2,381
  2,468
  2,558
  1,747
  1,845
  1,948
  2,055
  2,167
  2,284
  2,407
  2,535
  2,670
  2,810
  2,958
  3,112
  3,274
  3,443
  3,621
  3,807
  4,003
  4,207
  4,422
  4,648
Funds from operations, $m
  677
  1,962
  2,063
  2,168
  2,277
  2,390
  2,508
  2,631
  2,759
  2,893
  3,032
  2,933
  3,085
  3,244
  3,410
  3,583
  3,765
  3,955
  4,153
  4,361
  4,579
  4,807
  5,046
  5,296
  5,558
  5,833
  6,121
  6,424
  6,740
  7,073
  7,422
Change in working capital, $m
  -45
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -60
  -63
  -66
  -70
  -73
  -77
Cash from operations, $m
  722
  1,984
  2,085
  2,191
  2,301
  2,415
  2,534
  2,658
  2,788
  2,922
  3,063
  2,965
  3,119
  3,279
  3,447
  3,622
  3,805
  3,996
  4,197
  4,407
  4,627
  4,857
  5,098
  5,351
  5,616
  5,894
  6,185
  6,490
  6,810
  7,146
  7,498
Maintenance CAPEX, $m
  0
  -897
  -960
  -1,025
  -1,093
  -1,163
  -1,237
  -1,313
  -1,393
  -1,476
  -1,562
  -1,653
  -1,747
  -1,845
  -1,948
  -2,055
  -2,167
  -2,284
  -2,407
  -2,535
  -2,670
  -2,810
  -2,958
  -3,112
  -3,274
  -3,443
  -3,621
  -3,807
  -4,003
  -4,207
  -4,422
New CAPEX, $m
  -134
  -628
  -653
  -678
  -706
  -734
  -764
  -796
  -830
  -865
  -902
  -942
  -983
  -1,027
  -1,073
  -1,121
  -1,173
  -1,227
  -1,284
  -1,344
  -1,407
  -1,474
  -1,544
  -1,617
  -1,695
  -1,777
  -1,863
  -1,953
  -2,048
  -2,148
  -2,253
Cash from investing activities, $m
  -1,657
  -1,525
  -1,613
  -1,703
  -1,799
  -1,897
  -2,001
  -2,109
  -2,223
  -2,341
  -2,464
  -2,595
  -2,730
  -2,872
  -3,021
  -3,176
  -3,340
  -3,511
  -3,691
  -3,879
  -4,077
  -4,284
  -4,502
  -4,729
  -4,969
  -5,220
  -5,484
  -5,760
  -6,051
  -6,355
  -6,675
Free cash flow, $m
  -935
  459
  473
  487
  502
  517
  533
  549
  565
  582
  599
  371
  389
  407
  426
  445
  465
  485
  506
  528
  550
  573
  597
  621
  647
  673
  701
  730
  760
  791
  823
Issuance/(repayment) of debt, $m
  1,300
  699
  721
  749
  779
  811
  844
  879
  916
  955
  996
  1,040
  1,086
  1,134
  1,185
  1,238
  1,295
  1,355
  1,418
  1,484
  1,554
  1,627
  1,705
  1,786
  1,872
  1,962
  2,057
  2,157
  2,262
  2,372
  2,488
Issuance/(repurchase) of shares, $m
  -100
  320
  296
  276
  256
  235
  213
  190
  167
  143
  118
  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  
  1,202
  1,019
  1,017
  1,025
  1,035
  1,046
  1,057
  1,069
  1,083
  1,098
  1,114
  1,040
  1,086
  1,134
  1,185
  1,238
  1,295
  1,355
  1,418
  1,484
  1,554
  1,627
  1,705
  1,786
  1,872
  1,962
  2,057
  2,157
  2,262
  2,372
  2,488
Total cash flow (excl. dividends), $m
  261
  1,478
  1,490
  1,513
  1,537
  1,563
  1,590
  1,618
  1,648
  1,680
  1,713
  1,411
  1,475
  1,541
  1,611
  1,684
  1,760
  1,840
  1,924
  2,012
  2,104
  2,200
  2,301
  2,407
  2,519
  2,635
  2,758
  2,886
  3,021
  3,163
  3,311
Retained Cash Flow (-), $m
  179
  -418
  -429
  -446
  -464
  -482
  -502
  -523
  -545
  -568
  -593
  -619
  -646
  -675
  -705
  -737
  -770
  -806
  -843
  -883
  -924
  -968
  -1,014
  -1,063
  -1,114
  -1,167
  -1,224
  -1,283
  -1,345
  -1,411
  -1,480
Prev. year cash balance distribution, $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 flow adjustment, $m
 
  71
  76
  82
  87
  93
  98
  105
  111
  117
  124
  132
  139
  147
  155
  164
  172
  182
  192
  202
  212
  224
  235
  248
  261
  274
  288
  303
  319
  335
  352
Cash available for distribution, $m
 
  1,060
  1,061
  1,067
  1,074
  1,080
  1,088
  1,095
  1,103
  1,112
  1,120
  793
  829
  867
  906
  947
  990
  1,034
  1,080
  1,129
  1,179
  1,232
  1,287
  1,345
  1,405
  1,468
  1,534
  1,603
  1,676
  1,752
  1,831
Discount rate, %
 
  6.20
  6.51
  6.84
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.04
  20.00
  21.00
  22.05
  23.15
  24.30
  25.52
PV of cash for distribution, $m
 
  998
  935
  875
  814
  751
  689
  626
  565
  505
  447
  275
  247
  220
  193
  167
  142
  120
  99
  80
  64
  50
  39
  29
  21
  15
  11
  7
  5
  3
  2
Current shareholders' claim on cash, %
  100
  98.0
  96.3
  94.8
  93.5
  92.5
  91.6
  90.8
  90.2
  89.7
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3
  89.3

Nasdaq, Inc. (Nasdaq) is a holding company. The Company is a provider of trading, clearing, exchange technology, regulatory, securities listing, information and public company services. It manages, operates and provides its products and services through four segments: Market Services, Corporate Services, Information Services and Market Technology. Its global offerings include trading and clearing across various asset classes, trade management services, data products, financial indexes, capital formation solutions, corporate solutions, and market technology products and services. Its technology markets across the globe, supporting equity derivative trading, clearing and settlement, cash equity trading, fixed income trading and various other functions. Its Market Services segment include its equity derivative trading and clearing, cash equity trading, fixed income clearing corporation and trade management services businesses. Its Corporate Solutions business serves corporate clients.

FINANCIAL RATIOS  of  Nasdaq (NDAQ)

Valuation Ratios
P/E Ratio 144.8
Price to Sales 4.2
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 21.7
Price to Free Cash Flow 26.6
Growth Rates
Sales Growth Rate 8.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0.8%
Cap. Spend. - 3 Yr. Gr. Rate 3.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0.9
LT Debt to Equity 66.4%
Total Debt to Equity 66.4%
Interest Coverage 2
Management Effectiveness
Return On Assets 1.6%
Ret/ On Assets - 3 Yr. Avg. 3.2%
Return On Total Capital 1.3%
Ret/ On T. Cap. - 3 Yr. Avg. 3.8%
Return On Equity 2%
Return On Equity - 3 Yr. Avg. 5.5%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 61.5%
Gross Margin - 3 Yr. Avg. 60.6%
EBITDA Margin 11.5%
EBITDA Margin - 3 Yr. Avg. 20.4%
Operating Margin 7%
Oper. Margin - 3 Yr. Avg. 16.1%
Pre-Tax Margin 3.7%
Pre-Tax Margin - 3 Yr. Avg. 13.1%
Net Profit Margin 2.9%
Net Profit Margin - 3 Yr. Avg. 9.1%
Effective Tax Rate 20.6%
Eff/ Tax Rate - 3 Yr. Avg. 27.8%
Payout Ratio 185.2%

NDAQ stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NDAQ stock intrinsic value calculation we used $3965 million for the last fiscal year's total revenue generated by Nasdaq. The default revenue input number comes from 2016 income statement of Nasdaq. 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 NDAQ stock valuation model: a) initial revenue growth rate of 7% 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 6.2%, whose default value for NDAQ is calculated based on our internal credit rating of Nasdaq, 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 Nasdaq.
    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 NDAQ stock the variable cost ratio is equal to 93%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for NDAQ 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 5.4% for Nasdaq.

Corporate tax rate of 27% is the nominal tax rate for Nasdaq. 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 NDAQ stock is equal to 1.8%.

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 NDAQ are equal to 226.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Nasdaq 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 NDAQ is equal to -7.7%. 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 - $5887 million for Nasdaq - 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 166 million for Nasdaq 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 Nasdaq at the current share price and the inputted number of shares is $15.6 billion.

RELATED COMPANIES Price Int.Val. Rating
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▶ [$$] China equities sell-off slows in choppy Asia session   [Jun-28-18 12:43AM  Financial Times]
▶ Nasdaq to Hold Second Quarter 2018 Investor Conference Call   [Jun-26-18 04:15PM  GlobeNewswire]
▶ What Is Equity in Finance, Accounting and Real Estate?   [Jun-25-18 02:01PM  TheStreet.com]
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▶ [$$] China retaliates against US tariffs on $50bn of imports   [Jun-14-18 10:59PM  Financial Times]
▶ [$$] US stocks inch higher but cautious mood prevails   [Jun-08-18 04:24AM  Financial Times]
▶ [$$] Who really owns bitcoin now?   [12:02AM  Financial Times]
▶ Nasdaq Halts Electrum Special Acquisition Corporation   [Jun-06-18 01:51PM  GlobeNewswire]
▶ [$$] Asia stocks ease after US-led gains lose steam   [Jun-04-18 10:22PM  Financial Times]
▶ Nasdaq May 2018 Volumes   [04:15PM  GlobeNewswire]
▶ [$$] Global markets rally as US jobs growth calms volatility   [Jun-01-18 04:41AM  Financial Times]
▶ How to Play Blockchain Without Getting Burned   [May-30-18 01:19PM  InvestorPlace]
▶ [$$] Exchanges Blast SEC for Plan to Rein In Rebates   [07:44PM  The Wall Street Journal]
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▶ [$$] GDPR/data privacy: numbers crunch   [12:00AM  Financial Times]
Financial statements of NDAQ
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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