Intrinsic value of Nasdaq, Inc. - NDAQ

Previous Close

$97.53

  Intrinsic Value

$147.89

stock screener

  Rating & Target

str. buy

+52%

Previous close

$97.53

 
Intrinsic value

$147.89

 
Up/down potential

+52%

 
Rating

str. buy

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

Revenue (in 0001), $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 16.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  11.50
  10.85
  10.27
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
  6.34
  6.20
  6.08
  5.98
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
Revenue, $m
  4,769
  5,286
  5,829
  6,397
  6,989
  7,607
  8,250
  8,919
  9,615
  10,337
  11,089
  11,869
  12,680
  13,524
  14,401
  15,314
  16,264
  17,254
  18,285
  19,360
  20,481
  21,650
  22,871
  24,147
  25,479
  26,872
  28,328
  29,852
  31,446
  33,115
Variable operating expenses, $m
  3,472
  3,755
  4,052
  4,362
  4,686
  5,023
  5,375
  5,740
  6,120
  6,515
  6,059
  6,486
  6,929
  7,390
  7,870
  8,368
  8,888
  9,428
  9,992
  10,579
  11,192
  11,831
  12,498
  13,195
  13,923
  14,684
  15,480
  16,313
  17,184
  18,096
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
  3,472
  3,755
  4,052
  4,362
  4,686
  5,023
  5,375
  5,740
  6,120
  6,515
  6,059
  6,486
  6,929
  7,390
  7,870
  8,368
  8,888
  9,428
  9,992
  10,579
  11,192
  11,831
  12,498
  13,195
  13,923
  14,684
  15,480
  16,313
  17,184
  18,096
Operating income, $m
  1,297
  1,531
  1,777
  2,035
  2,304
  2,584
  2,875
  3,179
  3,494
  3,822
  5,029
  5,383
  5,751
  6,134
  6,532
  6,946
  7,377
  7,825
  8,293
  8,780
  9,289
  9,819
  10,373
  10,952
  11,556
  12,188
  12,848
  13,539
  14,262
  15,019
EBITDA, $m
  2,342
  2,596
  2,862
  3,141
  3,432
  3,736
  4,051
  4,380
  4,722
  5,076
  5,445
  5,829
  6,227
  6,641
  7,072
  7,520
  7,987
  8,473
  8,979
  9,507
  10,058
  10,632
  11,232
  11,858
  12,512
  13,196
  13,912
  14,660
  15,443
  16,262
Interest expense (income), $m
  119
  207
  272
  339
  409
  483
  559
  639
  723
  810
  900
  993
  1,091
  1,192
  1,297
  1,407
  1,520
  1,639
  1,762
  1,890
  2,024
  2,163
  2,308
  2,460
  2,618
  2,784
  2,956
  3,137
  3,326
  3,523
  3,730
Earnings before tax, $m
  1,090
  1,260
  1,439
  1,626
  1,821
  2,024
  2,236
  2,456
  2,685
  2,922
  4,036
  4,292
  4,559
  4,837
  5,125
  5,425
  5,738
  6,064
  6,403
  6,757
  7,126
  7,511
  7,913
  8,333
  8,772
  9,231
  9,711
  10,214
  10,739
  11,289
Tax expense, $m
  294
  340
  388
  439
  492
  547
  604
  663
  725
  789
  1,090
  1,159
  1,231
  1,306
  1,384
  1,465
  1,549
  1,637
  1,729
  1,824
  1,924
  2,028
  2,137
  2,250
  2,369
  2,492
  2,622
  2,758
  2,900
  3,048
Net income, $m
  796
  920
  1,050
  1,187
  1,329
  1,478
  1,632
  1,793
  1,960
  2,133
  2,946
  3,133
  3,328
  3,531
  3,741
  3,961
  4,189
  4,426
  4,674
  4,932
  5,202
  5,483
  5,777
  6,083
  6,404
  6,739
  7,089
  7,456
  7,839
  8,241

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  17,533
  19,435
  21,430
  23,517
  25,696
  27,967
  30,331
  32,790
  35,347
  38,005
  40,767
  43,636
  46,619
  49,721
  52,946
  56,302
  59,795
  63,433
  67,223
  71,175
  75,296
  79,596
  84,086
  88,774
  93,673
  98,794
  104,149
  109,750
  115,611
  121,745
Adjusted assets (=assets-cash), $m
  17,533
  19,435
  21,430
  23,517
  25,696
  27,967
  30,331
  32,790
  35,347
  38,005
  40,767
  43,636
  46,619
  49,721
  52,946
  56,302
  59,795
  63,433
  67,223
  71,175
  75,296
  79,596
  84,086
  88,774
  93,673
  98,794
  104,149
  109,750
  115,611
  121,745
Revenue / Adjusted assets
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
Average production assets, $m
  5,370
  5,952
  6,563
  7,203
  7,870
  8,565
  9,290
  10,043
  10,826
  11,640
  12,486
  13,365
  14,278
  15,228
  16,216
  17,244
  18,314
  19,428
  20,589
  21,799
  23,061
  24,378
  25,753
  27,189
  28,690
  30,258
  31,898
  33,613
  35,408
  37,287
Working capital, $m
  -200
  -222
  -245
  -269
  -294
  -319
  -347
  -375
  -404
  -434
  -466
  -499
  -533
  -568
  -605
  -643
  -683
  -725
  -768
  -813
  -860
  -909
  -961
  -1,014
  -1,070
  -1,129
  -1,190
  -1,254
  -1,321
  -1,391
Total debt, $m
  5,029
  6,271
  7,574
  8,936
  10,359
  11,842
  13,386
  14,992
  16,662
  18,397
  20,201
  22,075
  24,022
  26,048
  28,154
  30,345
  32,626
  35,002
  37,477
  40,057
  42,748
  45,556
  48,488
  51,550
  54,749
  58,093
  61,589
  65,247
  69,074
  73,080
Total liabilities, $m
  11,449
  12,691
  13,994
  15,356
  16,779
  18,262
  19,806
  21,412
  23,082
  24,817
  26,621
  28,495
  30,442
  32,468
  34,574
  36,765
  39,046
  41,422
  43,897
  46,477
  49,168
  51,976
  54,908
  57,970
  61,169
  64,513
  68,009
  71,667
  75,494
  79,500
Total equity, $m
  6,084
  6,744
  7,436
  8,160
  8,916
  9,704
  10,525
  11,378
  12,266
  13,188
  14,146
  15,142
  16,177
  17,253
  18,372
  19,537
  20,749
  22,011
  23,327
  24,698
  26,128
  27,620
  29,178
  30,805
  32,505
  34,282
  36,140
  38,083
  40,117
  42,246
Total liabilities and equity, $m
  17,533
  19,435
  21,430
  23,516
  25,695
  27,966
  30,331
  32,790
  35,348
  38,005
  40,767
  43,637
  46,619
  49,721
  52,946
  56,302
  59,795
  63,433
  67,224
  71,175
  75,296
  79,596
  84,086
  88,775
  93,674
  98,795
  104,149
  109,750
  115,611
  121,746
Debt-to-equity ratio
  0.830
  0.930
  1.020
  1.100
  1.160
  1.220
  1.270
  1.320
  1.360
  1.400
  1.430
  1.460
  1.480
  1.510
  1.530
  1.550
  1.570
  1.590
  1.610
  1.620
  1.640
  1.650
  1.660
  1.670
  1.680
  1.690
  1.700
  1.710
  1.720
  1.730
Adjusted equity ratio
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  796
  920
  1,050
  1,187
  1,329
  1,478
  1,632
  1,793
  1,960
  2,133
  2,946
  3,133
  3,328
  3,531
  3,741
  3,961
  4,189
  4,426
  4,674
  4,932
  5,202
  5,483
  5,777
  6,083
  6,404
  6,739
  7,089
  7,456
  7,839
  8,241
Depreciation, amort., depletion, $m
  1,045
  1,065
  1,085
  1,106
  1,129
  1,152
  1,176
  1,201
  1,227
  1,254
  416
  445
  476
  508
  541
  575
  610
  648
  686
  727
  769
  813
  858
  906
  956
  1,009
  1,063
  1,120
  1,180
  1,243
Funds from operations, $m
  1,841
  1,984
  2,135
  2,293
  2,458
  2,630
  2,808
  2,994
  3,187
  3,388
  3,362
  3,579
  3,804
  4,038
  4,282
  4,535
  4,799
  5,074
  5,360
  5,659
  5,971
  6,296
  6,635
  6,990
  7,360
  7,747
  8,153
  8,576
  9,020
  9,484
Change in working capital, $m
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -35
  -37
  -38
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -58
  -61
  -64
  -67
  -70
Cash from operations, $m
  1,861
  2,006
  2,158
  2,317
  2,483
  2,656
  2,835
  3,022
  3,216
  3,418
  3,394
  3,612
  3,838
  4,074
  4,319
  4,574
  4,839
  5,116
  5,404
  5,704
  6,018
  6,345
  6,686
  7,043
  7,416
  7,806
  8,214
  8,640
  9,087
  9,554
Maintenance CAPEX, $m
  -161
  -179
  -198
  -219
  -240
  -262
  -286
  -310
  -335
  -361
  -388
  -416
  -445
  -476
  -508
  -541
  -575
  -610
  -648
  -686
  -727
  -769
  -813
  -858
  -906
  -956
  -1,009
  -1,063
  -1,120
  -1,180
New CAPEX, $m
  -552
  -583
  -611
  -639
  -667
  -696
  -724
  -753
  -783
  -814
  -846
  -879
  -914
  -950
  -988
  -1,028
  -1,070
  -1,114
  -1,161
  -1,210
  -1,262
  -1,317
  -1,375
  -1,436
  -1,500
  -1,568
  -1,640
  -1,715
  -1,795
  -1,879
Cash from investing activities, $m
  -713
  -762
  -809
  -858
  -907
  -958
  -1,010
  -1,063
  -1,118
  -1,175
  -1,234
  -1,295
  -1,359
  -1,426
  -1,496
  -1,569
  -1,645
  -1,724
  -1,809
  -1,896
  -1,989
  -2,086
  -2,188
  -2,294
  -2,406
  -2,524
  -2,649
  -2,778
  -2,915
  -3,059
Free cash flow, $m
  1,148
  1,244
  1,349
  1,459
  1,576
  1,698
  1,826
  1,959
  2,098
  2,243
  2,160
  2,317
  2,479
  2,648
  2,823
  3,005
  3,194
  3,391
  3,595
  3,808
  4,029
  4,259
  4,499
  4,749
  5,009
  5,281
  5,565
  5,862
  6,171
  6,495
Issuance/(repayment) of debt, $m
  1,198
  1,242
  1,303
  1,363
  1,423
  1,483
  1,544
  1,606
  1,670
  1,735
  1,803
  1,874
  1,948
  2,025
  2,106
  2,191
  2,281
  2,376
  2,475
  2,580
  2,691
  2,808
  2,932
  3,062
  3,199
  3,344
  3,497
  3,658
  3,827
  4,006
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  1,198
  1,242
  1,303
  1,363
  1,423
  1,483
  1,544
  1,606
  1,670
  1,735
  1,803
  1,874
  1,948
  2,025
  2,106
  2,191
  2,281
  2,376
  2,475
  2,580
  2,691
  2,808
  2,932
  3,062
  3,199
  3,344
  3,497
  3,658
  3,827
  4,006
Total cash flow (excl. dividends), $m
  2,346
  2,487
  2,651
  2,822
  2,998
  3,181
  3,370
  3,565
  3,768
  3,979
  3,963
  4,191
  4,427
  4,673
  4,929
  5,197
  5,475
  5,767
  6,070
  6,388
  6,720
  7,067
  7,430
  7,810
  8,208
  8,625
  9,062
  9,519
  9,998
  10,501
Retained Cash Flow (-), $m
  -635
  -660
  -692
  -724
  -756
  -788
  -820
  -853
  -887
  -922
  -958
  -996
  -1,035
  -1,076
  -1,119
  -1,164
  -1,212
  -1,262
  -1,315
  -1,371
  -1,430
  -1,492
  -1,558
  -1,627
  -1,700
  -1,777
  -1,858
  -1,944
  -2,034
  -2,129
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
  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
  1,711
  1,827
  1,959
  2,098
  2,242
  2,393
  2,549
  2,712
  2,881
  3,056
  3,005
  3,195
  3,392
  3,597
  3,810
  4,032
  4,263
  4,504
  4,755
  5,017
  5,290
  5,575
  5,873
  6,183
  6,508
  6,848
  7,204
  7,576
  7,965
  8,372
Discount rate, %
  5.50
  5.78
  6.06
  6.37
  6.69
  7.02
  7.37
  7.74
  8.13
  8.53
  8.96
  9.41
  9.88
  10.37
  10.89
  11.43
  12.01
  12.61
  13.24
  13.90
  14.59
  15.32
  16.09
  16.89
  17.74
  18.62
  19.56
  20.53
  21.56
  22.64
PV of cash for distribution, $m
  1,622
  1,633
  1,642
  1,639
  1,622
  1,593
  1,549
  1,494
  1,426
  1,348
  1,169
  1,086
  997
  904
  808
  713
  620
  531
  448
  372
  303
  242
  190
  146
  110
  81
  58
  41
  28
  18
Current shareholders' claim on cash, %
  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

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, Inc. (NDAQ)

Valuation Ratios
P/E Ratio 150.4
Price to Sales 4.4
Price to Book 3
Price to Tangible Book
Price to Cash Flow 22.5
Price to Free Cash Flow 27.6
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 $4277 million for the last fiscal year's total revenue generated by Nasdaq, Inc.. The default revenue input number comes from 0001 income statement of Nasdaq, Inc.. 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 11.5% 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 5.5%, whose default value for NDAQ is calculated based on our internal credit rating of Nasdaq, Inc., 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, Inc..
    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 74.9%.

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, Inc..

Corporate tax rate of 27% is the nominal tax rate for Nasdaq, Inc.. 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 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 NDAQ are equal to 112.6%.

Life of production assets of 44 years is the average useful life of capital assets used in Nasdaq, Inc. 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 -4.2%. 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 - $5449 million for Nasdaq, Inc. - 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 165.410 million for Nasdaq, Inc. 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, Inc. at the current share price and the inputted number of shares is $16.1 billion.

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