Added to YB: 2025-09-05
Pitch date: 2025-09-02
MIAX [neutral]
Miami International Holdings, Inc.
+18.16%
current return
Author Info
The Diversified Fins Analyst is a former sellside & buyside equities analyst focused on diversified financials (exchanges, online brokers, trading companies, etc.). Sign up for the newsletter.
Company Info
Miami International Holdings, Inc., through its subsidiaries, operates various markets across options, futures, and cash equities.
Market Cap
$4.0B
Pitch Price
$36.12
Price Target
23.53 (-45%)
Dividend
N/A
EV/EBITDA
31.74
P/E
-32.28
EV/Sales
2.68
Sector
Capital Markets
Category
growth
Miami International Holdings, Inc. (MIAX) - One of The Newer Entrants to the Exchange Space Goes Public
MIAX (overvalued): Exchange operator w/ 15% US options market share (4th largest), 2% equities share. 2024 rev $276M (+25% CAGR since 2020) but only 13% EBITDA margins vs 65%+ peers. Trading 36x NTM EPS vs peers at 24x. Bloomberg index products launch 4Q25 could drive growth but risk of SPIKES-like failure. Potential M&A target at $3B market cap but valuation stretched vs fundamentals.
Read full article (31 min)