Added to YB: 2024-10-17
Pitch date: 2024-10-15
MKTX [neutral]
MarketAxess Holdings Inc.
-36.74%
current return
Author Info
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Company Info
MarketAxess Holdings Inc., together with its subsidiaries, operates an electronic trading platform for institutional investor and broker-dealer firms in the United States, the United Kingdom, and internationally.
Market Cap
$6.1B
Pitch Price
$282.95
Price Target
N/A
Dividend
1.84%
EV/EBITDA
12.77
P/E
28.11
EV/Sales
6.72
Sector
Capital Markets
Category
growth
MarketAxess: Leader In Electronic Fixed-Income Trading But Overpriced
MKTX (pass - overvalued): Leading electronic fixed-income platform, 88% revenue from commissions. Strong in US high-grade bonds (85% e-market share). Moat from network effects, 2100+ clients. High margins, ROIC. $530M cash, no debt. Challenges: rising expenses, interest rates, competition. Overpriced despite below 5-yr averages. Fair value $192.89.
Read full article (10 min)