Added to YB: 2026-07-23
Pitch date: 2026-07-21
MIAX [neutral]
Miami International Holdings, Inc.
-0.36%
current return
Author Info
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Company Info
Miami International Holdings, Inc., through its subsidiaries, builds and operates various financial marketplaces in the United States.
Market Cap
$4.1B
Pitch Price
$41.96
Price Target
N/A
Dividend
N/A
EV/EBITDA
18.58
P/E
27.91
EV/Sales
2.48
Sector
Capital Markets
Category
special_situation
MIAX Profile: A Good Business With a Messy Setup
MIAX (overview): Options exchange, 16.9% share (+26% ADV YoY), ~46-51% adj EBITDA margin on net rev. Post-IPO overhang: dilution, insider selling, warrants. Trades ~13-15x fwd EV/EBITDA (diluted), near peers—reasonable not cheap. Risks: perps, futures losses, Nasdaq litigation, 45% customer concentration. Optionality in Bloomberg futures + Rothera stake. Good biz, messy setup.
Read full article (9 min)