MarketAxess Holdings Inc
MKTX: XNAS (USA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
$572.00 | Bqjm | Kmwvzsmjcv |
Lower Average Fees Offset Higher Volume in a Decent Quarter for MarketAxess
Wide-moat MarketAxess reported decent second-quarter results as impressive market share gains were undermined by weak pricing in the company’s investment-grade bond trading business. Total revenue was up 3.3% year over year to $182.2 million and earnings per share of $1.78 was effectively flat versus the prior year’s quarter result of $1.77. As we incorporate these results, we are maintaining our $345 fair value estimate for MarketAxess.