Tradeweb Markets Inc

TW: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$964.00	Wqxp	Mpzbygxdk

Higher Volume and Average Fees Fuel Strong Growth for Tradeweb in 2Q

Michael Miller

Aug 3, 2022

Wide-moat rated Tradeweb reported solid second-quarter earnings as continued volatility across fixed-income markets led to good trading volume on the company's platform. Revenue rose 13.9% year over year, or 17.8% on a constant currency basis, to $297 million. Adjusted earnings per share of $0.47 was 20.5% higher than last year but slightly lower than the $0.48 reported last quarter. As we incorporate these results, we are maintaining our $87 per share fair value estimate for Tradeweb.

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