Nasdaq Inc
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
$51.00 | Yfvlr | Dkytlnzl |
Nasdaq Earnings: Revenue Growth Remains Slow but Stronger Market Conditions Improve Future Prospects
Narrow moat-rated Nasdaq reported second-quarter results that were in line with our expectations, as trading revenue and listing income acted as headwinds to growth while the company's anti-financial-crime segment saw continued momentum. Net revenue increased 3.6% from last year and 1.2% from last quarter to $925 million. Meanwhile, earnings per share fell to $0.54 from $0.62 last year, with the decline primarily driven by $57 million in merger and restructuring charges. As we incorporate these results, we do not plan to materially alter our $55 fair value estimate. We see the shares as roughly fairly valued at the current price.