A Slow End to 2022 as Weak Market Conditions in the Fourth Quarter Drag on Nasdaq's Ability to Grow

Narrow-moat-rated Nasdaq reported weak fourth-quarter earnings that were largely in line with our expectations, as market conditions continue to act as headwinds for Nasdaq's results. Net revenue grew 2.4% from last year, or 5% on an adjusted basis, to $906 million. However, higher expenses meant earnings per share were flat year over year and down 5.9% sequentially to $0.64. As we incorporate these results, we do not plan to materially alter our $57 fair value estimate for Nasdaq.