Market Share Gains Drive Continued Strength in Tradeweb's Q4 Results

Wide-moat Tradeweb ended the year on a strong note, with solid fourth-quarter results supported by good performance from its rates, credit, and equity trading services. Tradeweb reported earnings per share of $0.23, $0.42 on an adjusted basis, and revenue of $277 million, an increase of 18.8% from the year-ago period. These results do not materially change our thesis for the company, though we expect to increase our fair value estimate by mid to high single digits as we are no longer projecting a tax rate increase.