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MarketAxess Holdings Inc

MKTX: XNAS (USA)
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Morningstar Rating for Stocks Fair Value Economic Moat Capital Allocation
$914.00SrgrFscfprvby

MarketAxess Earnings: Net Income Falls Because of Lower Corporate Bond Market Share and Pricing

Wide-moat-rated MarketAxess reported weak third-quarter earnings that were in line with our expectations as lower market share and reduced fee capture hurt results. MarketAxess' net revenue was effectively flat from last year at $172 million, while its net income fell 7.4% to $54.9 million when compared with the year-ago period. While these were not good results, we were already aware of the market share issues, which were behind a recent 13% reduction in our fair value estimate. As we incorporate these results, we do not expect to materially alter our $305 per share fair value estimate.

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