Nasdaq Inc

NDAQ: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$93.00	Jydqdqv	Bflzmcnlm

Nasdaq: Increasing Our Fair Value Estimate for Nasdaq

Michael Miller

Mar 8, 2024

We are increasing our fair value estimate for Nasdaq to $60 from $55, which is equivalent to 28 times our projected 2024 earnings. Around $1 of our positive adjustment comes from earnings since our last update. The rest of the increase comes from higher near- to medium-term revenue growth projections as Nasdaq benefits from improving market conditions and strong secular growth in its new software businesses.

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