Morningstar

MarketAxess Holdings Inc MKTX

Morningstar Rating
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Stock XNAS Rating as of
$164.22 +0.30 (0.18%)
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As of Delayed Price Post-Trading: $164.13 −0.09

Company Report

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MarketAxess To Be Acquired by Intercontinental Exchange; Lowering FVE to $167 Purchase Price

Michael Miller

MarketAxess has announced that it intends to sell itself to Intercontinental Exchange for $167 per share in an all-cash deal. We do not like this deal for the company as we think the firm is likely worth more as a independent company. That said, we admit MarketAxess has been facing meaninful competitive issues and difficult market conditions, causing it to trade at a deep discount to our previous fair value estimate.

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Price vs Fair Value

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MKTX is trading at a LOCK|%l<b<!Y premium.
Price
$163.93
Fair Value
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Uncertainty
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1-Star Price
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5-Star Price
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Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

If MarketAxess' efforts to increase electronic penetration of corporate block trades its market share will improve more than expected.

Bears

MarketAxess’s revenue base is mostly transactional, weakness in corporate bond trading would likely lead to a decline in revenue.

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Trading Information

Previous Close Price
$163.92
Day Range
$164.00–164.23
52-Week Range
$108.75–195.97
Bid/Ask
$164.01 / $164.49
Shares Outstanding
35.20M
Market Cap
$5.78B
Volume/Avg
549,130 / 1M

Key Statistics

Price/Earnings (Normalized)
21.23
Price/Sales
6.80
Dividend Yield (Trailing)
1.89%
Dividend Yield (Forward)
1.90%
Dividend Payment Schedule
Mar, Jun, Sep, Dec
Total Yield
7.88%

Company Profile

Founded in 2000, MarketAxess is a leading electronic fixed-income trading platform that connects broker/dealers and institutional investors. The company is primarily focused on credit based fixed income securities with its main trading products being US investment-grade and high-yield bonds, Eurobonds, and Emerging Market corporate debt. Recently the company has expanded more aggressively into Treasuries and municipal bonds with the acquisitions of LiquidityEdge and MuniBrokers in 2019 and 2021, respectively. The company also provides pre- and post-trade services with its acquisition of Regulatory Reporting Hub from Deutsche Börse Group in 2020 adding to its product offerings.
Sector
Financial Services
Industry
Capital Markets
Stock Style Box
Small Core
Total Number of Employees
868
Website
https://www.marketaxess.com

Competitors

Valuation

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Metric
MKTX
TW
ICE
Price/Earnings (Normalized)
 21.2326.6019.82
Price/Book Value
 4.663.212.89
Price/Sales
 6.809.786.47
Price/Cash Flow
 13.0517.8215.25
Price/Earnings
MKTX
TW
ICE

Financial Strength

Metric
MKTX
TW
ICE
Quick Ratio
 1.574.340.04
Current Ratio
 1.764.441.01
Interest Coverage
 59.93597.037.50
Quick Ratio
MKTX
TW
ICE

Profitability

Metric
MKTX
TW
ICE
Return on Assets (Normalized)
 15.69%10.99%2.82%
Return on Equity (Normalized)
 26.35%13.95%15.06%
Return on Invested Capital (Normalized)
 22.06%11.63%9.95%
Return on Assets
MKTX
TW
ICE

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