Analyst Note| Michael Wong, CFA, CPA |
Narrow-moat Nasdaq reported record full-year and fourth-quarter net revenue with fairly steady growth in its recurring and SaaS revenue. The company reported earnings per diluted share of $5.59 for the full year on net revenue of $2.9 billion. Net revenue increased 14.5% from the previous year with much of the double-digit growth due to strong trading volumes in market services and growth in assets under management-based (AUM) index revenue. We don’t anticipate making a significant change to our $100 fair value estimate for Nasdaq.