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Tradeweb Markets Inc TW

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Stock XNAS Rating as of
$106.84 +1.85 (1.76%)
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As of Delayed Price Closed
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Company Report

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Tradeweb Earnings: Market Share Gains in Multiple Asset Classes Drive Strong Results

Michael Miller

Wide-moat-rated Tradeweb Markets reported strong second-quarter results, benefiting from both increased market share and higher fixed-income trading volume industrywide. Revenue increased 30.4% from last year to $405 million, while adjusted diluted earnings per share increased to $0.70 from $0.52 last year. As we incorporate these results, we do not plan to materially alter our $92 fair value estimate. We see the shares as modestly overvalued at current prices.

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Price vs Fair Value

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TW is trading at a 746% premium.
Price
$106.84
Fair Value
$68.00
Uncertainty
Medium
1-Star Price
$151.20
5-Star Price
$84.20
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Tradeweb benefits from the secular transition away from voice negotiations toward its electronic trading platforms in fixed-income markets, providing the firm with an easy path for continued market share and revenue growth.

Bears

Tradeweb’s revenue base has become increasingly transactional, as growth in its transaction fees outpaces its fixed fees, creating more room for volatility in the firm’s results.

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News

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Trading Information

Previous Close Price
$104.99
Day Range
$104.92–107.15
52-Week Range
$74.82–114.07
Bid/Ask
$104.71 / $107.50
Market Cap
$22.78 Bil
Volume/Avg
1.1 Mil / 863,820

Key Statistics

Price/Earnings (Normalized)
41.08
Price/Sales
15.14
Dividend Yield (Trailing)
0.36%
Dividend Yield (Forward)
0.37%
Total Yield
0.38%

Company Profile

Founded in 1998 and headquartered in New York City, Tradeweb Markets is a leading fixed-income trading platform. While it does offer electronic processing for some voice-negotiated trades, the company focuses primarily on providing electronic trading networks that connect broker/dealers, institutional clients, and retail customers. While the company offers trading in a wide variety of products, the bulk of its business is in U.S. and European government debt, mortgage-backed securities, interest-rate swaps, and U.S. and international corporate bonds. The firm also sells fixed-income trading and price data, primarily through a deal with Refinitiv’s Eikon service.
Sector
Financial Services
Industry
Capital Markets
Stock Style Box
Mid Growth
Total Number of Employees
1,179
Website
https://www.tradeweb.com

Competitors

Valuation

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Metric
TW
ICE
CME
Price/Earnings (Normalized)
 41.0826.5021.29
Price/Book Value
 4.053.302.61
Price/Sales
 15.148.3912.44
Price/Cash Flow
 27.0420.3220.14
Price/Earnings
TW
ICE
CME

Financial Strength

Metric
TW
ICE
CME
Quick Ratio
 2.620.060.02
Current Ratio
 2.691.011.01
Interest Coverage
 —4.1526.78
Quick Ratio
TW
ICE
CME

Profitability

Metric
TW
ICE
CME
Return on Assets (Normalized)
 8.89%2.34%2.40%
Return on Equity (Normalized)
 11.45%13.01%12.34%
Return on Invested Capital (Normalized)
 9.34%8.16%11.37%
Return on Assets
TW
ICE
CME
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