| Intrinsic Valuation of: NDAQ | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 3 | Market Cap | $51B | |||||
| 2021 | - | - (-) | P/E Ratio | 27 | Total Asset | $31B | |||||
| 2022 | $2B | - (-) | Net Income | $2B | Total Debt | $9B | |||||
| 2023 | $2B | -1.0% (1.6%) | EBITDA | $3B | Total Liab | $19B | |||||
| 2024 | $2B | 12.6% (-7.7%) | Opr Margin | 29.45 | Debt/Equity | 0.70 | |||||
| 2025 | $2B | 14.8% (2.9%) | PreTax Margin | 25.16 | BV/Share | -15 | |||||
| 5Y Average FCF | $2B | 9.7% (-1.1%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.48% | Historical US Bond Yield: | 4.40% | ||||||||
| Discount Rate (WACC): | 8.16% | Current US Bond Yield: | 3.48% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (9.7%) | ||||||||||
| 2026 | $2B | MBG Intrinsic Value | $30 | ||||||||
| 2027 | $2B | ||||||||||
| 2028 | $2B | ||||||||||
| 2029 | $3B | ||||||||||
| 2030 | $3B | ||||||||||
| 2031 | $3B | ||||||||||
| Terminal Value | $49B | Net Worth/Share | $22 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $42B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $604M | $60 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $9B | WACC | 6.5% | 73 | 81 | 90 | 103 | 119 | |||
| Equity Value | $34B | 7.4% | 59 | 65 | 71 | 79 | 88 | ||||
| Shares Outstanding | 565,540,798 | 8.3% | 49 | 53 | 57 | 63 | 69 | ||||
| 9.2% | 42 | 45 | 48 | 51 | 56 | ||||||
| DCF Intrinsic Value | $60 | 10.2% | 36 | 38 | 40 | 43 | 46 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||