| Intrinsic Valuation of: NDAQ | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 2 | Market Cap | $51B | |||||
| 2021 | - | - (-) | P/E Ratio | 40 | Total Asset | $30B | |||||
| 2022 | $920M | - (-) | Net Income | $1B | Total Debt | $9B | |||||
| 2023 | $2B | 68.9% (59.7%) | EBITDA | $2B | Total Liab | $19B | |||||
| 2024 | $2B | -1.0% (1.6%) | Opr Margin | 0.26 | Debt/Equity | 0.81 | |||||
| 2025 | $2B | 12.6% (-7.7%) | PreTax Margin | 20.96 | BV/Share | -17 | |||||
| 5Y Average FCF | $1B | 26.8% (17.9%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.5% | Historical US Bond Yield: | 4.4% | ||||||||
| Discount Rate (WACC): | 7.4% | Current US Bond Yield: | 3.5% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (25.0%) | ||||||||||
| 2026 | $2B | MBG Intrinsic Value | $20 | ||||||||
| 2027 | $3B | ||||||||||
| 2028 | $3B | ||||||||||
| 2029 | $4B | ||||||||||
| 2030 | $5B | ||||||||||
| 2031 | $7B | ||||||||||
| Terminal Value | $137B | Net Worth/Share | $20 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $108B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $592M | $173 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $9B | WACC | 7.3% | 148 | 161 | 177 | 196 | 221 | |||
| Equity Value | $99B | 7.4% | 147 | 159 | 175 | 194 | 217 | ||||
| Shares Outstanding | 574,121,984 | 7.4% | 145 | 158 | 173 | 191 | 214 | ||||
| 7.9% | 131 | 142 | 154 | 169 | 187 | ||||||
| DCF Intrinsic Value | $173 | 8.4% | 120 | 128 | 138 | 150 | 165 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||