$122.98
-4.9%MarketAxess Holdings Inc., together with its subsidiaries, operates an electronic trading platform for institutional investor and broker-dealer companies worldwide. It offers the access to liquidity in the U.S. investment-grade bonds, U.S. high-yield bonds, and U.S. Treasuries, as well as municipal bonds, emerging market debts, Eurobonds, and other fixed income securities. The company, through its Open Trading protocols, executes bond trades between and among institutional investor and broker-dealer clients in an all-to-all anonymous trading environment for corporate bonds. It also offers trading-related products and services, including composite+ pricing and other market data products to assist clients with trading decisions; auto-execution and other execution services for clients requiring specialized workflow solutions; connectivity solutions that facilitate straight-through processing; and technology services to optimize trading environments. In addition, the company provides various pre-and post-trade services, such as trade matching, trade publication, regulatory transaction reporting, and market and reference data across a range of fixed-income and other products. MarketAxess Holdings Inc. was incorporated in 2000 and is headquartered in New York, New York.
Warren Buffett's Owner Earnings DCF analysis for intrinsic value calculation
Base year metrics used for projections
Forecast period and terminal assumptions
Calculation flow from present value to intrinsic value per share
Operating Cash Flow - Maintenance CapEx = Owner Earnings
| Metric | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | Year 7 | Year 8 | Year 9 | Year 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $380.8M | $379.4M | $378.0M | $376.6M | $375.3M | $373.9M | $372.6M | $371.2M | $369.9M | $368.5M |
| Maintenance CapEx | -$1.6M | -$1.6M | -$1.6M | -$1.6M | -$1.6M | -$1.6M | -$1.6M | -$1.6M | -$1.6M | -$1.6M |
| Owner Earnings | $379.1M | $377.7M | $376.4M | $375.0M | $373.7M | $372.3M | $371.0M | $369.6M | $368.3M | $366.9M |
| Discount Factor | 0.926 | 0.857 | 0.794 | 0.735 | 0.681 | 0.630 | 0.583 | 0.540 | 0.500 | 0.463 |
| Present Value | $351.0M | $323.9M | $298.8M | $275.6M | $254.3M | $234.6M | $216.4M | $199.7M | $184.2M | $170.0M |
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