NDAQ - Nasdaq: Operating Leverage Embedded Given Revenue Mix; Multiple Expansion Is Warranted

2024-04-26 15:41:16 ET

Summary

• Following the acquisition of Adenza in 2023, Nasdaq’s operating margins are set for significant expansion.
• Deleveraging likely to occur ahead of schedule, which could lead to increased capital return.
• Business mix changes and more rapid deleveraging warrant multiple expansion.

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