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TMX Group owns and operates the Toronto Stock Exchange and TSX Venture Exchange, with the recent acquisition of VettaFi to expand internationally.
TMX has showcased strong financial performance, with revenue and EBITDA growth rates accelerating in recent years.
Despite strong results and growth prospects, TMX's shares are trading at a premium.
With growth accelerating at VettaFi and Trayport, I'm upgrading my rating from a ‘hold’ to a ‘buy’, noting that the premium over its historical multiple is justified.
Please note all $ figures in , not , unless otherwise noted.