2024-06-21 16:57:21 ET
Summary
- 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.
Introduction
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TMX Group: Organic Growth Profile Is Improving, Rating Upgrade