NDAQ · NMS · Financial Services
Nasdaq, Inc.
Also onShortfallConsensus DriftCrosscheck
Implied value per share
USD 49.95
Market price
USD 108.62
Implied upside
-54.0%
10-year forecast · Excess returns over book equity · Base case · Price 2026-11-02 · Accounts to 2025-12-31
NoteA financial, valued on excess returns over book equity.
Excess Returns
- Return on equity
- 16.0%
- Payout
- 42%
- Cost of equity
- 9.00%
| Line | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 | FY32 | FY33 | FY34 | FY35 |
|---|---|---|---|---|---|---|---|---|---|---|
| Opening book equity | USD 12.2bn | USD 13.3bn | USD 14.3bn | USD 15.4bn | USD 16.4bn | USD 17.4bn | USD 18.3bn | USD 19.1bn | USD 19.8bn | USD 20.5bn |
| Return on equity | 16.0% | 16.0% | 16.0% | 16.0% | 16.0% | 16.0% | 16.0% | 16.0% | 16.0% | 16.0% |
| Excess return | USD 852.8m | USD 926.5m | USD 1.0bn | USD 1.1bn | USD 1.1bn | USD 1.2bn | USD 1.3bn | USD 1.3bn | USD 1.4bn | USD 1.4bn |
| Present value | USD 782.4m | USD 779.8m | USD 772.3m | USD 760.1m | USD 743.3m | USD 722.3m | USD 697.3m | USD 668.8m | USD 637.2m | USD 603.2m |
| Book equity | USD 12.2bn |
| Present value of excess returns | USD 7.2bn |
| Terminal, growing at 2.50% | USD 9.5bn |
| Equity value | USD 28.9bn |
| Per share | USD 49.95 |
Discount Rate
| Risk-free rate | 4.89% | US 10-year Treasury (^TNX), 2026-11-02 |
| Equity risk premium | 4.23% | Damodaran, January 2026 |
| Beta | 0.971 | Reported 0.957, pulled toward 1.0 (Blume) |
| Cost of equity | 9.00% | Risk-free + beta x equity risk premium |
Download as Excel
Live formulas, not pasted numbers - edit a driver and the workbook reprices.
Yahoo Finance and RBA data. General information, not advice. Methodology.