Discounted Cash Flow (DCF) Analysis Levered

Nasdaq, Inc. (NDAQ)

$53.97

-0.16 (-0.30%)

All numbers are in Millions, Currency in USD

Stock DCF: 52.48 | 53.97 | overvalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	4,277	4,262	5,627	5,886	6,226	6,880.60	7,604.02	8,403.50	9,287.04	10,263.47
Revenue (%)
Operating Cash Flow	1,028	963	1,252	1,083	1,706	1,578.15	1,744.08	1,927.45	2,130.10	2,354.06
Operating Cash Flow (%)
Capital Expenditure	-111	-127	-188	-163	-152	-194.40	-214.84	-237.43	-262.39	-289.98
Capital Expenditure (%)
Free Cash Flow	917	836	1,064	920	1,554	1,383.75	1,529.24	1,690.02	1,867.71	2,064.08

Weighted Average Cost Of Capital

Share price	$ 53.97
Beta	0.962
Diluted Shares Outstanding	500.70
Cost of Debt
Tax Rate	23.73
After-tax Cost of Debt	3.25%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.796
Total Debt	5,851
Total Equity	27,022.78
Total Capital	32,873.78
Debt Weighting	17.80
Equity Weighting	82.20
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	4,277	4,262	5,627	5,886	6,226	6,880.60	7,604.02	8,403.50	9,287.04	10,263.47
Operating Cash Flow	1,028	963	1,252	1,083	1,706	1,578.15	1,744.08	1,927.45	2,130.10	2,354.06
Capital Expenditure	-111	-127	-188	-163	-152	-194.40	-214.84	-237.43	-262.39	-289.98
Free Cash Flow	917	836	1,064	920	1,554	1,383.75	1,529.24	1,690.02	1,867.71	2,064.08
WACC
PV LFCF						1,283.51	1,315.70	1,348.70	1,382.52	1,417.20
SUM PV LFCF										6,747.62

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.81
Free cash flow (t + 1)	2,105.36
Terminal Value	36,236.78
Present Value of Terminal Value	24,880.23

Intrinsic Value

Enterprise Value	31,627.86
Net Debt	5,349
Equity Value	26,278.86
Shares Outstanding	500.70
Equity Value Per Share	52.48