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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 4.4x - 4.9x | 4.6x |
| Selected Fwd Revenue Multiple | 4.2x - 4.7x | 4.5x |
| Fair Value | $1.94 - $2.11 | $2.02 |
| Upside | 6.4% - 16.0% | 11.2% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Nasdaq, Inc. | NDAQ * | BMV:NDAQ* |
| B3 S.A. - Brasil, Bolsa, Balcão | B3SA3 | BOVESPA:B3SA3 |
| Hong Kong Exchanges and Clearing Limited | 388 N | BMV:388N |
| CME Group Inc. | CME * | BMV:CME* |
| Singapore Exchange Limited | SPXC.F | OTCPK:SPXC.F |
| Bolsa Mexicana de Valores, S.A.B. de C.V. | BOMX.F | OTCPK:BOMX.F |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| NDAQ * | B3SA3 | 388 N | CME * | SPXC.F | BOMX.F | |||
| BMV:NDAQ* | BOVESPA:B3SA3 | BMV:388N | BMV:CME* | OTCPK:SPXC.F | OTCPK:BOMX.F | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 11.7% | 10.0% | 6.5% | 4.7% | 6.2% | 4.1% | ||
| 3Y CAGR | 7.9% | 0.9% | 2.4% | 9.3% | 5.3% | 3.9% | ||
| Latest Twelve Months | 22.0% | 6.5% | 9.2% | 9.9% | 8.8% | 13.1% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 27.1% | 63.0% | 68.5% | 58.6% | 50.3% | 51.4% | ||
| Prior Fiscal Year | 30.3% | 59.0% | 66.8% | 62.1% | 49.4% | 48.1% | ||
| Latest Fiscal Year | 27.1% | 64.7% | 68.3% | 64.3% | 49.3% | 51.9% | ||
| Latest Twelve Months | 27.1% | 64.7% | 68.3% | 64.3% | 52.5% | 51.9% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 7.29x | 6.59x | 13.76x | 15.18x | 9.77x | 4.21x | ||
| EV / LTM EBIT | 26.9x | 10.2x | 20.2x | 23.6x | 18.6x | 8.1x | ||
| Price / LTM Sales | 6.03x | 6.85x | 20.31x | 15.47x | 10.75x | 4.93x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 6.59x | 9.77x | 15.18x | |||||
| Historical EV / LTM Revenue | 4.21x | 4.70x | 6.78x | |||||
| Selected EV / LTM Revenue | 4.39x | 4.62x | 4.85x | |||||
| (x) LTM Revenue | 4,165 | 4,165 | 4,165 | |||||
| (=) Implied Enterprise Value | 18,280 | 19,242 | 20,204 | |||||
| (-) Non-shareholder Claims * | 3,125 | 3,125 | 3,125 | |||||
| (=) Equity Value | 21,405 | 22,367 | 23,329 | |||||
| (/) Shares Outstanding | 559.5 | 559.5 | 559.5 | |||||
| Implied Value Range | 38.25 | 39.97 | 41.69 | |||||
| FX Rate: MXN/USD | 20.3 | 20.3 | 20.3 | Market Price | ||||
| Implied Value Range (Trading Cur) | 1.88 | 1.97 | 2.05 | 1.82 | ||||
| Upside / (Downside) | 3.5% | 8.2% | 12.8% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NDAQ * | B3SA3 | 388 N | CME * | SPXC.F | BOMX.F | |
| Enterprise Value | 49,861 | 62,747 | 450,739 | 93,449 | 12,727 | 17,553 | |
| (+) Cash & Short Term Investments | 605 | 13,299 | 148,117 | 3,006 | 1,297 | 3,778 | |
| (+) Investments & Other | 538 | 3,049 | 2,600 | 2,570 | 718 | 137 | |
| (-) Debt | (9,923) | (13,847) | (1,746) | (3,821) | (719) | (415) | |
| (-) Other Liabilities | (9) | (13) | (555) | 0 | (1) | (375) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 41,072 | 65,236 | 599,155 | 95,203 | 14,021 | 20,678 | |
| (/) Shares Outstanding | 575.1 | 5,265.2 | 2,017.1 | 360.4 | 1,070.1 | 559.5 | |
| Implied Stock Price | 71.41 | 12.39 | 297.04 | 264.17 | 13.10 | 36.95 | |
| FX Conversion Rate to Trading Currency | 0.05 | 1.00 | 0.38 | 0.05 | 1.34 | 20.30 | |
| Implied Stock Price (Trading Cur) | 1,450.00 | 12.39 | 775.63 | 5,364.00 | 9.78 | 1.82 | |
| Trading Currency | MXN | BRL | MXN | MXN | USD | USD | |
| FX Rate to Reporting Currency | 0.05 | 1.00 | 0.38 | 0.05 | 1.34 | 20.30 | |