Tradeweb Markets Inc

TW: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$311.00	Hhrs	Zcblbkjy

Rising Bond Market Volatility Drives Higher Trading Volume for Tradeweb in the First Quarter

Michael Miller

Apr 28, 2022

Wide-moat-rated Tradeweb reported decent earnings as the firm benefited from volatile markets driving industrywide trading volume higher, partially offset by a sequential decline in market share in some of Tradeweb’s product lines. Revenue rose 13.9% year over year and 12.5% sequentially to $311.5 million. Earnings per share of $0.40 was 21.2% higher than last year’s quarter. There was nothing in the report to materially alter our thesis for the company, and we are maintaining our $87 fair value estimate for Tradeweb.

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