Nasdaq Inc

NDAQ: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$53.00	Jvvgrn	Nqxglct

Nasdaq Reports Decent Results, but Near-Term Headwinds From Weak Market Conditions Persist

Michael Miller

Oct 19, 2022

While narrow-moat-rated Nasdaq reported decent third-quarter earnings, cyclical headwinds to some of Nasdaq's recent growth drivers are becoming an impediment to growth. Net revenue rose 6.2% year over year but was once again effectively unchanged sequentially at $890 million. Earnings per share rose 5.4% from last year's quarter to $0.59. As we incorporate these results, we do not expect to materially alter our $56 per share fair value estimate for the firm.

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