Nasdaq Valuation Model

Public-company valuation model and written memo.

Illustrative public-company valuation model for Nasdaq, Inc. (NDAQ), built from historical financial statements, segment-level forecast drivers, leverage schedules, free cash flow projections, and forward trading multiple analysis. The project pairs an Excel model with a written valuation memo so readers can review both the mechanics of the forecast and the investment-style narrative behind the outputs.

Illustrative public-company valuation model; no investment advice

Open PDF memo Download PDF memo Download Excel model GitHub repo

Model Notes

Built historical financial statement summary, profitability ratios, leverage metrics, per-share outputs, and trading multiples for Nasdaq.
Forecasts product-segment revenue drivers across Capital Access Platforms, Financial Technology, Market Services, and other revenue.
Projects EBITDA, operating income, net income, free cash flow, net debt, and deleveraging from 2026E to 2028E.
Includes forward P/E, EV/Sales, EV/EBITDA, EV/EBIT, EV/FCF, ROE, and share-price/enterprise-value bridge outputs.
Provides written memo commentary tying growth, margin expansion, free cash flow, leverage reduction, and valuation multiples into a concise public-company valuation view.

Memo

Screenshots

Nasdaq historical financials showing income statement, balance sheet, cash flow, supplemental, and profitability metrics — Historical financials: income statement, balance sheet, cash flow, supplemental debt/lease items, and profitability metrics.

Nasdaq operating forecast showing EPS, product segments, income statement forecast, and balance sheet forecast — Operating forecast: EPS, product-segment revenue, income statement bridge, and balance-sheet assumptions through 2028E.

Nasdaq valuation estimates showing forward multiples, returns, market capitalization, and enterprise value — Valuation summary: forward multiples, return metrics, share price, market capitalization, and enterprise value outputs.