Valuation Trading Multiples & Precedent Transactions: Exchange Operators and Market Data Providers
Valuation benchmarks for Exchange Operators and Market Data Providers. Access public trading comps, EV/EBITDA acquisition multiples, and private market data for pitch books and valuation analysis.
1.1 - Exchange Operators and Market Data Providers Market Context & Valuation Drivers
Companies in this trading comparables group are publicly listed exchange operators and market data providers delivering multi-asset trading venues, listings, indices, and post-trade infrastructure. They monetize transaction fees, data subscriptions, listing and clearing revenues with high operating leverage and regulatory moats. They are grouped as valuation benchmarks and public trading comparables due to scale, network effects, diversified revenue mix, and exposure to market activity.
Typical capabilities include electronic trading platforms for equities, derivatives, fixed income, and commodities; real-time and historical market data feeds, pricing, and analytics; IPO and listing services with issuer support; indices and benchmarks licensing; central counterparty clearing, settlement, and collateral management; post-trade risk management and regulatory reporting; connectivity, colocation, and market access solutions; and surveillance and compliance technology that safeguards market integrity.
Primary customers include broker-dealers and trading firms accessing venues, asset managers and institutional investors consuming data, and corporate issuers seeking listings and capital raising. Key valuation drivers include average daily trading volumes, data subscription ARR growth and retention, listing activity/IPO pipelines, clearing volumes, revenue diversification across cyclic and non-cyclic streams, EBITDA margins, and free cash flow conversion.
2. Valuation Analysis: Public Trading Comps & Multiples for Exchange Operators and Market Data Providers companies
2.1 - Public Peer Groups & Median Valuation Multiples for Exchange Operators and Market Data Providers sector
Comparable group 1: Exchange Operators and Market Data Providers
TMX Group
- Enterprise value: $●●●m
- Market Cap: $●●●m
- EV/Revenue: ●.●x
- EV/EBITDA: ●●.●x
- Description: Provider of integrated multi-asset class exchange services, operating equities, fixed income, derivatives, and energy markets with platforms for trading, clearing, and settlement to support global financial activities.
- Key Products:
- Market Data Solutions: Provides comprehensive market data for equities and derivatives
- Trading Platforms: Offers trading services for equities, fixed income, and derivatives
- Clearing and Settlement: Facilitates secure and efficient clearing and settlement processes
- Analytics and Reporting: Provides analytical tools and reporting services for market insights
- Listing Services: Supports companies in public listings and capital raising activities.
Deutsche Börse Group
- Enterprise value: $●●●m
- Market Cap: $●●●m
- EV/Revenue: ●.●x
- EV/EBITDA: ●●.●x
- Description: Provider of market infrastructure services for the trading, clearing, and settlement of financial instruments, including exchanges, indices, market data, and analytics for capital markets, promoting market integrity, transparency, and stability.
- Key Products:
- Indices: Providing various financial indices to benchmark market performance
- Market Data: Offering comprehensive market data and analytics services
- Trading Infrastructure: State-of-the-art platforms for trading financial instruments
- Clearing Services: Solutions for clearing and risk management in trading
- Settlement Services: Efficient systems for the settlement of financial transactions.