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MarketAxess Holdings Inc
MKTX : NASDAQ : Financial
$50.37 0.27 | 0.54%
Today's Range: 50.10 - 50.72
Avg. Daily Volume: 256,500
07/22/14 - 4:00 PM ET

Financial Analysis


MARKETAXESS HOLDINGS INC's gross profit margin for the first quarter of its fiscal year 2014 has decreased when compared to the same period a year ago. The company managed to grow both sales and net income at a faster pace than the average competitor in its industry this quarter as compared to the same quarter a year ago.

At the same time, stockholders' equity ("net worth") has greatly increased by 26.04% from the same quarter last year.

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Income Statement Q1 FY14 Q1 FY13
Net Sales ($mil)62.753.65
EBITDA ($mil)31.1328.36
EBIT ($mil)27.0126.07
Net Income ($mil)17.4815.33


Balance Sheet Q1 FY14 Q1 FY13
Cash & Equiv. ($mil)151.36135.61
Total Assets ($mil)346.37282.88
Total Debt ($mil)0.00.27
Equity ($mil)318.26252.5


Profitability Q1 FY14 Q1 FY13
Gross Profit Margin49.6552.85
EBITDA Margin49.6452.85
Operating Margin43.0848.59
Sales Turnover0.720.68
Return on Assets22.5621.88
Return on Equity22.1425.28
Debt Q1 FY14 Q1 FY13
Current Ratio0.00.0
Debt/Capital0.00.0
Interest Expense0.00.0
Interest Coverage0.00.0


Share Data Q1 FY14 Q1 FY13
Shares outstanding (mil)37.7737.51
Div / share0.160.13
EPS0.460.41
Book value / share8.436.73
Institutional Own % n/a n/a
Avg Daily Volume235160.0196271.0

Valuation


BUY. The current P/E ratio indicates a significant discount compared to an average of 9130.92 for the Diversified Financial Services industry and a significant premium compared to the S&P 500 average of 19.55. To use another comparison, its price-to-book ratio of 6.59 indicates a significant premium versus the S&P 500 average of 2.70 and a significant discount versus the industry average of 774.47. The price-to-sales ratio is well above the S&P 500 average, but well below the industry average. Upon assessment of these and other key valuation criteria, MARKETAXESS HOLDINGS INC proves to trade at a discount to investment alternatives within the industry.


Price/Earnings
1 2 3 4 5
premium   discount
  Price/Cash Flow
1 2 3 4 5
premium   discount
MKTX 29.68 Peers 9130.92   MKTX 23.09 Peers 6703.42

Discount. A lower P/E ratio than its peers can signify a less expensive stock or lower growth expectations.

MKTX is trading at a significant discount to its peers.

 

Discount. The P/CF ratio, a stock’s price divided by the company's cash flow from operations, is useful for comparing companies with different capital requirements or financing structures.

MKTX is trading at a significant discount to its peers.

 
Price/Projected
Earnings
1 2 3 4 5
premium   discount
  Price to
Earnings/Growth
1 2 3 4 5
premium   discount
MKTX 25.00 Peers 11.23   MKTX 6.73 Peers 0.29

Premium. A higher price-to-projected earnings ratio than its peers can signify a more expensive stock or higher future growth expectations.

MKTX is trading at a significant premium to its peers.

 

Premium. The PEG ratio is the stock’s P/E divided by the consensus estimate of long-term earnings growth. Faster growth can justify higher price multiples.

MKTX trades at a significant premium to its peers.

 
Price/Book
1 2 3 4 5
premium   discount
  Earnings Growth
1 2 3 4 5
lower   higher
MKTX 6.59 Peers 774.47   MKTX 10.00 Peers 19.59

Discount. A lower price-to-book ratio makes a stock more attractive to investors seeking stocks with lower market values per dollar of equity on the balance sheet.

MKTX is trading at a significant discount to its peers.

 

Lower. Elevated earnings growth rates can lead to capital appreciation and justify higher price-to-earnings ratios.

However, MKTX is expected to significantly trail its peers on the basis of its earnings growth rate.

 
Price/Sales
1 2 3 4 5
premium   discount
  Sales Growth
1 2 3 4 5
premium   discount
MKTX 8.46 Peers 958.40   MKTX 27.88 Peers 13.10

Discount. In the absence of P/E and P/B multiples, the price-to-sales ratio can display the value investors are placing on each dollar of sales.

MKTX is trading at a significant discount to its industry on this measurement.

 

Higher. A sales growth rate that exceeds the industry implies that a company is gaining market share.

MKTX has a sales growth rate that significantly exceeds its peers.

 

 

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