Discounted Cash Flow

Nasdaq, Inc.

NDAQ · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $3.7b $108.0m $588.0m 2.9% $0.65
2017 $4.0b (7.0%) $734.0m (579.6%) $765.0m (30.1%) 18.5% (535.1%) $4.41 (578.5%)
2018 $4.3b (7.9%) $458.0m (-37.6%) $917.0m (19.9%) 10.7% (-42.2%) $2.77 (-37.2%)
2019 $4.3b (-0.4%) $774.0m (69.0%) $836.0m (-8.8%) 18.2% (69.6%) $4.69 (69.3%)
2020 $5.6b (32.0%) $933.0m (20.5%) $1.1b (27.3%) 16.6% (-8.7%) $5.67 (20.9%)
2021 $5.9b (4.6%) $1.2b (27.2%) $920.0m (-13.5%) 20.2% (21.6%) $7.15 (26.1%)
2022 $6.2b (5.8%) $1.1b (-5.2%) $1.6b (68.9%) 18.1% (-10.4%) $2.28 (-68.1%)
2023 $6.1b (-2.6%) $1.1b (-5.9%) $1.5b (-1.0%) 17.5% (-3.4%) $2.10 (-7.9%)
2024 $7.4b (22.0%) $1.1b (5.5%) $1.7b (12.6%) 15.1% (-13.6%) $1.94 (-7.6%)
2025 $8.3b (11.6%) $1.8b (60.1%) $2.0b (14.8%) 21.6% (43.4%) $3.12 (60.8%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model