Nasdaq Set For Growth Following Adenza Acquisition: Analyst
Nasdaq Set For Growth Following Adenza Acquisition: Analyst
RBC Capital analyst Ashish Sabadra initiated coverage on Nasdaq Inc (NASDAQ:NDAQ) with an Outperform rating and a price target of $88.
RBC Capital分析師Ashish Sabadra對納斯達克公司（NASDAQ:NDAQ）進行了覆蓋，給予「表現優異」評級並設定目標股價爲88美元。
The price target reflects higher growth prospects and a higher degree of recurring revenue mix following the acquisition of Adenza, and growth in Solutions revenues, the analyst says.
分析師表示，目標股價反映了更高的增長前景以及在收購Adenza後更高比例的經常性收入組合，以及解決方案收入的增長。
Nasdaq's peer group is trading at an average of 21 times fiscal 2026 earnings per share (EPS). Given several secular tailwinds in Nasdaq's business, improved recurring revenue mix, and earnings growth, Sabadra noted that Nasdaq should trade above the group's average.
納斯達克的同行群體正以21倍2026財年每股收益（EPS）的平均價交易。鑑於納斯達克業務中存在幾股續性的順勢，改善的經常性收入組合以及盈利增長，Sabadra指出，納斯達克應該交易在同行群體平均價之上。
Also Read: Nasdaq's AxiomSL Solution Powers Digital Banking, Boosts Presence In Latin America
也可閱讀: 納斯達克的AxiomSL解決方案推動數字銀行，增強在拉丁美洲的存在
Nasdaq's Solutions target a sizeable addressable market ($31 billion Serviceable Available Market and $79 billion Total Addressable Market) with limited penetration (~8.5% of SAM) and growing at an accelerated pace of 8%+ driven by secular trends, namely Cloud and Digital Transformation and GenAI adoption, Sabadra said.
納斯達克的解決方案目標是一個龐大的可尋址市場（310億美元的可提供市場和790億美元的總可尋址市場），滲透有限（佔SAM的8.5%左右）並且在以8%以上的速度快速增長，受長期趨勢的推動，即雲和數字轉型以及GenAI採用，Sabadra稱。
According to the analyst, Nasdaq's leading solutions should grow faster than the market, delivering 8%- 11% Solutions revenue growth over the mid-term.
根據分析師的說法，納斯達克領先的解決方案應該比市場增長更快，中期交付8% - 11%的解決方案收入增長。
He expects Solutions revenues to account for over 80% of total revenues in the mid-term, delivering 6% to 9% total revenue growth.
他預計解決方案收入將在中期佔總收入的80%以上，實現6%至9%的總收入增長。
AxiomSL and Calypso have significant cross-sell and up-sell opportunities (more than $100 million by year-end 2027) from their "land and expand" strategy, driven by increased regulations, geographic expansion, product penetration, and product upgrades, delivering high-single-digit to double-digit revenue growth over the mid-term for Regulatory and Capital Market Technology, as per Sabadra.
AxiomSL和Calypso具有顯著的交叉銷售和升級機會（到2027年年底超過1億美元），由「建立和擴展」策略驅動，受增加的監管要求，地理擴張，產品滲透和產品升級的影響，爲Sabadra提供中期監管和資本市場技術的高個位數字至兩位數的收入增長。
Accelerated growth in Verafin, driven by new client wins and expansion into Tier 1 and 2 banks, should deliver robust mid-20% growth in Financial Crime Management, he said.
由於贏得新客戶並擴展到1和2級銀行，Verafin的快速增長應該將金融犯罪管理的增長率提高至強勁的中-20%左右，
Overall, the analyst expects Nasdaq to deliver a potential upside to mid-term revenue growth of 10%- 14% in Financial Technology while remaining relatively resilient in a hard landing scenario.
總體而言，分析師預計，在金融科技方面，納斯達克有望在中期營業收入增長10%-14%，同時在降溫情況下仍然相對彈性十足。
Sabadra said the shift from active to passive focusing on U.S. growth stocks should likely drive an upside to the Index's mid-single-digit to high-single-digit mid-term revenue growth.
Sabadra表示，從主動到被動的轉變，關注美國成長股，可能會推動指數中期營收增長大概是中一位數到高一位數左右的增長。
The capital market recovery in fiscal 2025-2026 bodes well for Data and Listing Services and IR solutions within Workflow & Insights. The portfolio rationalization should help accelerate the growth of workflow and insights from high-single-digit to low double-digit over the mid-term, he added.
資本市場在2025-2026財年的復甦對Workflow & Insights中的數據和上市服務以及投資者關係解決方案看好。投資組合的精簡化應該有助於加快workflow和insights的增長，從中一位數加速到低兩位數的中期增長，他補充道。
According to Sabadra, Adenza acquisition cost synergies should result in expense growth below the mid-term target of a 5% to 8% increase annually, driving robust margin expansion. Lastly, robust free cash flow should help de-lever below 3.3 times by the end of fiscal 2025.
根據Sabadra的說法，Adenza收購成本的協同效應應導致每年低於5%-8%的中期增長率，帶動強勁的利潤擴張。最後，強勁的自由現金流應該有助於在2025財年結束時使負債率降至3.3倍以下。
Sabadra projected third-quarter revenue of 1.16 billion and EPS of 68 cents.
Sabadra預計第三季度營收爲116億美元，每股收益爲68美分。
Price Action: Nasdaq stock is up 0.28% at $72.76 at last check Friday.
股價走勢：納斯達克股票在上週五最後一次查詢時上漲了0.28%，報72.76美元。
Now Read:
現在就閱讀吧:
- IPO Rebound And FinTech Growth Potential Is Helping Nasdaq: Analyst Double Upgrades Stock
- IPO復甦和金融科技增長潛力正在幫助納斯達克：分析師將股票評級提升兩個檔次
Image: Shutterstock
圖片：shutterstock
譯文內容由第三人軟體翻譯。