TMX Group Ltd
TSX:X

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TMX Group Ltd Logo
TMX Group Ltd
TSX:X
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Price: 43.84 CAD -0.43% Market Closed
Market Cap: 12.2B CAD
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Intrinsic Value

The intrinsic value of one X stock under the Base Case scenario is 27.68 CAD. Compared to the current market price of 43.84 CAD, TMX Group Ltd is Overvalued by 37%.

The Intrinsic Value is calculated as the average of DCF and Relative values:

X Intrinsic Value
27.68 CAD
Overvaluation 37%
Intrinsic Value
Price
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Base Case
Best Case

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TMX Group Ltd

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Backtest Conclusion
Very Attractive
Current Valuation
+45%
Avg Valuation
-12%
Worst Valuation
-49%
Best Valuation
+45%

Stock is trading at its lowest valuation over the past 5 years.

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Fundamental Analysis

Economic Moat
TMX Group Ltd

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Business Breakdown

TMX Group Ltd. serves as the cornerstone of Canada's capital markets, operating through its flagship exchanges, the Toronto Stock Exchange (TSX) and the TSX Venture Exchange. Founded in 1852 and headquartered in Toronto, TMX plays a vital role in connecting investors and issuers, providing a platform for raising capital and trading securities. With a diverse array of asset classes, including equities, derivatives, and fixed income, TMX Group has solidified itself as a pivotal institution in both Canadian and global financial markets. The company's commitment to innovation and technology ensures that it remains at the forefront of market trends, fostering a transparent and efficient environme...

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Financials
Annual
Quarterly
TTM
Annual
Quarterly
TTM

Balance Sheet Decomposition
TMX Group Ltd

Current Assets 44.8B
Cash & Short-Term Investments 518.9m
Receivables 241.3m
Other Current Assets 44B
Non-Current Assets 7.4B
Long-Term Investments 2.7m
PP&E 89.3m
Intangibles 7.2B
Other Non-Current Assets 141.2m
Current Liabilities 44.7B
Accounts Payable 186.3m
Short-Term Debt 15.4m
Other Current Liabilities 44.5B
Non-Current Liabilities 3.1B
Long-Term Debt 1.9B
Other Non-Current Liabilities 1.2B
Efficiency

Earnings Waterfall
TMX Group Ltd

Revenue
3.1B CAD
Cost of Revenue
-1.7B CAD
Gross Profit
1.4B CAD
Operating Expenses
-777.8m CAD
Operating Income
590.5m CAD
Other Expenses
-183.9m CAD
Net Income
406.6m CAD

Free Cash Flow Analysis
TMX Group Ltd

Last Value
3-Years Average
FCF Margin
Conversion Rate
Earnings Calls

In Q3 2024, TMX Group achieved a 23% increase in revenue to $353.8 million, largely driven by a 41% rise in the Global Solutions, Insights, and Analytics segment and a 22% revenue growth from TMX Trayport. Adjusted diluted earnings per share grew by 17%. TMX VettaFi's assets under management rose to USD 37.8 billion, reflecting a 15% growth for 2024. Despite slightly higher operating expenses, the company remains on track for a targeted debt-to-EBITDA ratio of 1.5-2.5 by 2025. A quarterly dividend of $0.19 was also approved, showcasing commitment to shareholder returns.

What is Earnings Call?
Fundamental Scores

X Profitability Score
Profitability Due Diligence

TMX Group Ltd's profitability score is 60/100. The higher the profitability score, the more profitable the company is.

Positive Gross Profit
Positive Free Cash Flow
Exceptional 3-Years Revenue Growth
Positive Operating Income
60/100
Profitability
Score

TMX Group Ltd's profitability score is 60/100. The higher the profitability score, the more profitable the company is.

X Solvency Score
Solvency Due Diligence

TMX Group Ltd's solvency score is 38/100. The higher the solvency score, the more solvent the company is.

Low D/E
Long-Term Solvency
Short-Term Solvency
Positive Net Debt
38/100
Solvency
Score

TMX Group Ltd's solvency score is 38/100. The higher the solvency score, the more solvent the company is.

Wall St
Price Targets

X Price Targets Summary
TMX Group Ltd

Wall Street analysts forecast X stock price to rise over the next 12 months.

According to Wall Street analysts, the average 1-year price target for X is 47.94 CAD with a low forecast of 44.44 CAD and a high forecast of 52.5 CAD.

Lowest
Price Target
44.44 CAD
1% Upside
Average
Price Target
47.94 CAD
9% Upside
Highest
Price Target
52.5 CAD
20% Upside
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Dividends

Dividend Yield
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Dividend Per Share
N/A
Growth 3Y
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Growth 10Y
Dividend Safety Score
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0
25
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100
Shareholder Yield

Current shareholder yield for X is .

Shareholder yield represents the total return a company provides to its shareholders, calculated as the sum of dividend yield, buyback yield, and debt paydown yield. What is shareholder yield?

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Dividend Yield
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TMX Group Ltd Logo
TMX Group Ltd

Country

Canada

Industry

Financial Services

Market Cap

12.2B CAD

Dividend Yield

2.53%

Description

TMX Group Ltd. operates cash and derivative markets for multiple asset classes including equities, fixed income and energy. The company is headquartered in Toronto, Ontario and currently employs 1,576 full-time employees. The company went IPO on 2002-11-06. The firm's segments include Global Solutions, Insights & Analytics, Capital Formation, Derivatives Trading & Clearing, Equities and Fixed Income Trading & Clearing. The Global Solutions, Insights & Analytics deliver equities, derivatives, and index data as well as integrated data sets to fuel high-value and third-party analytics which help clients make better trading and investment decisions. Its operations in the Capital Formation include Toronto Stock Exchange, TSX Venture Exchange, equity market and TSX Trust. Its operations in the Derivatives Trading and Clearing include Montreal Exchange and Canadian Derivatives Clearing Corporation. Its operations in Equities and Fixed Income Trading & Clearing segment are the trading operations of Toronto Stock Exchange and TSX Venture Exchange.

Contact

ONTARIO
TORONTO
300 - 100 Adelaide St. West
+14169474700.0
www.tmx.com

IPO

2002-11-06

Employees

1 576

Officers

CEO & Director
Mr. John D. McKenzie B.B.A., C.M.A., CPA, M.B.A.
Chief Financial Officer
Mr. David Arnold
Chief Operating Officer
Mr. Jayakumar Rajarathinam
President, CEO of the Montréal Exchange (MX) & Global Head of Trading
Mr. Luc Fortin
Chief Executive Officer of Trayport
Mr. Peter Alexander Conroy
Vice President of Investor Relations, Treasury & Administration
Amin Mousavian
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Chief Legal & Enterprise Corporate Affairs Officer and Corporate Secretary
Ms. Cheryl Graden
Head of Communications & Public Affairs
Shane Quinn
Chief Human Resources Officer
Ms. Cindy Bush
CEO of Toronto Stock Exchange & Global Head of Capital Formation
Mr. Loui Anastasopoulos
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See Also

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What is the Intrinsic Value of one X stock?

The intrinsic value of one X stock under the Base Case scenario is 27.68 CAD.

Is X stock undervalued or overvalued?

Compared to the current market price of 43.84 CAD, TMX Group Ltd is Overvalued by 37%.

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