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FINANCIALS: Nasdaq: 2Q24 Results Supportive, Deleveraging Target Hit

FINANCIALS

Nasdaq (NDAQ: Baa2/BBB) results headlines look positive and, with recent spread performance muted and the deleveraging target hit early, this looks a supportive event to us.

  • Revenues are 2% above consensus (driven by FinTech division), costs in line driving a significant (25%) EBITDA beat. Pre-tax is only 5% ahead of expectations, though. Company has hit its 4x deleveraging goal (ahead of schedule), with 3.9x reported. 
  • Its EUR index bonds have broadly tracked €IG financials since last results (25-Apr) and underperformed marginally in the last month, so expectations are not especially high, but today’s figures look supportive to us.
  • “*NASDAQ INC. 2Q NET REV. $1.2B, EST. $1.13B
  • *NASDAQ INC. 2Q ADJ EPS 69C, EST. 64C” - BBG

Conf call is 1300 (London time) at: https://edge.media-server.com/mmc/p/yge2wuar/

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