Thanks for the solid breakdown on NDAQ's Q2 performance! The 20%+ growth in Market Services from increased listings is quite impressive, especially in this environent with so much market uncertainty. It's interesting to see how NDAQ's diversification beyond pure exchange operations is paying dividends - the 9% ARR growth in SaaS demonstrates that the Adenza acquisition is progressing nicely, even if it's below the double-digit growth some were hoping for. The rapid debt reduction you mentioned is a key point that often gets overlooked - should help expand multiple expansion potential once they hit their target leverage ratio. That said, I do think the stock's move from the low $80s to mid $90s after earnings has priced in a lot of the near-term positives. A pullback to $88-90 would be a nice re-entry point given the solid fundamentals and the $105-115 target range you mentioned.
Thanks for the solid breakdown on NDAQ's Q2 performance! The 20%+ growth in Market Services from increased listings is quite impressive, especially in this environent with so much market uncertainty. It's interesting to see how NDAQ's diversification beyond pure exchange operations is paying dividends - the 9% ARR growth in SaaS demonstrates that the Adenza acquisition is progressing nicely, even if it's below the double-digit growth some were hoping for. The rapid debt reduction you mentioned is a key point that often gets overlooked - should help expand multiple expansion potential once they hit their target leverage ratio. That said, I do think the stock's move from the low $80s to mid $90s after earnings has priced in a lot of the near-term positives. A pullback to $88-90 would be a nice re-entry point given the solid fundamentals and the $105-115 target range you mentioned.