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To: rimshot who wrote (47)	10/20/2021 11:14:00 AM
From: rimshot	1 Recommendation Recommended By Lou Weed Respond to of 426

NDAQ additional info. - * nine consecutive years of increases to its 1% dividend yield * Nasdaq's shift to software-as-a-service is leading this evolution, growing from 21% of sales in 2016 to 34% as of this year's second quarter. Management expects this share to raise to between 40% and 50% of sales by 2025, as it expands into the market technology and investment intelligence side of its business. The company's financial crime-prevention unit had 88% year-over-year revenue growth during the quarter, much of it tied to the $2.75 billion acquisition of Verafin last year. Nasdaq aims to combat money laundering and bank fraud while offering risk solutions for insurance. Despite being in its infancy, management believes the market for this unit's services amounts to roughly $10 billion annually, more than 20 times the size of the segment's revenue during the past 12 months.

To: rimshot who wrote (47)	10/21/2021 10:01:44 AM
From: rimshot	Respond to of 426

NDAQ additional info #2 - CFRA Reduces Opinion On Shares Of Nasdaq, Inc. To Hold From Buy 10:15 AM ET 10/20/2021 CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We now see a relatively fair valuation on our new 12-month target of $212, up by $15 on a P/E of 28x our '22 estimate, near some of its peers but well above its 10-year historical average of 15.6x. We raise '21 and '22 EPS estimates by $0.22 and $0.26 to $7.34 and $7.56. Revenue grew 13% organically, led by the Solutions segment (up 13% organic) as well as Market Services (up 14% organic). Operating expenses grew 24% but only 8% organically, leading to a 100-bp increase in operating margins (non-GAAP) to 53%. We continue to see NDAQ exceeding expectations as it has kept its focus on shedding low return businesses (completed the sale of U.S. Fixed Income business in June), while adding higher return and scalable businesses (such as the recently completed Verafin acquisition). We also think we could see a resurgence of market volatility, which would be an additional benefit and catalyst for NDAQ. We think the underlying secular growth opportunities bodes well for further gains in annual recurring revenues.