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NZX Valuation Multiples

Discover revenue and EBITDA valuation multiples for NZX and similar public comparables like Indian Energy Exchange, Cboe Global Markets, and Athens Exchange Group.

NZX Overview

About NZX

NZX Ltd facilitates capital raising and securities trading. Its main function is to provide a market for the trading, clearing, and settlement of securities. It also provides market data relating to listed companies and indexes. It operates the New Zealand securities, derivatives, and energy markets, builds and maintains the infrastructure on which it operates, and provides a range of information and data to support market growth and development on a scale. NZX also provides wealth management services for New Zealand advisers via its Wealth Technologies business. Its segments include Markets which generates key revenue, Funds Management, and Wealth Technologies.


Founded

2002

HQ

New Zealand
Employees

343

Website

nzx.com

Financials

LTM Revenue $70.3M

LTM EBITDA $28.1M

EV

$295M

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NZX Financials

NZX has a last 12-month revenue of $70.3M and a last 12-month EBITDA of $28.1M.

In the most recent fiscal year, NZX achieved revenue of $69.0M and an EBITDA of $32.2M.

NZX expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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NZX P&L

FY 2023 FY 2024 FY 2025 LTM NTM
Revenue $61.9M $69.0M XXX XXX XXX
Gross Profit $54.7M $61.9M XXX XXX XXX
Gross Margin 88% 90% XXX XXX XXX
EBITDA $23.5M $32.2M XXX XXX XXX
EBITDA Margin 38% 47% XXX XXX XXX
Net Profit $8.1M $7.7M XXX XXX XXX
Net Margin 13% 11% XXX XXX XXX
Net Debt n/a $9.5M XXX XXX XXX

Financial data powered by Morningstar, Inc.

NZX Stock Performance

As of April 15, 2025, NZX's stock price is NZD 1 (or $1).

NZX has current market cap of NZD 483M (or $276M), and EV of NZD 515M (or $295M).

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NZX Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$295M $276M XXX XXX XXX XXX $0.04

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NZX Valuation Multiples

As of April 15, 2025, NZX has market cap of $276M and EV of $295M.

NZX's trades at 4.2x LTM EV/Revenue multiple, and 10.5x LTM EBITDA.

Analysts estimate NZX's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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NZX Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $295M XXX XXX XXX
EV/Revenue 4.3x XXX XXX XXX
EV/EBITDA 9.2x XXX XXX XXX
P/E 18.9x XXX XXX XXX
P/E/Growth -9.2x XXX XXX XXX
EV/FCF 22.9x XXX XXX XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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NZX Valuation Multiples

NZX's NTM/LTM revenue growth is 6%

NZX's revenue per employee for the last fiscal year averaged $0.2M, while opex per employee averaged $0.2M for the same period.

Over next 12 months, NZX's ratio of sales and marketing spend to revenue is estimated to be  XXX , while its R&D spend to revenue to be  XXX .

Analysts estimate NZX's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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NZX Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth 11% XXX XXX XXX XXX
EBITDA Margin 47% XXX XXX XXX XXX
EBITDA Growth 37% XXX XXX XXX XXX
Rule of 40 (SaaS-only) 53% XXX XXX XXX XXX
Revenue per Employee $0.2M XXX XXX XXX XXX
Opex per Employee $0.2M XXX XXX XXX XXX
S&M Expenses to Revenue 1% XXX XXX XXX XXX
G&A Expenses to Revenue 39% XXX XXX XXX XXX
R&D Expenses to Revenue n/a XXX XXX XXX XXX
Opex to Revenue 75% XXX XXX XXX XXX

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NZX Public Comps

See public comps and valuation multiples for Stock Exchanges and Financial Data & Information comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
ASX XXX XXX XXX XXX XXX XXX
Euroxx Securities XXX XXX XXX XXX XXX XXX
Athens Exchange Group XXX XXX XXX XXX XXX XXX
Cboe Global Markets XXX XXX XXX XXX XXX XXX
Indian Energy Exchange XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

Valuation data powered by FactSet, Inc.

NZX M&A and Investment Activity

NZX acquired  XXX companies to date.

Last acquisition by NZX was  XXXXXXXX, XXXXX XXXXX XXXXXX . NZX acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by NZX

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About NZX

When was NZX founded? NZX was founded in 2002.
Where is NZX headquartered? NZX is headquartered in New Zealand.
How many employees does NZX have? As of today, NZX has 343 employees.
Is NZX publicy listed? Yes, NZX is a public company listed on NZE.
What is the stock symbol of NZX? NZX trades under NZX ticker.
When did NZX go public? NZX went public in 2003.
Who are competitors of NZX? Similar companies to NZX include e.g. ASX, Euroxx Securities, Athens Exchange Group, Cboe Global Markets.
What is the current market cap of NZX? NZX's current market cap is $276M
What is the current revenue of NZX? NZX's last 12-month revenue is $70.3M.
What is the current EBITDA of NZX? NZX's last 12-month EBITDA is $28.1M.
What is the current EV/Revenue multiple of NZX? Current revenue multiple of NZX is 4.2x.
What is the current EV/EBITDA multiple of NZX? Current EBITDA multiple of NZX is 10.5x.
What is the current revenue growth of NZX? NZX revenue growth between 2023 and 2024 was 11%.
Is NZX profitable? Yes, NZX is EBITDA-positive (as of the last 12 months).

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