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Public Comps and Valuation Multiples for Stock Exchanges

Benchmark revenue and EBITDA valuation multiples for public comps like
CME Group, Intercontinental Exchange, HKEX, London Stock Exchange Group and Deutsche Börse.

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Viewing 25 of 42 companies with full data

Company	Market Cap	Enterprise Value	LTM Revenue	EV/LTM Revenue	EV/LTM EBITDA
CME Group	$97B	$98B	$7B	14.6x	20.3x
Intercontinental Exchange	$79B	$97B	$10B	9.3x	13.8x
HKEX	$61B	$22B	$4B	5.8x	7.3x
London Stock Exchange Group	$58B	$70B	$13B	5.5x	11.0x
Deutsche Börse	$52B	($176B)	$7B	(24.1x)	(41.0x)
Nasdaq	$50B	$57B	$5B	10.5x	17.7x
Cboe Global Markets	$31B	$30B	$3B	11.7x	16.7x
Singapore Exchange	$19B	$18B	$1B	15.3x	24.1x
BSE India	$17B	$16B	$556M	29.4x	44.3x
Euronext	$17B	$18B	$2B	8.2x	13.2x
B3 Bolsa do Brasil	$15B	$15B	$2B	7.2x	10.3x
Japan Exchange Group	$14B	$12B	$1B	9.5x	-
TMX Group	$10B	$11B	$1B	8.5x	15.3x
MCX India	$8B	$7B	$258M	27.7x	38.0x
ASX	$7B	($2B)	$871M	(1.7x)	(2.9x)
Tel Aviv Stock Exchange	$5B	$5B	$182M	25.4x	-
Tadawul Group	$4B	$4B	$347M	11.3x	32.2x
MIAX	$4B	$4B	$473M	7.5x	16.3x
Dubai Financial Market	$3B	$2B	$213M	8.6x	10.7x
Tradegate	$2B	$2B	-	-	-
Boursa Kuwait	$2B	$2B	-	-	-
Bursa Malaysia	$2B	$2B	$191M	8.3x	16.2x
Bolsas y Mercados Argentinos	$2B	$608M	$239M	2.5x	3.4x
Bolsa Mexicana	$1B	$991M	$268M	3.7x	6.6x
Indian Energy Exchange	$1B	$919M	$66M	13.9x	16.4x
Warsaw Stock Exchange	$990M		$159M
Johannesburg Stock Exchange	$766M		-
OTC Markets	$639M		$126M
Athens Exchange Group	$486M		-
Philippine Stock Exchange	$285M		-
NZX	$267M		$77M
Bolsa de Valores de Colombia	$267M		-
A3 Mercados	$190M		-
Pakistan Stock Exchange	$126M		-
Grupo BVL	$117M		-
Bulgarian Stock Exchange	$110M		-
Bursa De Valori Bucuresti	$108M		-
Bolsa Mercantil de Colombia	$92M		-
Euroxx Securities	$87M		-
Jamaica Stock Exchange	$51M		-
Bolsa de Santiago	$19M		-
Zagrebacka Burza	$16M		-