Using the industry peer median P/E multiple (trailing + forward), FactSet Research Systems Inc. (FDS) has a fair value of $428.80 based on 8 comparable companies in the Financial - Data & Stock Exchanges industry.
USD in millions except Fair Price. Subject company highlighted.
| Mkt Cap ($M) | Trailing P/E | Forward P/E | |
|---|---|---|---|
| FactSet Research Systems Inc.FDS | 7,551 | 12.7x | 11.2x |
| S&P Global Inc.SPGI | 124,938 | 28.1x | 21.0x |
| CME Group Inc.CME | 107,954 | 26.9x | 24.9x |
| Intercontinental Exchange, Inc.ICE | 89,170 | 27.1x | 20.3x |
| Moody's CorporationMCO | 76,817 | 31.7x | 25.9x |
| Nasdaq, Inc.NDAQ | 48,055 | 27.2x | 21.5x |
| Coinbase Global, Inc.COIN | 46,791 | 39.0x | 50.4x |
| MSCI Inc.MSCI | 39,396 | 34.5x | 27.6x |
| Cboe Global Markets, Inc.CBOE | 29,436 | 27.0x | 23.8x |
| Industry Median | 27.7x | 24.4x | |
| (*) Profit after tax | 597 | 672 | |
| Equity Value | 16,532 | 16,387 | |
| (/) Outstanding shares | 38 | 38 | |
| Fair Price | $431 | $427 | |
This P/E relative valuation uses the industry peer median Price-to-Earnings ratio to estimate fair value. Both trailing (last 12 months) and forward (next fiscal year analyst estimates) P/E multiples are computed independently.
The industry median trailing P/E is applied to the company's TTM net income, and the forward P/E to analyst-estimated net income. Each produces an equity value divided by shares outstanding to yield a fair price per share. The selected fair value is the average of the trailing and forward legs.