Nasdaq (NASDAQ:NDAQ) Market Technology Revenue rose from around $360 million in 2020 to about $450 million in 2021. Trefis expects the metric to rise to about $565 million in 2023.
Growth is being driven by rising delivery and support revenues and higher software as service revenue.
We think NDAQ stock is undervalued at current levels. We value the stock at about $215 per share, about 25% ahead of the current market price.
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|S&P 500 Return||-2%||-7%||97%|
|Trefis MS Portfolio Return||1%||-9%||258%|
 Month-to-date and year-to-date as of 2/15/2022
 Cumulative total returns since the end of 2016