MarketAxess Holdings, Inc. (NASDAQ:MKTX)

CAPS Rating: 5 out of 5

The Company operates as a platform for electronic trading of corporate bonds and certain other types of fixed-income securities.

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Member Avatar TMFTypeoh (78.81) Submitted: 8/22/2013 10:35:12 PM : Outperform Start Price: $52.88 MKTX Score: -7.51

Winner. SImple as that.

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Member Avatar rknapton (< 20) Submitted: 8/22/2013 4:27:22 PM : Outperform Start Price: $52.88 MKTX Score: -7.51

Long. Electronic trading. Pricey at 29x ttm, 27x fye earnings, but last quarters revenues grew 34% and earnings at 53%. Has beat earnings estimates past 4 quarters and analysts have been bumping up future estimates.

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Member Avatar TMFOpie (98.99) Submitted: 8/22/2013 10:14:28 AM : Outperform Start Price: $52.40 MKTX Score: -7.12

Building a platform to help bond investors buy and sell bond positions more effectively. Business has been on a tear recently pushing the earnings multiple a bit higher but I still believe in the next 3-5 years this company will be worth much more than $52 per share based on potential growth rates and adoption.

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Member Avatar TMFHumbleServant (96.12) Submitted: 2/13/2013 3:33:28 PM : Outperform Start Price: $37.91 MKTX Score: +22.87

The electronic platform trades all sorts of fixed income securities. Plenty of growth ahead of it and those rising returns on invested capital are nice to see, too.

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Member Avatar whitehead1 (< 20) Submitted: 9/10/2012 9:27:44 PM : Outperform Start Price: $27.46 MKTX Score: +71.15

MKTX is a dominant player in its market and it has a great management.

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Member Avatar steveadl (45.29) Submitted: 6/16/2011 5:51:49 AM : Outperform Start Price: $20.78 MKTX Score: +118.81

I like

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Member Avatar crazyipo (< 20) Submitted: 11/19/2006 2:45:00 AM : Outperform Start Price: $12.82 MKTX Score: +288.93

exchange consolidation

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Member Avatar jfjf88 (85.15) Submitted: 8/28/2006 7:16:30 PM : Outperform Start Price: $8.65 MKTX Score: +485.39

MKTX has the potential to become the Archipelago of bonds. There is a tremendous growth opportunity for the bond exchanges for two reasons. First, the market should return to the fixed-income asset class as investors' risk amnesia clears. Second, as more fixed incomes fall to electronic trading, volumes should skyrocket. The inventory of highly automated U.S. Treasuries turns over every eight days; the inventory of corporate bonds turns over once a year. MarketAxess has a good business and technology design, but governance needs to become more shareholder-oriented.

There may be further upside. As the NYSE moves away from domination by specialist interests, it could acquire MarketAxess. NYSE CEO John Thain has spoken publicly about creating a retail-oriented market for bonds. Investors would have access to real-time prices on company debt, and the ability to place orders online. The MarketAxess platform offers Archipelago-like electronic trading abilities in fixed income, available for less than a third of the near billion paid for Archipelago. Acquiring MarketAxess would make NYSE a true securities exchange, not just a stock exchange.

Results 1 - 8 of 8

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