Acquisition SynergiesThere is conviction behind management's ability to deliver synergies on the back of the most recent Adenza acquisition and position the business to benefit from key secular tailwinds.
Market PositionNDAQ is seen as an underappreciated beneficiary of a capital markets rebound, with slower revenue streams like listings expected to re-accelerate as the IPO pipeline improves.
Revenue StreamsThe transformation of the business into higher quality, more durable revenue streams is underway with solutions growth and ARR growth.