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    Nasdaq (NDAQ) Could Be 14% Undervalued On Its Push Deeper Into Tokenized Markets

    Simply Wall St·09/16/2026 05:37:52
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    Nasdaq (NDAQ) has pushed deeper into tokenized markets, expanding its collaboration with Payward, parent of crypto exchange Kraken, to advance the Nasdaq Equity Token framework and a new market surveillance agreement.

    Recent trading has been choppy for Nasdaq, with the share price down 2.56% on the day and 8.03% over 30 days. However, a 7.13% 90 day share price return and 82.41% three year total shareholder return suggest longer term momentum has previously been stronger than the current year to date decline of 7.69% in share price and 2.30% in total shareholder return.

    Scan the broader tokenization theme by sizing up hand-picked exchange and market infrastructure players through the list of solid balance sheet and fundamentals (22 results).

    Nasdaq appears to be a solid market infrastructure business pushing deeper into tokenization while the share price has slipped this year. The next question is whether that recent stumble leaves Nasdaq fairly valued or still demanding a premium.

    Most Popular Narrative: 14% Undervalued

    Nasdaq last closed at $89.23, while the most followed narrative pegs fair value closer to $104.19. This frames the recent share price weakness against a higher long term anchor.

    Four crashes, four different causes, four different recovery timelines, two years, fifteen years, years, months. If there were a reliable way to know in real time which kind you were in, that would be worth more than almost anything else in investing. Nobody has reliably had that in any of these four cases. What every one of them rewarded instead was the boring stuff, not being leveraged past what you could survive, having a plan for how much you were willing to lose before you needed to act on it, and not needing to guess correctly about the recovery shape to avoid being wiped out waiting for it.

    See why 4 investors see Nasdaq as 14% undervalued.

    Result: Fair Value of $104.19 (UNDERVALUED)

    Still, the Nasdaq story could be knocked off course if tokenization uptake is slower than hoped or if tighter regulation crimps demand for its trading technology.

    Find out about the key risks to this Nasdaq narrative.

    Another View: Nasdaq Through The P/E Lens

    The fair value narrative puts Nasdaq at $104.19, yet the P/E picture tells a different story. The stock trades on 25.4x earnings, above a fair ratio of 16.3x and slightly above peer levels of 25.2x, even though it sits well below the US Capital Markets average of 39.9x. Is that a reasonable premium or a valuation tightrope?

    For a closer look at how this earnings multiple could re-rate over time, check the valuation breakdown through the See what the numbers say about this price — find out in our valuation breakdown..

    NasdaqGS:NDAQ P/E Ratio as at Sep 2026
    NasdaqGS:NDAQ P/E Ratio as at Sep 2026

    Next Steps

    Mixed messages on Nasdaq so far. If the split between risks and rewards has you curious, the fastest way to cut through the noise is to review the 5 key rewards and 2 important warning signs.

    Looking for more Nasdaq investment ideas?

    If Nasdaq has sharpened your interest in market infrastructure, you can broaden your watchlist with a few focused stock shortlists built directly from the Simply Wall St Screener.

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.