Has MarketAxess Fallen Too Far After a 68% Five Year Slide?

MarketAxess Holdings has seen a significant 68% slide over five years, raising questions about whether it's a bargain or a value trap. While it has shown a modest rebound recently, valuation checks suggest it may still be overvalued, with both the Excess Returns and Price vs. Earnings approaches indicating the market is pricing in more growth than its fundamentals support. The article explores different valuation methods and introduces "Narratives" for understanding future value based on various assumptions.