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 &#34;Narratives&#34; for understanding future value based on various assumptions.

MKTX

<p>MarketAxess Holdings 在五年內經歷了顯著的 68% 的下滑，這引發了人們對其是否為便宜貨或價值陷阱的質疑。儘管它最近顯示出適度的反彈，但估值檢查表明它可能仍然被高估，超額收益和市盈率方法均表明市場對其增長的預期超過了其基本面所支持的水平。文章探討了不同的估值方法，並引入了 “敍述” 來理解基於各種假設的未來價值</p>

MarketAxess 在五年內下滑 68% 後是否跌得過多？