TSE:X

TMX Group (X.TO)

49.56
+0.49 (1.00%)
as of Jun 5, 2026, 8:00:00 pm Market Open.
81 watching
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Investor Insights
star iconJun 5, 2026, 12:00 am

This summary was created by AI, based on 15 opinions in the last 12 months.

TMX Group, operating the Montreal Exchange and other trading platforms, is viewed favorably by analysts due to its unique positioning within the financial industry. Acquisitions, including CBOE Canada, have reinforced its market presence, particularly in the mining sector, where it holds significant trade volumes. Despite concerns over potential AI disruptions, experts believe TMX's core operations and data analytics segments will continue to generate steady revenue and dividends. Analysts project upside potential in share price, underpinned by consistent historical growth in dividends and a robust balance sheet, making it an appealing prospect for long-term holders as it navigates current market challenges.

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Consensus
Buy
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Valuation
Fair Value
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Similar
CME
DON'T BUY
Thinks volumes will be under pressure going forward. There are investors that have been shaken out of the market to some degree.
BUY
Stock price has dropped because of the malaise in the market. They get their fees from the number of companies that list, IPOs and when companies issue new equities as well as a cut on every trade that goes through. Quite attractive at this level.
HOLD
Will be very challenging environment for all exchanges in the next 3 to 6 months. Market volatility is great for traders, but not for exchanges. Coming merger looks very positive and is good news. On a longer-term basis, it's a good industry to be in. Would stay away for the next 6 months.
WEAK BUY
Couldn't understand why they were going after the Montreal exchange when the growth was not there. However, when you put the 2 components together, there are synergies. There are political issues in that Montreal wants to keep their distinct entity. Would look very hard at this at this price.
COMMENT
Midst of a takeover with Montreal exchange (MXX-T). Because of the political situation, difficult to tell if this will actually work. CEO just left. Some market pressure because they have cut fees in order to stay competitive. Very consistent business. Volatility helps their underlying business with the extra trading revenue. Over 3% yield.
TOP PICK
Merging with the Montreal exchange (MXX-T). The best way to participate in any economy is the stock exchange. If you believe that anything good will happen in the market, these shares should perform even better.
DON'T BUY
Thinks this is a space that will continue to consolidate, but it is highly market sensitive. Expect there will be fewer financings resulting in a loss of listing fees. Very well managed business, but if you are concerned about markets this is not the spot to be right now.
PAST TOP PICK
(A Top Pick Feb 7/07. No change.) Still likes and is glad they are merging with the Montreal exchange and you
PARTIAL SELL
The rumour is that they are going to merge with the Montreal exchange. He has a bit of a problem with the valuation of most of the exchanges right now. If you own, he would take some profit.
HOLD
When it went public, it had some anti takeover provisions in it so the likelihood of it being acquired is very low. Merger with the Montreal exchange is a high possibility. Has done while because it is a resource and financial services based index with resources dominating. Try to buy at $46-$47.
DON'T BUY
Caller was a senior, he advised no, because it's too volatile.
PAST TOP PICK
(A Top Pick Sept 21/06. Down 10.5%.) Feels there is a probability of discussion and conclusion of a merger with the Montreal Exchange (MXX-T). Not concerned with the banks moving into this area.
DON'T BUY
There is competition now by banks coming together and trying to form their own exchange. A tremendous cash flow business. Trades around 17 X next year's earnings, which is somewhat expensive. 3.76% yield.
HOLD
There is an initiative by others to launch a trading platform in competition with them. This is a bona fide threat. The TSX will probably have to cut prices to lure and keep some business. He treats it as a dividend company.
COMMENT
There is a rumour that they may merge with the Montreal exchange. This exchange is focused on derivatives. Have cut their trading fees to be competitive.
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