TSE:X

TMX Group (X.TO)

52.71
+0.19 (0.36%)
as of Aug 5, 2026, 8:00:00 pm Market Open.
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Investor Insights
star iconAug 5, 2026, 12:00 am

This summary was created by AI, based on 22 opinions in the last 12 months.

TMX Group (X-T) has recently experienced a pullback attributed to various factors, including broader market trends and fears of competition from prediction markets. Despite the decline, experts highlight the company's strong fundamentals, including consistent growth in recurring revenue, successful strategic acquisitions, and robust margins. Many analysts view the recent drop as a buying opportunity, particularly due to TMX's proprietary data and strong analytics business. The overall sentiment remains positive, with most analysts advocating for a long-term hold or gradual accumulation, underscoring the company's unique position within the Canadian capital markets and potential for recovery amid volatility. Concerns about AI disruption have been mentioned, but the prevailing belief is that TMX is well-positioned to withstand these challenges and capitalize on its strengths.

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Consensus
Buy
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Valuation
Undervalued
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Similar
CME
HOLD
Little bit of risk from the new trading platform, but reasonable valuation.
BUY ON WEAKNESS
TSX exchange itself. Merging with Montreal. Listing revenue is amortized over a period of time. They sell a lot of data. People slow down trading in this kind of Market. There will be a margin issue in a couple of years.
TOP PICK
Not brave enough for the banks yet but wanted to get a foot into the financials. Thinks that volumes are going to be good on the exchanges over the next while. Will benefit from this and cost savings from their merger with the Montreal exchange. 4.5% yield.
TOP PICK
Everybody hates it because of competition coming, being in a bear market (fewer listings), etc. Ridiculously cheap. Huge ROE and a great yield. Everybody is asking about financials. If you want to own financials buy this one that has no credit risk as opposed to bottom fishing for banks. They are buying back stocks.
DON'T BUY
(Market Call Minute.) Going to be difficult on revenues going forward.
DON'T BUY
Trading on BCE and 36 other companies go down yesterday was horrible timing. Increases the appeal to trade on other platforms such as Alpha. Estimates are from 20% to 50% volumes could move to others, over time. Expensive at this point and doesn’t discount the risk of competition.
DON'T BUY
(Market Call Minute.) Risk to revenues
COMMENT
The TSX has had a fantastic rally. Up to all-time highs. Chart shows it is bouncing off the top again, which is a positive sign if it can break that level. However, there is a downward trend on the lows, which concerns him. Technically, you are waiting for the breakthrough.
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.
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