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
0
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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CME
BUY
The exchanges have done very well in recent years. Good free cash flow. Indexing (ETFs) are a tailwind. New stock exchange highs signal good business. These stocks do very well over time.
WATCH
It'll remain sideways near-term, but in the past 10 years it's performed huge. It enjoys nearly a monopoly in Canada and have done well diversifying like selling data to the financial industry and into derivatives. The outlook is good. Probably is the stock isn't cheap. Watch for a pullback.
TOP PICK
Defensive, financial business. Will benefit from rising stock prices. Exchange listing, but also a data analytics business. Way undervalued for the quality. Wants to see management unlock its value. $175+ stock going forward. Clean balance sheet. Tailwinds as markets stay strong. Yield is 2.14%. (Analysts’ price target is $146.00)
BUY ON WEAKNESS
They enjoyed an outstanding finish to end 2020. Trading volumes were very high, though derivatives were busier in the States. TMX is expensive now, trading at 21x expected earnings this year, which is a little rich. If it were 16x PE or 15% less expensive, he'd be interested. Has some good growth prospects.
BUY

Billy Kawasaki’s Insights - Billy’s most-liked answers from 5i Research. Has a more or less monopoly position within the industry in Canada. Offers a good combination of capital appreciation and dividend growth. Unlock Premium - Try 5i Free

BUY

Billy Kawasaki’s Insights - Billy’s most-liked answers from 5i Research. The company is large and has a quasi-monopolistic industry position. It has shown some dividend growth and yields 2.08%. Unlock Premium - Try 5i Free

BUY
A company that has done well over 2020. It is not a cyclical business since all businesses listed on the TSX has to pay fees. TMX database access fees and software fees are still getting paid. They raised their dividends this year. The new CEO is looking for more international listings and to leverage more. A great company.
BUY

Billy Kawasaki’s Insights - Picks from 5i Research. The company recently acquired a transfer agent and corporate trust company which was a natural fit for an exchange. Services can be cross-sold across their client base and there is added revenues of $46.5M. Unlock Premium - Try 5i Free

PAST TOP PICK
(A Top Pick Jun 24/19, Up 54%) It is one of the best performing financial companies on the TSX. A one-stop-shop for listing, derivatives, options trading and data analytics. They made a smart acquisition of a data company in Europe. It is under leveraged and he thinks the company should be more aggressive with buybacks.
PAST TOP PICK
(A Top Pick Jun 24/19, Up 42%) It has built on its platform. It has benefited from this volatility. If the market recovers, companies will be taking the opportunity for secondary offerings. They can make acquisitions going forward. It is an attractive opportunity.
BUY
They have a temporary CEO. The company is in the middle of transforming its business to add data and information technology. The stock has done well and it was one of the best performers in 2019. The balance sheet is good. He expects better things in 2020.
TOP PICK
A controversial pick, because the CEO just got ousted, but he did a good job diversify and growing TMX into a global company focused on analytics. Record TSX levels should lead to more listings. Also, a new CEO may be another tailwind. (Analysts’ price target is $126.00)
WATCH
He has been looking at it lately. They have been getting more recurring revenues. He is watching it after they had a negative news release recently. If it ever went down again he would look at buying it.
BUY ON WEAKNESS
It's hard to see what will happen with the Eccelstone controvery, and it may not make much difference with the TMX itself. He's been a very good manager. This pullback is way to step in. Pays a 2.5% dividend.
COMMENT
A great business. They have expanded their business outside of Canada. They’ve had a good run this year. Slow down in tradings could have impact on their business. It is fully valued here.
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