TSE:X

TMX Group (X.TO)

53.87
+0.75 (1.41%)
as of Sep 14, 2026, 8:00:00 pm Market Open.
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Investor Insights
star iconSep 14, 2026, 12:00 am

This summary was created by AI, based on 24 opinions in the last 12 months.

TMX Group has been navigating a complex market landscape marked by fears of AI disruption and competition from prediction markets. Analysts note that despite these concerns, TMX's unique position in data analytics and its proprietary trading platforms provide a strong foundation for growth. With revenue increasingly driven by subscription-based data analytics, the company’s fundamentals remain robust, with stocks witnessing a rally following a significant drop earlier in the year. However, various experts advise caution due to potential volatility, advising to consider buy opportunities during pullbacks. Overall, TMX is recognized for its solid business model and recurring revenue streams, particularly benefiting from increased trading volumes during market fluctuations.

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Consensus
Buy
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Valuation
Undervalued
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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.
TOP PICK

It is more of a defensive position with a bit more yield on it. It is like a monopoly. Their company, Trayport, which does energy trading and has some growth. There has been some consolidation in their space and they are trading at a material discount to their peers. They report earnings tonight. (Analysts’ price target is $126.86)

PAST TOP PICK
(A Top Pick Oct 31/18, Up 45%) Management has cut costs like crazy. Diversified. Good acquisitions. Last quarter was phenomenal. Trading at a discount to global exchange peers. Still buying here.
TOP PICK
A few years ago, the new CEO transformed this from a listings business to a data analystics business and gaining more revenues outside Canada. Now, 50% of their business is data analystics, selling information to companies like BNN. TMX benefits now from cannabis and cryptos. It's trading at a big discount to other exchanges, so there's a lot of upside. (Analysts’ price target is $102.67)
DON'T BUY
Why is it down 4% today? An analyst downgrade, so this could be an opportunity. TMX has had a huge run; it's not cheap. But TMX remains the leading exchange globally in cannabis and oil.
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