NYX: 2017 May Be The Year Of The Catalyst

4Q16 results positive with revenue growth and margin improvements as expected.

Impairments of 94m surprisingly high but due to management decisions of migrating customers to a better platform.

Listing on the TSX in the second semestre of 2017 may be the catalyst and improved liquidity needed.

A guidance for 1Q17 was provided, while revenues fall within my expectations, EBITDA margins fall short of my expectations.

I recommend buying CVE:NYX with a target price of CAD 4.70/sh and OTC:NXXY with a target price of USD 3.45/sh.

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MarketAxess: Credit Trading Needs To Be Disrupted

Great company with double-digit returns and a clear moat.

Opportunity for capital structure enhancement as it has no debt.

Its market share gain from 1% to 16.5% is the best proof of its solution. However, I think the market is not pricing all the potential.

I recommend to buy MKTX at the current price of $180.80 with a 12-24 month target price of $220 offering a 21% upside.

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