CBOE GLOBAL MARKETS INC (CBOE)

US12503M1080 - Common Stock

183.73  +3.56 (+1.98%)

After market: 183.49 -0.24 (-0.13%)

Fundamental Rating

6

Overall CBOE gets a fundamental rating of 6 out of 10. We evaluated CBOE against 208 industry peers in the Capital Markets industry. Both the health and profitability get an excellent rating, making CBOE a very profitable company, without any liquidiy or solvency issues. CBOE is quite expensive at the moment. It does show a decent growth rate.



8

1. Profitability

1.1 Basic Checks

In the past year CBOE was profitable.
In the past year CBOE had a positive cash flow from operations.
In the past 5 years CBOE has always been profitable.
CBOE had a positive operating cash flow in each of the past 5 years.

1.2 Ratios

CBOE's Return On Assets of 10.12% is amongst the best of the industry. CBOE outperforms 86.41% of its industry peers.
CBOE has a Return On Equity of 19.01%. This is amongst the best in the industry. CBOE outperforms 86.41% of its industry peers.
CBOE has a Return On Invested Capital of 11.08%. This is amongst the best in the industry. CBOE outperforms 84.47% of its industry peers.
The Average Return On Invested Capital over the past 3 years for CBOE is in line with the industry average of 10.74%.
The 3 year average ROIC (10.49%) for CBOE is below the current ROIC(11.08%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 10.12%
ROE 19.01%
ROIC 11.08%
ROA(3y)7.07%
ROA(5y)7.13%
ROE(3y)13.46%
ROE(5y)13.09%
ROIC(3y)10.49%
ROIC(5y)9.56%

1.3 Margins

CBOE has a Profit Margin (20.07%) which is in line with its industry peers.
In the last couple of years the Profit Margin of CBOE has grown nicely.
With a Operating Margin value of 28.23%, CBOE perfoms like the industry average, outperforming 47.09% of the companies in the same industry.
In the last couple of years the Operating Margin of CBOE has grown nicely.
CBOE has a Gross Margin of 50.83%. This is comparable to the rest of the industry: CBOE outperforms 48.54% of its industry peers.
In the last couple of years the Gross Margin of CBOE has grown nicely.
Industry RankSector Rank
OM 28.23%
PM (TTM) 20.07%
GM 50.83%
OM growth 3Y11%
OM growth 5Y4.43%
PM growth 3Y13.78%
PM growth 5Y5.66%
GM growth 3Y11.57%
GM growth 5Y2.95%

8

2. Health

2.1 Basic Checks

The number of shares outstanding for CBOE has been reduced compared to 1 year ago.
CBOE has less shares outstanding than it did 5 years ago.
CBOE has a better debt/assets ratio than last year.

2.2 Solvency

CBOE has an Altman-Z score of 4.80. This indicates that CBOE is financially healthy and has little risk of bankruptcy at the moment.
CBOE has a Altman-Z score of 4.80. This is amongst the best in the industry. CBOE outperforms 84.95% of its industry peers.
CBOE has a debt to FCF ratio of 1.40. This is a very positive value and a sign of high solvency as it would only need 1.40 years to pay back of all of its debts.
With an excellent Debt to FCF ratio value of 1.40, CBOE belongs to the best of the industry, outperforming 85.44% of the companies in the same industry.
A Debt/Equity ratio of 0.36 indicates that CBOE is not too dependend on debt financing.
CBOE's Debt to Equity ratio of 0.36 is fine compared to the rest of the industry. CBOE outperforms 73.79% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.36
Debt/FCF 1.4
Altman-Z 4.8
ROIC/WACCN/A
WACCN/A

2.3 Liquidity

A Current Ratio of 1.43 indicates that CBOE should not have too much problems paying its short term obligations.
CBOE has a Current ratio of 1.43. This is comparable to the rest of the industry: CBOE outperforms 59.22% of its industry peers.
A Quick Ratio of 1.43 indicates that CBOE should not have too much problems paying its short term obligations.
Looking at the Quick ratio, with a value of 1.43, CBOE is in line with its industry, outperforming 59.71% of the companies in the same industry.
The current and quick ratio evaluation for CBOE is rather negative, while it does have excellent solvency and profitability. These ratios do not necessarly indicate liquidity issues and need to be evaluated against the specifics of the business.
Industry RankSector Rank
Current Ratio 1.43
Quick Ratio 1.43

4

3. Growth

3.1 Past

CBOE shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 12.39%, which is quite good.
CBOE shows quite a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 9.17% yearly.
The Revenue has decreased by -4.67% in the past year.
The Revenue has been growing slightly by 6.39% on average over the past years.
EPS 1Y (TTM)12.39%
EPS 3Y13.89%
EPS 5Y9.17%
EPS growth Q2Q14.44%
Revenue 1Y (TTM)-4.67%
Revenue growth 3Y3.26%
Revenue growth 5Y6.39%
Revenue growth Q2Q-3.58%

3.2 Future

The Earnings Per Share is expected to grow by 7.73% on average over the next years.
Based on estimates for the next years, CBOE will show a small growth in Revenue. The Revenue will grow by 3.51% on average per year.
EPS Next Y10.22%
EPS Next 2Y8.19%
EPS Next 3Y6.94%
EPS Next 5Y7.73%
Revenue Next Year6.91%
Revenue Next 2Y6.16%
Revenue Next 3Y5.06%
Revenue Next 5Y3.51%

3.3 Evolution

The EPS growth rate is stable: in the next years the growth will be about the same than in the last years.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.

2

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 23.56, which indicates a rather expensive current valuation of CBOE.
68.45% of the companies in the same industry are cheaper than CBOE, based on the Price/Earnings ratio.
When comparing the Price/Earnings ratio of CBOE to the average of the S&P500 Index (26.48), we can say CBOE is valued inline with the index average.
A Price/Forward Earnings ratio of 21.37 indicates a rather expensive valuation of CBOE.
Based on the Price/Forward Earnings ratio, CBOE is valued a bit more expensive than 61.65% of the companies in the same industry.
CBOE is valuated at similar levels of the S&P average when we compare the Price/Forward Earnings ratio to 22.79, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 23.56
Fwd PE 21.37

4.2 Price Multiples

70.39% of the companies in the same industry are more expensive than CBOE, based on the Enterprise Value to EBITDA ratio.
CBOE's Price/Free Cash Flow is on the same level as the industry average.
Industry RankSector Rank
P/FCF 18.82
EV/EBITDA 16.19

4.3 Compensation for Growth

The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
CBOE has an outstanding profitability rating, which may justify a higher PE ratio.
PEG (NY)2.3
PEG (5Y)2.57
EPS Next 2Y8.19%
EPS Next 3Y6.94%

5

5. Dividend

5.1 Amount

CBOE has a Yearly Dividend Yield of 1.19%.
Compared to an average industry Dividend Yield of 7.69, CBOE is paying slightly less dividend.
Compared to an average S&P500 Dividend Yield of 2.34, CBOE's dividend is way lower than the S&P500 average.
Industry RankSector Rank
Dividend Yield 1.19%

5.2 History

On average, the dividend of CBOE grows each year by 12.72%, which is quite nice.
CBOE has been paying a dividend for at least 10 years, so it has a reliable track record.
As CBOE did not decrease their dividend in the past 5 years, we can say the dividend looks stable.
Dividend Growth(5Y)12.72%
Div Incr Years9
Div Non Decr Years9

5.3 Sustainability

29.50% of the earnings are spent on dividend by CBOE. This is a low number and sustainable payout ratio.
The dividend of CBOE is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP29.5%
EPS Next 2Y8.19%
EPS Next 3Y6.94%

CBOE GLOBAL MARKETS INC

NYSEARCA:CBOE (3/28/2024, 8:01:02 PM)

After market: 183.49 -0.24 (-0.13%)

183.73

+3.56 (+1.98%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupFinancial Services
GICS IndustryCapital Markets
Earnings (Last)
Earnings (Next)
Inst Owners
Inst Owner Change
Ins Owners
Ins Owner Change
Market Cap19.40B
Analysts
Price Target
Dividend
Industry RankSector Rank
Dividend Yield 1.19%
Dividend Growth(5Y)
DP
Div Incr Years
Div Non Decr Years
Ex-Date
Surprises & Revisions
EPS beat(2)
Avg EPS beat(2)
Min EPS beat(2)
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Revenue beat(2)
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PT rev (1m)
PT rev (3m)
EPS NQ rev (1m)
EPS NQ rev (3m)
EPS NY rev (1m)
EPS NY rev (3m)
Revenue NQ rev (1m)
Revenue NQ rev (3m)
Revenue NY rev (1m)
Revenue NY rev (3m)
Valuation
Industry RankSector Rank
PE 23.56
Fwd PE 21.37
P/S
P/FCF
P/OCF
P/B
P/tB
EV/EBITDA
EPS(TTM)
EY
EPS(NY)
Fwd EY
FCF(TTM)
FCFY
OCF(TTM)
OCFY
SpS
BVpS
TBVpS
PEG (NY)2.3
PEG (5Y)2.57
Profitability
Industry RankSector Rank
ROA 10.12%
ROE 19.01%
ROCE
ROIC
ROICexc
ROICexgc
OM 28.23%
PM (TTM) 20.07%
GM 50.83%
FCFM
ROA(3y)
ROA(5y)
ROE(3y)
ROE(5y)
ROIC(3y)
ROIC(5y)
ROICexc(3y)
ROICexc(5y)
ROICexgc(3y)
ROICexgc(5y)
ROCE(3y)
ROCE(5y)
ROICexcg growth 3Y
ROICexcg growth 5Y
ROICexc growth 3Y
ROICexc growth 5Y
OM growth 3Y
OM growth 5Y
PM growth 3Y
PM growth 5Y
GM growth 3Y
GM growth 5Y
F-Score
Asset Turnover0.5
Health
Industry RankSector Rank
Debt/Equity 0.36
Debt/FCF
Debt/EBITDA
Cap/Depr
Cap/Sales
Interest Coverage
Cash Conversion
Profit Quality
Current Ratio 1.43
Quick Ratio 1.43
Altman-Z
F-Score
WACC
ROIC/WACC
Cap/Depr(3y)
Cap/Depr(5y)
Cap/Sales(3y)
Cap/Sales(5y)
Profit Quality(3y)
Profit Quality(5y)
Growth
EPS 1Y (TTM)12.39%
EPS 3Y13.89%
EPS 5Y
EPS growth Q2Q
EPS Next Y10.22%
EPS Next 2Y
EPS Next 3Y
EPS Next 5Y
Revenue 1Y (TTM)-4.67%
Revenue growth 3Y3.26%
Revenue growth 5Y
Revenue growth Q2Q
Revenue Next Year
Revenue Next 2Y
Revenue Next 3Y
Revenue Next 5Y
EBIT growth 1Y
EBIT growth 3Y
EBIT growth 5Y
EBIT Next Year
EBIT Next 3Y
EBIT Next 5Y
FCF growth 1Y
FCF growth 3Y
FCF growth 5Y
OCF growth 1Y
OCF growth 3Y
OCF growth 5Y