Cboe Global Markets
Market Cap
US$9.7b
Last Updated
2020/11/23 02:01 UTC
Data Sources
Company Financials +
Executive Summary
Cboe Global Markets, Inc., through its subsidiaries, operates as an options exchange in the United States. More Details
Rewards
PE ratio (21.2x) is below the Capital Markets industry average (23x)
Risk Analysis
Earnings are forecast to decline by an average of 2% per year for the next 3 years
Snowflake Analysis
Adequate balance sheet average dividend payer.
Similar Companies
Share Price & News
How has Cboe Global Markets's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: CBOE is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 4% a week.
Volatility Over Time: CBOE's weekly volatility (4%) has been stable over the past year.
Market Performance
7 Day Return
1.9%
CBOE
0.2%
US Capital Markets
-0.5%
US Market
1 Year Return
-27.3%
CBOE
7.8%
US Capital Markets
18.3%
US Market
Return vs Industry: CBOE underperformed the US Capital Markets industry which returned 8.7% over the past year.
Return vs Market: CBOE underperformed the US Market which returned 19.1% over the past year.
Shareholder returns
| CBOE | Industry | Market | |
|---|---|---|---|
| 7 Day | 1.9% | 0.2% | -0.5% |
| 30 Day | 10.1% | 5.1% | 3.6% |
| 90 Day | -0.7% | 6.5% | 5.6% |
| 1 Year | -26.3%-27.3% | 10.5%7.8% | 21.0%18.3% |
| 3 Year | -22.6%-25.4% | 30.0%19.9% | 45.2%35.6% |
| 5 Year | 32.7%24.6% | 77.0%54.8% | 89.8%68.8% |
Long-Term Price Volatility Vs. Market
How volatile is Cboe Global Markets's share price compared to the market and industry in the last 5 years?
Simply Wall St News
No news available
Valuation
Is Cboe Global Markets undervalued compared to its fair value and its price relative to the market?
21.2x
Price to Earnings (PE) ratio
Share Price vs. Fair Value
Below Fair Value: CBOE ($89.94) is trading above our estimate of fair value ($89.57)
Significantly Below Fair Value: CBOE is trading above our estimate of fair value.
Price To Earnings Ratio
PE vs Industry: CBOE is good value based on its PE Ratio (21.2x) compared to the US Capital Markets industry average (23x).
PE vs Market: CBOE is poor value based on its PE Ratio (21.2x) compared to the US market (19.2x).
Price to Earnings Growth Ratio
PEG Ratio: CBOE's earnings are forecast to decline next year, so we can't calculate its PEG ratio.
Price to Book Ratio
PB vs Industry: CBOE is good value based on its PB Ratio (2.9x) compared to the US Capital Markets industry average (4.7x).
Next Steps
Future Growth
How is Cboe Global Markets forecast to perform in the next 1 to 3 years based on estimates from 13 analysts?
-2.0%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: CBOE's earnings are forecast to decline over the next 3 years (-2% per year).
Earnings vs Market: CBOE's earnings are forecast to decline over the next 3 years (-2% per year).
High Growth Earnings: CBOE's earnings are forecast to decline over the next 3 years.
Revenue vs Market: CBOE's revenue is expected to decline over the next 3 years (-3% per year).
High Growth Revenue: CBOE's revenue is forecast to decline over the next 3 years (-3% per year).
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: CBOE's Return on Equity is forecast to be high in 3 years time (20%)
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Past Performance
How has Cboe Global Markets performed over the past 5 years?
20.0%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: CBOE has high quality earnings.
Growing Profit Margin: CBOE's current net profit margins (14.6%) are lower than last year (16%).
Past Earnings Growth Analysis
Earnings Trend: CBOE's earnings have grown by 20% per year over the past 5 years.
Accelerating Growth: CBOE's earnings growth over the past year (10.1%) is below its 5-year average (20% per year).
Earnings vs Industry: CBOE earnings growth over the past year (10.1%) exceeded the Capital Markets industry 5%.
Return on Equity
High ROE: CBOE's Return on Equity (14%) is considered low.
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Financial Health
How is Cboe Global Markets's financial position?
Financial Position Analysis
Short Term Liabilities: CBOE's short term assets ($1.4B) exceed its short term liabilities ($1.1B).
Long Term Liabilities: CBOE's short term assets ($1.4B) do not cover its long term liabilities ($1.6B).
Debt to Equity History and Analysis
Debt Level: CBOE's debt to equity ratio (28.1%) is considered satisfactory.
Reducing Debt: Insufficient data to determine if CBOE's debt to equity ratio has reduced over the past 5 years.
Debt Coverage: CBOE's debt is well covered by operating cash flow (152%).
Interest Coverage: CBOE's interest payments on its debt are well covered by EBIT (21.5x coverage).
Balance Sheet
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Dividend
What is Cboe Global Markets's current dividend yield, its reliability and sustainability?
1.87%
Current Dividend Yield
Upcoming Dividend Payment
Dividend Yield vs Market
Notable Dividend: CBOE's dividend (1.87%) is higher than the bottom 25% of dividend payers in the US market (1.52%).
High Dividend: CBOE's dividend (1.87%) is low compared to the top 25% of dividend payers in the US market (4.2%).
Stability and Growth of Payments
Stable Dividend: CBOE's dividend payments have been volatile in the past 10 years.
Growing Dividend: CBOE's dividend payments have increased over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonably low payout ratio (35.4%), CBOE's dividend payments are well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: CBOE's dividends in 3 years are forecast to be well covered by earnings (30.3% payout ratio).
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Management
How experienced are the management team and are they aligned to shareholders interests?
2.8yrs
Average management tenure
CEO
Ed Tilly (57 yo)
7.5yrs
Tenure
US$8,212,785
Compensation
Mr. Edward T. Tilly, also known as Ed, has been the Chief Executive Officer at Cboe Exchange, Inc. and C2 Options Exchange (C2) since May 23, 2013 and President since January 14, 2019. Mr. Tilly serves as ...
CEO Compensation Analysis
Compensation vs Market: Ed's total compensation ($USD8.21M) is about average for companies of similar size in the US market ($USD11.00M).
Compensation vs Earnings: Ed's compensation has been consistent with company performance over the past year.
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Chairman | 7.5yrs | US$8.21m | 0.15% $ 14.8m | |
| Executive VP | 2.83yrs | US$2.56m | 0.020% $ 1.9m | |
| Executive VP & COO | 1.83yrs | US$3.54m | 0.055% $ 5.4m | |
| Executive VP & Head of Markets Division | 2.67yrs | US$1.79m | 0.037% $ 3.6m | |
| Senior VP & Chief Accounting Officer | 2.25yrs | no data | 0.0037% $ 362.5k | |
| Senior VP & Chief Technology Officer | 1.83yrs | no data | no data | |
| Vice President of Investor Relations | no data | no data | no data | |
| Chief Compliance Officer | 8.58yrs | no data | no data | |
| Executive VP | 2.67yrs | no data | 0.015% $ 1.5m | |
| Chief Marketing Officer & VP | 5.67yrs | no data | no data | |
| Chief Human Resources Officer | 4.58yrs | no data | no data | |
| Chief Risk Officer and Executive Vice President | no data | no data | no data |
2.8yrs
Average Tenure
54.5yo
Average Age
Experienced Management: CBOE's management team is considered experienced (2.8 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Chairman | 7.5yrs | US$8.21m | 0.15% $ 14.8m | |
| Independent Director | 20.83yrs | US$263.59k | 0.020% $ 1.9m | |
| Independent Director | 3.75yrs | US$232.09k | 0.034% $ 3.3m | |
| Independent Director | 8.42yrs | US$263.59k | 0.013% $ 1.3m | |
| Independent Director | 2.5yrs | US$308.59k | 0.0035% $ 344.0k | |
| Independent Director | 3.75yrs | US$247.09k | 0.022% $ 2.1m | |
| Independent Director | 4.5yrs | US$273.09k | 0.0061% $ 592.8k | |
| Independent Lead Director | no data | US$375.09k | 0.020% $ 2.0m | |
| Director | 14.83yrs | US$284.09k | 0.013% $ 1.2m | |
| Independent Director | 7.5yrs | US$259.09k | 0.010% $ 1.0m | |
| Independent Director | 2.5yrs | US$410.09k | 0.0035% $ 344.0k | |
| Independent Director | 15.83yrs | US$250.09k | 0.013% $ 1.2m |
4.5yrs
Average Tenure
58.5yo
Average Age
Experienced Board: CBOE's board of directors are considered experienced (4.5 years average tenure).
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: CBOE insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
Ownership Breakdown
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Top Shareholders
Company Information
Cboe Global Markets, Inc.'s company bio, employee growth, exchange listings and data sources
Key Information
- Name: Cboe Global Markets, Inc.
- Ticker: CBOE
- Exchange: BATS
- Founded: 1973
- Industry: Financial Exchanges and Data
- Sector: Diversified Financials
- Market Cap: US$9.717b
- Shares outstanding: 108.04m
- Website: https://www.cboe.com
Number of Employees
Location
- Cboe Global Markets, Inc.
- 400 South LaSalle Street
- Chicago
- Illinois
- 60605
- United States
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| CBOE | BATS (Better Alternative Trading System) | Yes | Common Stock | US | USD | Jun 2010 |
| C67 | DB (Deutsche Boerse AG) | Yes | Common Stock | DE | EUR | Jun 2010 |
| CBOE * | BMV (Bolsa Mexicana de Valores) | Yes | Common Stock | MX | MXN | Jun 2010 |
| 0HQN | LSE (London Stock Exchange) | Yes | Common Stock | GB | USD | Jun 2010 |
| C1BO34 | BOVESPA (Bolsa de Valores de Sao Paulo) | BDR EACH 2 REPR 1 COM | BR | BRL | Jan 2020 |
Biography
Cboe Global Markets, Inc., through its subsidiaries, operates as an options exchange in the United States. It operates in five segments: Options, U.S. Equities, Futures, European Equities, and Global FX. T...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2020/11/23 02:01 |
| End of Day Share Price | 2020/11/20 00:00 |
| Earnings | 2020/09/30 |
| Annual Earnings | 2019/12/31 |
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.