Cboe Global Markets
Market Cap
US$13.3b
Last Updated
2019/12/06 02:00 UTC
Data Sources
Company Financials +
Executive Summary
Cboe Global Markets, Inc., through its subsidiaries, operates as an options exchange in the United States.
Rewards
PE ratio (31.6x) is below the Capital Markets industry average (33x)
Risk Analysis
No risks detected for CBOE from our risk checks.
Snowflake Analysis
Slightly overvalued with questionable track record.
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 has not had significant price volatility in the past 3 months.
Market Performance
7 Day Return
1.1%
CBOE
-0.3%
US Capital Markets
-1.2%
US Market
1 Year Return
15.2%
CBOE
17.1%
US Capital Markets
15.5%
US Market
Return vs Industry: CBOE matched the US Capital Markets industry which returned 17.1% over the past year.
Return vs Market: CBOE matched the US Market which returned 15.5% over the past year.
Shareholder returns
| CBOE | Industry | Market | |
|---|---|---|---|
| 7 Day | 1.1% | -0.3% | -1.2% |
| 30 Day | 5.1% | 4.6% | 1.4% |
| 90 Day | 1.3% | 6.7% | 4.7% |
| 1 Year | 16.6%15.2% | 19.4%17.1% | 18.0%15.5% |
| 3 Year | 62.3%56.8% | 38.1%30.3% | 44.8%35.4% |
| 5 Year | 105.4%92.9% | 78.0%61.5% | 67.3%48.9% |
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?
31.62x
Price to Earnings (PE) ratio
Share Price vs. Fair Value
Below Fair Value: CBOE ($120.24) is trading above our estimate of fair value ($74.42)
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 (31.6x) compared to the Capital Markets industry average (33x).
PE vs Market: CBOE is poor value based on its PE Ratio (31.6x) compared to the US market (18.3x).
Price to Earnings Growth Ratio
PEG Ratio: CBOE is poor value based on its PEG Ratio (3.2x)
Price to Book Ratio
PB vs Industry: CBOE is good value based on its PB Ratio (4x) compared to the US Capital Markets industry average (6.4x).
Next Steps
Future Growth
How is Cboe Global Markets forecast to perform in the next 1 to 3 years based on estimates from 12 analysts?
9.9%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: CBOE's forecast earnings growth (9.9% per year) is above the savings rate (1.7%).
Earnings vs Market: CBOE's earnings (9.9% per year) are forecast to grow slower than the US market (14.2% per year).
High Growth Earnings: CBOE's earnings are forecast to grow, but not significantly.
Revenue vs Market: CBOE's revenue (0.07% per year) is forecast to grow slower than the US market (7.4% per year).
High Growth Revenue: CBOE's revenue (0.07% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: CBOE's Return on Equity is forecast to be low in 3 years time (16.4%).
Next Steps
Past Performance
How has Cboe Global Markets performed over the past 5 years?
23.4%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: CBOE has high quality earnings.
Growing Profit Margin: CBOE's current net profit margins (16%) are lower than last year (20.4%).
Past Earnings Growth Analysis
Earnings Trend: CBOE's earnings have grown significantly by 23.4% per year over the past 5 years.
Accelerating Growth: CBOE's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: CBOE had negative earnings growth (-21.4%) over the past year, making it difficult to compare to the Capital Markets industry average (20.6%).
Return on Equity
High ROE: CBOE's Return on Equity (12.7%) is considered low.
Return on Assets
Return on Capital Employed
Next Steps
Financial Health
How is Cboe Global Markets's financial position? (This company is analysed differently as a bank or financial institution)
Financial Position Analysis
Debt to Equity History and Analysis
Balance Sheet
Inventory Level: CBOE has a low level of unsold assets or inventory.
Debt Coverage by Assets: CBOE's debt is not covered by short term assets (assets are 0.6x debt).
Financial Institutions Analysis
Asset Level: CBOE's level of assets compared to its equity is low.
Allowance for Bad Loans: Insufficient data to determine if CBOE has a sufficient allowance for bad loans.
Low Risk Liabilities: CBOE reports no customer deposits, loans are made up entirely of externally borrowed funds.
Loan Level: Insufficient data to determine if CBOE has an acceptable proportion of non-loan assets held.
Low Risk Deposits: CBOE has advanced significantly more loans than the customer deposits it holds.
Level of Bad Loans: Insufficient data to determine if CBOE has an appropriate level of bad loans.
Next Steps
Dividend
What is Cboe Global Markets's current dividend yield, its reliability and sustainability?
1.20%
Current Dividend Yield
Dividend Yield vs Market
Current dividend yield vs market & industry
Notable Dividend: CBOE's dividend (1.2%) isn’t notable compared to the bottom 25% of dividend payers in the US market (1.43%).
High Dividend: CBOE's dividend (1.2%) is low compared to the top 25% of dividend payers in the US market (3.71%).
Stability and Growth of Payments
Stable Dividend: CBOE has been paying a dividend for less than 10 years and during this time payments have been volatile.
Growing Dividend: CBOE's dividend payments have increased, but the company has only paid a dividend for 9 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonably low payout ratio (33.9%), 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 (27.7% payout ratio).
Next Steps
Management
What is the CEO of Cboe Global Markets's salary, the management and board of directors tenure and is there insider trading?
1.8yrs
Average management tenure
CEO
Ed Tilly (56yo)
6.6yrs
Tenure
US$8,453,137
Compensation
Mr. Edward T. Tilly, also known as Ed, has been the Chief Executive Officer at Cboe Exchange, Inc. and C2 Options Exchange (C2) since May 23, 2013 and President since January 14, 2019. Mr. Tilly serves as ...
CEO Compensation Analysis
Compensation vs Market: Ed's total compensation ($USD8.45M) is about average for companies of similar size in the US market ($USD11.01M).
Compensation vs Earnings: Ed's compensation has been consistent with company performance over the past year.
Management Age and Tenure
1.8yrs
Average Tenure
54yo
Average Age
Experienced Management: CBOE's management team is not considered experienced ( 1.8 years average tenure), which suggests a new team.
Board Age and Tenure
7.5yrs
Average Tenure
61.5yo
Average Age
Experienced Board: CBOE's board of directors are considered experienced (7.5 years average tenure).
Insider Trading
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
| Entity | Individual |
| Shares | 2,600 |
| Max Price | US$120.50 |
| Entity | Individual |
| Role | Member of the Board of Directors Director |
| Shares | 2,766 |
| Max Price | US$117.70 |
| Entity | Individual |
| Role | Chief Financial Officer Executive VP |
| Shares | 10,000 |
| Max Price | US$108.47 |
| Entity | Individual |
| Shares | 4,300 |
| Max Price | US$106.71 |
Ownership Breakdown
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Management Team
Brian Schell (54yo)
Executive VP
- Tenure: 1.9yrs
- Compensation: US$2.42m
Mark Hemsley (57yo)
Executive VP & President of Europe
- Tenure: 0yrs
- Compensation: US$2.38m
Ed Tilly (56yo)
Chairman
- Tenure: 6.6yrs
- Compensation: US$8.45m
Chris Isaacson (41yo)
Executive VP & COO
- Tenure: 0.9yrs
- Compensation: US$3.56m
Debbie Koopman
Vice President of Investor Relations
- Tenure: 0yrs
Alexandra Albright
Chief Compliance Officer
- Tenure: 7.7yrs
Pat Sexton (54yo)
Executive VP
- Tenure: 1.8yrs
Jill Griebenow (39yo)
Senior VP & Chief Accounting Officer
- Tenure: 1.3yrs
Stephanie Klein
Chief Marketing Officer & VP
- Tenure: 4.8yrs
Eric Crampton
Senior VP & Chief Technology Officer
- Tenure: 0.9yrs
Board Members
Roderick Palmore (67yo)
Independent Director
- Tenure: 19.9yrs
- Compensation: US$241.09k
Joe Ratterman (53yo)
Independent Director
- Tenure: 2.8yrs
- Compensation: US$217.59k
Jill Goodman (52yo)
Independent Director
- Tenure: 7.5yrs
- Compensation: US$234.09k
Ed Tilly (56yo)
Chairman
- Tenure: 6.6yrs
- Compensation: US$8.45m
Bill Farrow (64yo)
Independent Director
- Tenure: 3.6yrs
- Compensation: US$235.09k
Gene Sunshine (69yo)
Lead Director
- Tenure: 0yrs
- Compensation: US$300.09k
Carole Stone (72yo)
Director
- Tenure: 13.9yrs
- Compensation: US$254.09k
Ed Fitzpatrick (53yo)
Independent Director
- Tenure: 6.6yrs
- Compensation: US$251.09k
Frank English (73yo)
Independent Director
- Tenure: 7.5yrs
- Compensation: US$231.09k
Janet Froetscher (59yo)
Independent Director
- Tenure: 14.9yrs
- Compensation: US$226.59k
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$13.311b
- Shares outstanding: 110.86m
- 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 |
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 | 2019/12/06 02:00 |
| End of Day Share Price | 2019/12/04 00:00 |
| Earnings | 2019/09/30 |
| Annual Earnings | 2018/12/31 |
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.