Cboe Global Markets
Market Cap
US$10.0b
Last Updated
2020/03/30 02:52 UTC
Data Sources
Company Financials +
Executive Summary
Cboe Global Markets, Inc., through its subsidiaries, operates as an options exchange in the United States.
Rewards
Risk Analysis
Snowflake Analysis
Fair value second-rate 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's share price has been volatile over the past 3 months.
Market Performance
7 Day Return
18.7%
CBOE
19.7%
US Capital Markets
12.5%
US Market
1 Year Return
-6.1%
CBOE
-13.2%
US Capital Markets
-12.7%
US Market
Return vs Industry: CBOE exceeded the US Capital Markets industry which returned -13.2% over the past year.
Return vs Market: CBOE exceeded the US Market which returned -12.7% over the past year.
Shareholder returns
| CBOE | Industry | Market | |
|---|---|---|---|
| 7 Day | 18.7% | 19.7% | 12.5% |
| 30 Day | -20.3% | -16.9% | -14.7% |
| 90 Day | -24.3% | -23.7% | -21.5% |
| 1 Year | -5.0%-6.1% | -11.5%-13.2% | -10.9%-12.7% |
| 3 Year | 16.6%12.7% | 6.8%0.7% | 12.6%5.4% |
| 5 Year | 72.2%61.8% | 32.7%20.3% | 31.9%17.5% |
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?
11.0%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: CBOE ($90.89) is trading below our estimate of fair value ($102.1)
Significantly Below Fair Value: CBOE is trading below fair value, but not by a significant amount.
Price To Earnings Ratio
PE vs Industry: CBOE is good value based on its PE Ratio (27.2x) compared to the Capital Markets industry average (32.5x).
PE vs Market: CBOE is poor value based on its PE Ratio (27.2x) compared to the US market (13x).
Price to Earnings Growth Ratio
PEG Ratio: CBOE is poor value based on its PEG Ratio (2.3x)
Price to Book Ratio
PB vs Industry: CBOE is good value based on its PB Ratio (3x) compared to the US Capital Markets industry average (7.2x).
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?
12.0%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: CBOE's forecast earnings growth (12% per year) is above the savings rate (1.7%).
Earnings vs Market: CBOE's earnings (12% per year) are forecast to grow slower than the US market (12.3% per year).
High Growth Earnings: CBOE's earnings are forecast to grow, but not significantly.
Revenue vs Market: CBOE's revenue is expected to decline over the next 3 years (-21.8% per year).
High Growth Revenue: CBOE's revenue is forecast to decline over the next 3 years (-21.8% 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 (17.3%).
Next Steps
Past Performance
How has Cboe Global Markets performed over the past 5 years?
22.1%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: CBOE has high quality earnings.
Growing Profit Margin: CBOE's current net profit margins (14.9%) are lower than last year (15.2%).
Past Earnings Growth Analysis
Earnings Trend: CBOE's earnings have grown significantly by 22.1% 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 (-11.7%) over the past year, making it difficult to compare to the Capital Markets industry average (9.7%).
Return on Equity
High ROE: CBOE's Return on Equity (11.1%) is considered low.
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 0.7x 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?
1.59%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: CBOE's dividend (1.59%) isn’t notable compared to the bottom 25% of dividend payers in the US market (1.98%).
High Dividend: CBOE's dividend (1.59%) is low compared to the top 25% of dividend payers in the US market (5.49%).
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 (40.1%), 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 (31.8% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
2.2yrs
Average management tenure
CEO
Ed Tilly (56yo)
6.83s
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 ($USD11.74M).
Compensation vs Earnings: Ed's compensation has been consistent with company performance over the past year.
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Chairman | 6.83yrs | US$8.45m | 0.14% $14.1m | |
| Executive VP | 2.17yrs | US$2.42m | 0.019% $1.9m | |
| Executive VP & COO | 1.17yrs | US$3.56m | 0.054% $5.4m | |
| Senior VP & Chief Accounting Officer | 1.58yrs | no data | 0.0034% $342.3k | |
| Senior VP & Chief Technology Officer | 1.17yrs | no data | no data | |
| Vice President of Investor Relations | no data | no data | no data | |
| Chief Compliance Officer | 7.92yrs | no data | no data | |
| Executive VP | 2yrs | no data | 0.015% $1.5m | |
| Chief Marketing Officer & VP | 5yrs | no data | no data | |
| Chief Human Resources Officer | 3.92yrs | no data | no data |
2.2yrs
Average Tenure
53.5yo
Average Age
Experienced Management: CBOE's management team is considered experienced (2.2 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Chairman | 6.83yrs | US$8.45m | 0.14% $14.1m | |
| Independent Director | 20.17yrs | US$241.09k | 0.018% $1.8m | |
| Independent Director | 3yrs | US$217.59k | 0.032% $3.2m | |
| Independent Director | 7.75yrs | US$234.09k | 0.011% $1.1m | |
| Independent Director | 3.83yrs | US$235.09k | 0.0046% $464.7k | |
| Lead Director | no data | US$300.09k | 0.018% $1.9m | |
| Director | 14.17yrs | US$254.09k | 0.013% $1.3m | |
| Independent Director | 6.83yrs | US$251.09k | 0.0089% $888.3k | |
| Independent Director | 7.75yrs | US$231.09k | 0.0040% $397.5k | |
| Independent Director | 15.17yrs | US$226.59k | 0.011% $1.1m |
7.8yrs
Average Tenure
61.5yo
Average Age
Experienced Board: CBOE's board of directors are considered experienced (7.8 years average tenure).
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: CBOE insiders have only sold shares 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$10.037b
- Shares outstanding: 110.44m
- 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. The Options segment trades in listed market indexes. The U.S. Equities segment trades in listed cash equities; and offers exchange-traded products (ETP) transaction and ETP listing services. The Futures segment trades in futures, bitcoins, and other products. The European Equities segment trades in pan-European listed equities transaction services, ETPs, exchange-traded commodities, and international depository receipts that occur on the recognized investment exchange. It also provides listed cash equities and ETPs routed transaction services, as well as listing services. The Global FX segment provides institutional foreign exchange (FX) and non-deliverable forward FX transactions services. Cboe Global Markets, Inc. has strategic relationships with S&P Dow Jones Indices, LLC; FTSE International Limited; Frank Russell Company; MSCI Inc.; DJI Opco, LLC.; and Cboe Vest Financial Group, Inc. The company was formerly known as CBOE Holdings, Inc. and changed its name to Cboe Global Markets, Inc. in October 2017. Cboe Global Markets, Inc. was founded in 1973 and is headquartered in Chicago, Illinois.
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2020/03/30 02:52 |
| End of Day Share Price | 2020/03/27 00:00 |
| Earnings | 2019/12/31 |
| 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.