DCF Tool

CBOE

Cboe Global Markets Inc. – Securities and Commodity Exchanges
Cboe Global Markets, a leading provider of market infrastructure and tradable products, delivers cutting-edge trading, clearing and investment solutions to market participants around the world. The company is committed to operating a trusted, inclusive global marketplace, providing leading products, technology and data solutions that enable participants to define a sustainable financial future. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives and FX, across North America, Europe and Asia Pacific.
Analysis Results
Intrinsic Value $277.52
Latest Price $117.37
Relative Value 58% undervalued
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Cash Flow (Billions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 17.8%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 6.5%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 17.8%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2022 0.829 0.778
2023 0.977 0.861
2024 1.15 0.952
2025 1.35 1.05
2026 1.6 1.16
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 36.0 billion. This corresponds to a present value of 24.6 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 4.81 billion. Adding in the terminal value gives a total present value of 29.4 billion.

There are presently 106.0 million outstanding shares, so the intrinsic value per share is 277.52.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,531,300,000
Current Cash 379,000,000
Current Liabilities 1,169,300,000
Current Debt 0
Non-Cash Working Capital (NCWC) -17,000,000
Change in NCWC -1,400,000
EBIT 821,500,000
Tax Provision 227,100,000
Depreciation and Amortization 167,400,000
Capital Expenditure -51,000,000
Unlevered Free Cash Flow 689,756,645
Current Assets 1,566,800,000
Current Cash 337,800,000
Current Liabilities 1,313,300,000
Current Debt 68,700,000
Non-Cash Working Capital (NCWC) -15,600,000
Change in NCWC -41,300,000
EBIT 707,400,000
Tax Provision 192,200,000
Depreciation and Amortization 158,500,000
Capital Expenditure -47,400,000
Unlevered Free Cash Flow 571,321,320
Current Assets 607,600,000
Current Cash 300,300,000
Current Liabilities 281,600,000
Current Debt 0
Non-Cash Working Capital (NCWC) 25,700,000
Change in NCWC -51,100,000
EBIT 585,700,000
Tax Provision 130,600,000
Depreciation and Amortization 176,600,000
Capital Expenditure -35,100,000
Unlevered Free Cash Flow 523,542,321
Current Assets 683,700,000
Current Cash 310,800,000
Current Liabilities 595,900,000
Current Debt 299,800,000
Non-Cash Working Capital (NCWC) 76,800,000
Change in NCWC 166,900,000
EBIT 629,400,000
Tax Provision 146,000,000
Depreciation and Amortization 204,000,000
Capital Expenditure -36,300,000
Unlevered Free Cash Flow 803,123,949
Current Assets 434,700,000
Current Cash 190,800,000
Current Liabilities 334,000,000
Current Debt 0
Non-Cash Working Capital (NCWC) -90,100,000
Change in NCWC -138,004,000
EBIT 456,300,000
Tax Provision -66,200,000
Depreciation and Amortization 192,200,000
Capital Expenditure -37,500,000
Unlevered Free Cash Flow 472,996,000
Current Assets 235,045,000
Current Cash 97,298,000
Current Liabilities 89,843,000
Current Debt 0
Non-Cash Working Capital (NCWC) 47,904,000
Change in NCWC 20,036,000
EBIT 299,367,000
Tax Provision 120,884,000
Depreciation and Amortization 44,377,000
Capital Expenditure -44,402,000
Unlevered Free Cash Flow 201,347,314
Current Assets 204,118,000
Current Cash 102,253,000
Current Liabilities 73,997,000
Current Debt 0
Non-Cash Working Capital (NCWC) 27,868,000
Change in NCWC 5,353,000
EBIT 320,375,000
Tax Provision 119,001,000
Depreciation and Amortization 46,274,000
Capital Expenditure -39,340,000
Unlevered Free Cash Flow 215,001,131
Current Assets 244,107,000
Current Cash 147,927,000
Current Liabilities 73,665,000
Current Debt 0
Non-Cash Working Capital (NCWC) 22,515,000
Change in NCWC 42,453,000
EBIT 309,584,000
Tax Provision 119,983,000
Depreciation and Amortization 39,913,000
Capital Expenditure -50,154,000
Unlevered Free Cash Flow 221,856,778
Current Assets 308,861,000
Current Cash 221,341,000
Current Liabilities 107,458,000
Current Debt 0
Non-Cash Working Capital (NCWC) -19,938,000
Change in NCWC -35,100,000
EBIT 283,593,000
Tax Provision 107,657,000
Depreciation and Amortization 34,488,000
Capital Expenditure -28,673,000
Unlevered Free Cash Flow 146,674,910
Current Assets 202,909,000
Current Cash 135,597,000
Current Liabilities 52,150,000
Current Debt 0
Non-Cash Working Capital (NCWC) 15,162,000
Change in NCWC 12,703,000
EBIT 242,402,000
Tax Provision 85,156,000
Depreciation and Amortization 31,485,000
Capital Expenditure -30,066,000
Unlevered Free Cash Flow 171,420,311

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