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Cboe Global Markets, Inc Stock Report | January 16, 2021 | BATS Symbol: CBOE | CBOE is in the S&P 500 Cboe Global Markets, Inc. Recommendation BUY « « « « « Price 12-Mo. Target Price Report Currency Investment Style USD 96.61 (as of market close Jan 15, 2021) USD 98.00 USD Mid-Cap Blend Equity Analyst Chris Kuiper, CFA GICS Sector Financials Summary CBOE Global Markets, Inc. offers trading in options and futures on equities, indexes, and Sub-Industry Financial Exchanges and Data exchange-traded funds. Key Stock Statistics (Source: CFRA, S&P Global Market Intelligence (SPGMI), Company Reports) 52-Wk Range USD 127.93 - 75.85 Oper.EPS2020E USD 5.22 Market Capitalization[B] USD 10.44 Beta 0.59 Trailing 12-Month EPS USD 4.24 Oper.EPS2021E USD 4.98 Yield [%] 1.74 3-yr Proj. EPS CAGR[%] 5 Trailing 12-Month P/E 22.81 P/E on Oper.EPS2020E 18.51 Dividend Rate/Share USD 1.68 SPGMI's Quality Ranking B+ USD 10K Invested 5 Yrs Ago 16,849.0 Common Shares Outstg.[M] 108.00 Institutional Ownership [%] 83.0 Price Performance Analyst's Risk Assessment LOW MEDIUM HIGH Our risk assessment reflects potential volatility in results due to changes in options pricing or trading volumes. Other fundamental risks are tied to proposed changes that may jeopardize derivative products. This is offset by CBOE's dominant market share of approximately 40% for the options market and nearly 20% market share of U.S. equities trading with the BATS acquisition. Revenue/Earnings Data Revenue (Million USD) 1Q 2Q 3Q 4Q Year 2020 922 869 793 -- -- 2019 602 621 675 599 2,496 2018 778 668 576 748 2,769 2017 356 641 611 621 2,229 2016 170 173 169 191 703 Source: CFRA, S&P Global Market Intelligence Earnings Per Share (USD) Past performance is not an indication of future performance and should not be relied upon as such. 1Q 2Q 3Q 4Q Year Analysis prepared by Chris Kuiper, CFA on Nov 19, 2020 01:48 AM ET, when the stock traded at USD 88.66. 2022 E 1.25 E 1.26 E 1.27 E 1.28 E 5.06 2021 E 1.24 E 1.24 E 1.25 E 1.25 E 4.98 Highlights Investment Rationale/Risk 2020 1.42 1.31 1.01 E 1.17 E 5.22 u We see revenue (less costs) increasing 9%-10% u Our Buy recommendation is based on our view 2019 0.84 0.78 0.94 0.78 3.34 in 2020 given 2019’s lower trading volumes and that we are entering a new regime of higher 2018 1.04 0.73 0.76 1.23 3.76 a surge in volatility, moderating to 1%-3% volatility following 2019’s period of relative 2017 0.16 0.60 0.53 2.26 3.69 growth in 2021 and an organic growth rate of calm. We do not think investors appreciate the Fiscal Year ended Dec 31. EPS Estimates based on CFRA's 3% by 2022. Option revenue increased 1% year- potential for volatility to return given the Operating Earnings; historical GAAP earnings are as reported in over-year in Q3 driven by average daily volume unfolding recession. We think current Company reports. (ADV) up 34%, offset by a 27% decline in rate expectations for the shares are relatively low per contract (RPC). Futures revenue was down and are not indicative of CBOE's long-term Dividend Data 39% on lower volume, while U.S. equity revenue growth prospects, especially with institutional Amount Date Ex-Div. Stk. of Payment grew 1%. investors set to move out of cash positions and (USD) Decl. Date Record Date u CBOE’s combined proprietary index and VIX into CBOE’s products. We like CBOE's dominant 0.4200 Oct 28 Nov 27 Nov 30 Dec 15 '20 futures products volume continues to shrink as position in the options market and see traders 0.4200 Aug 14 Aug 27 Aug 28 Sep 15 '20 volatility declined and CBOE noted many and investors continuing to go to CBOE’s -- -- May 28 May 29 Jun 15 '20 institutional investors are staying on the proprietary products for risk management and -- -- Feb 28 Mar 02 Mar 13 '20 sidelines. However, we continue to believe VIX speculation. and SPX options remain important hedging u Risks to our opinion and target price include Dividends have been paid since 2010. Source: Company reports vehicles and will continue to be a strong source increased competition, increasing regulation, Past performance is not an indication of future performance of growth when volatility returns. We note CBOE lower-than-anticipated volume in options and/ and should not be relied as such. started participating in the closing auction this or investigations regarding CBOE’s products. Forecasts are not reliable indicator of future performance. summer, which we think will increase its equity u Our 12-month target of $98 is equal to a trading share through the year. forward P/E of 19.7x our 2021 EPS estimate, u CBOE has realized the majority of the synergies still below the market exchange peer average of with the BATS acquisition, but adjusted 22.9x. Our target price is based on a discounted operating margins stood at 62.7% in Q3 2020, cash flow model assuming 10% revenue growth down from 67.2% a year ago as operating in 2020, slowing to 5% growth with stable expenses ramped back up with the BIDS operating margins given CBOE’s planned cost acquisition. However, we see margins expanding cutting and scale. again as the acquisition is digested. Redistribution or reproduction is prohibited without written permission. Copyright © 2021 CFRA. This document is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. Investors should seek independent financial advice regarding the suitability and/or appropriateness of making an investment or implementing the investment strategies discussed in this document and should understand that statements regarding future prospects may not be realized. Investors should note that income from such investments, if any, may fluctuate and that the value of such investments may rise or fall. Accordingly, investors may receive back less than they originally invested. Investors should seek advice concerning any impact this investment may have on their personal tax position from their own tax advisor. Please note the publication date of this document. It may contain specific information that is no longer current and should not be used to make an investment decision. Unless otherwise indicated, there is no intention to update this document. 1 Stock Report | January 16, 2021 | BATS Symbol: CBOE | CBOE is in the S&P 500 Cboe Global Markets, Inc. Business Summary Nov 19, 2020 Corporate information CORPORATE OVERVIEW. Cboe Global Markets or "Cboe" is one of the world's largest exchange holding Investor contact companies and is the largest options exchange in the U.S. with nearly 40% market share and the third D. L. Koopman (312-786-5600) largest stock exchange operator by volume. Cboe offers trading in options, futures, U.S. and European equities, exchange-traded products (ETPs), global foreign exchange (FX) and multi-asset volatility products Office based on the Cboe Volatility Index (VIX Index). 400 South LaSalle Street, Chicago, Illinois, 60605 Cboe (formerly the Chicago Board of Options Exchange) was founded in 1973 and became the first Telephone marketplace for trading listed options. On June 18, 2010, the Chicago Board Options Exchange converted 312-786-5600 from a non-stock corporation owned by its members into a stock corporation that is a wholly owned subsidiary of CBOE Holdings. Fax BUSINESS SEGMENTS. Cboe's business is organized into five segments. 1) Options includes the options N/A exchange business, which includes trading of options on market indexes (including the VIX Index), options Website on non-exclusive options such as stocks, and options on ETPs; 2) U.S. Equities includes listed cash equities www.cboe.com and ETP transaction services; 3) Futures includes trading of futures on the VIX Index, Bitcoin and other futures; 4) European Equities; and 5) Global FX. Officers Cboe's revenue is primarily derived from transaction fees on the contracts or shares traded on its various exchanges. Approximately 70% of operating revenues were generated by transaction fees. These fees are a Executive VP, General Executive VP & COO product of both the volume traded as well as the rate per contract. Counsel & Corporate C. A. Isaacson Secretary COMPETITIVE LANDSCAPE. CBOE is the largest options exchange in the U.S. based on both total contract J. P. Sexton Senior VP & Chief volume and notional value of contracts traded. Its market share for all options traded on U.S. exchanges is Technology Officer nearly 40%. It competes with options exchanges operated by Nasdaq (approximately 36% market share) as Senior VP & Chief E. Crampton well as the NYSE (owned by ICE), which has approximately 17% market share, as well as smaller players Accounting Officer such as the Miami Exchange (8% market share) and BOX Options (3%). Cboe is number three in U.S. equities J. M. Griebenow Executive VP, CFO & market share (with 16% following NYSE and NASDAQ at 21% and 19%, respectively) and number one in the Treasurer Pan-European equities market, with approximately 16% market share. Chairman, President & CEO B. N. Schell E. T. Tilly Cboe's competitive advantage lies in its proprietary products. Its most popular proprietary products are the SPX options (options on the S&P 500 Index) and VIX options and futures.
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