Cboe Global Markets, Inc.

CBOE

Financial ServicesFinancial - Data & Stock ExchangesCBOE

$355.80

Market Cap: $37.24B

Cboe Global Markets, Inc. (CBOE) Valuation Summary

Updated Apr 28, 2026 22:22

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$87.87 – $359.22	$137.81	-54.6%
Growth Exit 10Y	$99.85 – $391.25	$154.05	-49.3%
EBITDA Exit 5Y	$81.72 – $167.74	$121.12	-60.1%
EBITDA Exit 10Y	$94.30 – $196.84	$137.97	-54.6%
▸ Trading Multiples
P/E	$124.62 – $311.11	$154.52	-49.1%
EV/EBITDA	$134.15 – $245.96	$162.30	-46.5%
EV/Revenue	$94.32 – $159.17	$118.96	-60.8%
▸ PEG
PEG Fair Value	$139.55 – $139.55	$139.55	-54.0%
▸ Earnings Power Value
Earnings Power Value	$131.45 – $197.51	$157.63	-48.1%
▸ Dividend Discount
Dividend Discount	$49.30 – $141.57	$76.11	-74.9%

Valuation History

DCF Analysis

Fair Value

$137.81

Market Price

$355.80

Upside / Downside

-61.3%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Cboe Global Markets, Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from -42.4% to 5.9% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 39, DPO 24, DIO 60). At a 7.2% WACC with mid-year discounting, the terminal value (83% of enterprise value) is derived from the Gordon Growth Model on Year 6 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $137.81 per share, suggesting CBOE is overvalued by 61.3% at the current price of $355.80.

FCFF Present Value Calculation

WACC

7.24%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	958	994	1,036	1,049	1,110	1,138
(−) Net Interest	31	33	34	34	36	37
(+) D&A	58	55	51	51	47	48
EBITDA	1,047	1,082	1,122	1,134	1,194	1,224

(−) Tax	311	323	336	340	360	369
(−) CapEx	39	40	42	43	45	46
(−) ΔWC	726	16	19	6	28	28
Free Cash Flow (FCFF)	-29	703	724	745	761	780

Terminal Value						16,453
WACC / Discount Rate	7.2%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	-28	633	608	584	555	11,601

Enterprise Value	13,952
Projection Period	2,352	16.9%
Terminal Value	11,601	83.1%

(−) Current Net Debt	(532)

Equity Value	14,484
(/) Outstanding Shares	105

Fair Price	$137.81

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
5.2%	$182	$206	$239	$285	$359
6.2%	$144	$157	$175	$197	$228
7.2%	$119	$127	$138	$151	$167
8.2%	$101	$107	$114	$122	$132
9.2%	$88	$92	$97	$103	$109

Current price: $355.80. Green = undervalued, Red = overvalued.

Fair Value

$154.05

Market Price

$355.80

Upside / Downside

-56.7%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Cboe Global Markets, Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from -42.4% to 3.8% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 39, DPO 24, DIO 60). At a 7.2% WACC with mid-year discounting, the terminal value (68% of enterprise value) is derived from the Gordon Growth Model on Year 11 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $154.05 per share, suggesting CBOE is overvalued by 56.7% at the current price of $355.80.

FCFF Present Value Calculation

WACC

7.24%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	958	994	1,036	1,049	1,110	1,188	1,261	1,329	1,390	1,443	1,479
(−) Net Interest	31	33	34	34	36	39	41	44	46	47	49
(+) D&A	58	55	51	51	47	42	44	46	48	51	52
EBITDA	1,047	1,082	1,122	1,134	1,194	1,269	1,346	1,419	1,484	1,541	1,580

(−) Tax	311	323	336	340	360	386	409	431	451	468	480
(−) CapEx	39	40	42	43	45	48	51	54	56	59	60
(−) ΔWC	726	16	19	6	28	35	33	31	27	24	24
Free Cash Flow (FCFF)	-29	703	724	745	761	800	853	903	949	991	1,015

Terminal Value											21,428
WACC / Discount Rate	7.2%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	-28	633	608	584	555	545	541	534	524	510	10,653

Enterprise Value	15,659
Projection Period	5,006	32.0%
Terminal Value	10,653	68.0%

(−) Current Net Debt	(532)

Equity Value	16,191
(/) Outstanding Shares	105

Fair Price	$154.05

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
5.2%	$213	$237	$270	$317	$391
6.2%	$166	$180	$196	$218	$248
7.2%	$136	$144	$154	$166	$181
8.2%	$115	$121	$127	$134	$143
9.2%	$100	$103	$108	$112	$118

Current price: $355.80. Green = undervalued, Red = overvalued.

Fair Value

$121.10

Market Price

$355.80

Upside / Downside

-66.0%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Cboe Global Markets, Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from -42.4% to 5.9% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 39, DPO 24, DIO 60). At a 7.2% WACC with mid-year discounting, the terminal value (81% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 11.4x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $121.12 per share, suggesting CBOE is overvalued by 66.0% at the current price of $355.80.

FCFF Present Value Calculation

WACC

7.24%

3% – 20%

EV/EBITDA Exit Multiple

11.41x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	958	994	1,036	1,049	1,110	1,138
(−) Net Interest	31	33	34	34	36	37
(+) D&A	58	55	51	51	47	48
EBITDA	1,047	1,082	1,122	1,134	1,194	1,224

(−) Tax	311	323	336	340	360	—
(−) CapEx	39	40	42	43	45	—
(−) ΔWC	726	16	19	6	28	—
Free Cash Flow (FCF)	-29	703	724	745	761	—

Peers' EBITDA Multiple						11.4x
Terminal Value						13,962
WACC / Discount Rate	7.24%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	-28	633	608	584	555	9,844

Enterprise Value	12,196
Projection Period	2,352	19.3%
Terminal Value	9,844	80.7%

(−) Current Net Debt	(532)
Equity Value	12,728
(÷) Outstanding Shares	105M
Fair Price	$121	-66.0%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	7.4x	9.4x	11.4x	13.4x	15.4x
5.2%	$96	$114	$132	$150	$168
6.2%	$92	$109	$126	$143	$161
7.2%	$88	$105	$121	$138	$154
8.2%	$85	$101	$116	$132	$148
9.2%	$82	$97	$112	$127	$142

Current price: $355.80. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$137.96

Market Price

$355.80

Upside / Downside

-61.2%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Cboe Global Markets, Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from -42.4% to 3.8% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 39, DPO 24, DIO 60). At a 7.2% WACC with mid-year discounting, the terminal value (64% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 11.4x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $137.97 per share, suggesting CBOE is overvalued by 61.2% at the current price of $355.80.

FCFF Present Value Calculation

WACC

7.24%

3% – 20%

EV/EBITDA Exit Multiple

11.41x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	958	994	1,036	1,049	1,110	1,188	1,261	1,329	1,390	1,443	1,479
(−) Net Interest	31	33	34	34	36	39	41	44	46	47	49
(+) D&A	58	55	51	51	47	42	44	46	48	51	52
EBITDA	1,047	1,082	1,122	1,134	1,194	1,269	1,346	1,419	1,484	1,541	1,580

(−) Tax	311	323	336	340	360	386	409	431	451	468	—
(−) CapEx	39	40	42	43	45	48	51	54	56	59	—
(−) ΔWC	726	16	19	6	28	35	33	31	27	24	—
Free Cash Flow (FCF)	-29	703	724	745	761	800	853	903	949	991	—

Peers' EBITDA Multiple											11.4x
Terminal Value											18,026
WACC / Discount Rate	7.24%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	-28	633	608	584	555	545	541	534	524	510	8,961

Enterprise Value	13,967
Projection Period	5,006	35.8%
Terminal Value	8,961	64.2%

(−) Current Net Debt	(532)
Equity Value	14,499
(÷) Outstanding Shares	105M
Fair Price	$138	-61.2%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	7.4x	9.4x	11.4x	13.4x	15.4x
5.2%	$125	$143	$161	$179	$197
6.2%	$116	$132	$149	$165	$182
7.2%	$108	$123	$138	$153	$168
8.2%	$101	$114	$128	$142	$155
9.2%	$94	$107	$119	$132	$144

Current price: $355.80. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$160.46

Market Price

$355.80

Upside / Downside

-54.9%

Verdict

Overvalued

Using the industry peer median P/E Multiples multiple (trailing + forward), Cboe Global Markets, Inc. (CBOE) has a fair value of $160.46 based on 8 comparable companies in the Financial - Data & Stock Exchanges industry.

P/E Valuation — Financial - Data & Stock Exchanges

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
Cboe Global Markets, Inc.CBOE	37,395	34.1x	26.8x
U.S. BancorpUSB	87,407	12.2x	14.6x
LPL Financial Holdings Inc.LPLA	26,760	30.6x	16.8x
Huntington Bancshares IncorporatedHBAN	26,196	11.9x	13.7x
Cincinnati Financial CorporationCINF	25,682	10.9x	12.0x
Markel CorporationMKL	23,952	11.3x	22.3x
Tradeweb Markets Inc.TW	23,886	29.7x	27.8x
First Citizens BancShares, Inc.FCNCA	23,044	12.0x	10.6x
Futu Holdings LimitedFUTU	21,608	15.1x	—
Industry Median		12.1x	14.6x
(*) Profit after tax		1,100	1,397
Equity Value		13,287	20,442
(/) Outstanding shares		105	105
Fair Price		$126	$195

Selected Fair Value (avg of trailing + forward)

$160.46

-54.9%

Fair Value

$164.44

Market Price

$355.80

Upside / Downside

-53.8%

Verdict

Overvalued

Using the industry peer median EV/EBITDA multiple (trailing + forward), Cboe Global Markets, Inc. (CBOE) has a fair value of $164.44 based on 8 comparable companies in the Financial - Data & Stock Exchanges industry.

EV/EBITDA Valuation — Financial - Data & Stock Exchanges

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
Cboe Global Markets, Inc.CBOE	37,395	22.5x	38.0x
U.S. BancorpUSB	87,407	11.5x	18.0x
LPL Financial Holdings Inc.LPLA	26,760	15.1x	15.3x
Huntington Bancshares IncorporatedHBAN	26,196	16.0x	27.1x
Cincinnati Financial CorporationCINF	25,682	7.9x	9.3x
Markel CorporationMKL	23,952	8.3x	9.2x
Tradeweb Markets Inc.TW	23,886	15.5x	13.7x
First Citizens BancShares, Inc.FCNCA	23,044	11.3x	17.6x
Futu Holdings LimitedFUTU	21,608	4.6x	—
Industry Median		11.4x	15.3x
(*) EBITDA		1,637	971
= Enterprise Value		18,676	14,824
(-) Net Debt		-532	-532
Equity Value		19,208	15,356
(/) Outstanding shares		105	105
Fair Price		$183	$146

Selected Fair Value (avg of trailing + forward)

$164.44

-53.8%

Fair Value

$120.62

Market Price

$355.80

Upside / Downside

-66.1%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Cboe Global Markets, Inc. (CBOE) has a fair value of $120.62 based on 8 comparable companies in the Financial - Data & Stock Exchanges industry.

EV/Revenue Valuation — Financial - Data & Stock Exchanges

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Cboe Global Markets, Inc.CBOE	37,395	7.8x	13.2x
U.S. BancorpUSB	87,407	2.8x	4.3x
LPL Financial Holdings Inc.LPLA	26,760	1.9x	2.0x
Huntington Bancshares IncorporatedHBAN	26,196	3.4x	5.8x
Cincinnati Financial CorporationCINF	25,682	2.0x	2.4x
Markel CorporationMKL	23,952	1.5x	1.6x
Tradeweb Markets Inc.TW	23,886	10.8x	9.5x
First Citizens BancShares, Inc.FCNCA	23,044	2.7x	4.1x
Futu Holdings LimitedFUTU	21,608	2.7x	—
Industry Median		2.7x	4.1x
(*) Revenue		4,714	2,798
= Enterprise Value		12,725	11,567
(-) Net Debt		-532	-532
Equity Value		13,257	12,098
(/) Outstanding shares		105	105
Fair Price		$126	$115

Selected Fair Value (avg of trailing + forward)

$120.62

-66.1%

PEG Fair Value

Fair Value

$139.55

Market Price

$355.80

Upside / Downside

-60.8%

Verdict

Overvalued

Using the PEG framework with analyst consensus forward EPS growth of 11.2% plus 0.9% dividend yield, the company has a fair value of $139.55 based on NTM EPS (FY2026) of $12.48. The current PEG ratio is 2.18.

PEG Ratio

2.18Expensive

01.02.03.0+

PEG = P/E ÷ (Growth + Yield) = 24.3 ÷ (10.3% + 0.9%) = 2.18

PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.

Growth Category: StalwartPEG highly applicable

PEG works well for steady growers with predictable earnings.

Fair Value Calculation

EPS Growth RateForward	10.3%
Dividend Yield	+0.9%
Adjusted Growth (clamped 8–25%)	11.2%
Fair P/E	11.2x
NTM EPS (FY2026)	$12.48
Fair Value	$139.55

Growth Analysis

Forward GrowthActive

Period	EPS Est.	Growth	Analysts
FY2025 (actual)	$10.42	—	—
FY2026E	$12.48	+19.8%	10
FY2027E	$13.16	+5.4%	10
FY2028E	$14.04	+6.7%	7
FY2029E	$14.48	+3.1%	3
FY2030E	$17.00	+17.4%	6

5Y Forward EPS CAGR: 10.3%

Historical Growth

Year	Net Income	EPS	YoY
FY2021	$529.0M	$4.92	—
FY2022	$235.0M	$2.20	-55.3%
FY2023	$761.4M	$7.13	+224.1%
FY2024	$764.9M	$7.21	+1.1%
FY2025	$1.1B	$10.42	+44.5%

4Y Historical EPS CAGR: 20.6%

Earnings Power Value

Fair Value

$157.63

Market Price

$355.80

Upside / Downside

-55.7%

Verdict

Overvalued

Using the Earnings Power Value framework with a WACC of 7.2% and normalized earnings of $1.2B, the company has a fair value of $157.63 per share. The EPV range is $131.45 – $197.51 based on WACC sensitivity (5.7% – 8.7%).

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	1,161	1,161	1,161
(/) WACC	8.7%	7.2%	5.7%
Enterprise Value	13,283	16,036	20,227
(-) Net debt	-532	-532	-532
Equity Value	13,815	16,567	20,759
(/) Outstanding shares	105	105	105
Fair Price	$131.45	$157.63	$197.51

Dividend Discount Model

Fair Value

$76.11

Market Price

$355.80

Upside / Downside

-78.6%

Verdict

Overvalued

Using the Two-Stage Dividend Discount Model with a Cost of Equity of 7.4% and projected dividend growth of 9.3%, the fair value is $76.11 per share. The DDM range is $49.30 – $141.57 based on sensitivity analysis across Cost of Equity and growth rate assumptions.

Dividend Profile

Current DPS

$2.71

Dividend Yield

0.89%

Payout Ratio

25.8%

Dividend Coverage

3.87x

FCF Payout Ratio24.7%

DPS CAGR (4Y)10.7%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	$2.71	25.8%	+14.4%
2024	$2.36	32.6%	+12.3%
2023	$2.10	29.4%	+7.2%
2022	$1.96	89.1%	+8.8%
2021	$1.80	36.5%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$2.96	9.3%	0.9311	$2.75
2027	$3.23	9.3%	0.8669	$2.80
2028	$3.54	9.3%	0.8071	$2.85
2029	$3.87	9.3%	0.7515	$2.91
2030	$4.23	9.3%	0.6997	$2.96
Terminal Value	$4.33 DPS	2.5%		$61.83

PV of Projected Dividends$14.28

PV of Terminal Value$61.83

Fair Value per Share$76.11

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	7.3%	8.3%	9.3%	10.3%	11.3%
5.4%	$119	$124	$130	$136	$142
6.4%	$88	$92	$96	$100	$105
7.4%	$70	$73	$76	$79	$83
8.4%	$58	$60	$63	$66	$68
9.4%	$49	$51	$54	$56	$58

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Cboe Global Markets, Inc. (CBOE) Valuation Summary

Updated Apr 28, 2026 22:22

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$87.87 – $359.22	$137.81	-54.6%
Growth Exit 10Y	$99.85 – $391.25	$154.05	-49.3%
EBITDA Exit 5Y	$81.72 – $167.74	$121.12	-60.1%
EBITDA Exit 10Y	$94.30 – $196.84	$137.97	-54.6%
▸ Trading Multiples
P/E	$124.62 – $311.11	$154.52	-49.1%
EV/EBITDA	$134.15 – $245.96	$162.30	-46.5%
EV/Revenue	$94.32 – $159.17	$118.96	-60.8%
▸ PEG
PEG Fair Value	$139.55 – $139.55	$139.55	-54.0%
▸ Earnings Power Value
Earnings Power Value	$131.45 – $197.51	$157.63	-48.1%
▸ Dividend Discount
Dividend Discount	$49.30 – $141.57	$76.11	-74.9%

Valuation History

DCF Analysis

Fair Value

$137.81

Market Price

$355.80

Upside / Downside

-61.3%

Verdict

Overvalued

FCFF Present Value Calculation

WACC

7.24%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	958	994	1,036	1,049	1,110	1,138
(−) Net Interest	31	33	34	34	36	37
(+) D&A	58	55	51	51	47	48
EBITDA	1,047	1,082	1,122	1,134	1,194	1,224

(−) Tax	311	323	336	340	360	369
(−) CapEx	39	40	42	43	45	46
(−) ΔWC	726	16	19	6	28	28
Free Cash Flow (FCFF)	-29	703	724	745	761	780

Terminal Value						16,453
WACC / Discount Rate	7.2%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	-28	633	608	584	555	11,601

Enterprise Value	13,952
Projection Period	2,352	16.9%
Terminal Value	11,601	83.1%

(−) Current Net Debt	(532)

Equity Value	14,484
(/) Outstanding Shares	105

Fair Price	$137.81

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
5.2%	$182	$206	$239	$285	$359
6.2%	$144	$157	$175	$197	$228
7.2%	$119	$127	$138	$151	$167
8.2%	$101	$107	$114	$122	$132
9.2%	$88	$92	$97	$103	$109

Current price: $355.80. Green = undervalued, Red = overvalued.

Fair Value

$154.05

Market Price

$355.80

Upside / Downside

-56.7%

Verdict

Overvalued

FCFF Present Value Calculation

WACC

7.24%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	958	994	1,036	1,049	1,110	1,188	1,261	1,329	1,390	1,443	1,479
(−) Net Interest	31	33	34	34	36	39	41	44	46	47	49
(+) D&A	58	55	51	51	47	42	44	46	48	51	52
EBITDA	1,047	1,082	1,122	1,134	1,194	1,269	1,346	1,419	1,484	1,541	1,580

(−) Tax	311	323	336	340	360	386	409	431	451	468	480
(−) CapEx	39	40	42	43	45	48	51	54	56	59	60
(−) ΔWC	726	16	19	6	28	35	33	31	27	24	24
Free Cash Flow (FCFF)	-29	703	724	745	761	800	853	903	949	991	1,015

Terminal Value											21,428
WACC / Discount Rate	7.2%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	-28	633	608	584	555	545	541	534	524	510	10,653

Enterprise Value	15,659
Projection Period	5,006	32.0%
Terminal Value	10,653	68.0%

(−) Current Net Debt	(532)

Equity Value	16,191
(/) Outstanding Shares	105

Fair Price	$154.05

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
5.2%	$213	$237	$270	$317	$391
6.2%	$166	$180	$196	$218	$248
7.2%	$136	$144	$154	$166	$181
8.2%	$115	$121	$127	$134	$143
9.2%	$100	$103	$108	$112	$118

Current price: $355.80. Green = undervalued, Red = overvalued.

Fair Value

$121.10

Market Price

$355.80

Upside / Downside

-66.0%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Cboe Global Markets, Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from -42.4% to 5.9% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 39, DPO 24, DIO 60). At a 7.2% WACC with mid-year discounting, the terminal value (81% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 11.4x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $121.12 per share, suggesting CBOE is overvalued by 66.0% at the current price of $355.80.

FCFF Present Value Calculation

WACC

7.24%

3% – 20%

EV/EBITDA Exit Multiple

11.41x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	958	994	1,036	1,049	1,110	1,138
(−) Net Interest	31	33	34	34	36	37
(+) D&A	58	55	51	51	47	48
EBITDA	1,047	1,082	1,122	1,134	1,194	1,224

(−) Tax	311	323	336	340	360	—
(−) CapEx	39	40	42	43	45	—
(−) ΔWC	726	16	19	6	28	—
Free Cash Flow (FCF)	-29	703	724	745	761	—

Peers' EBITDA Multiple						11.4x
Terminal Value						13,962
WACC / Discount Rate	7.24%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	-28	633	608	584	555	9,844

Enterprise Value	12,196
Projection Period	2,352	19.3%
Terminal Value	9,844	80.7%

(−) Current Net Debt	(532)
Equity Value	12,728
(÷) Outstanding Shares	105M
Fair Price	$121	-66.0%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	7.4x	9.4x	11.4x	13.4x	15.4x
5.2%	$96	$114	$132	$150	$168
6.2%	$92	$109	$126	$143	$161
7.2%	$88	$105	$121	$138	$154
8.2%	$85	$101	$116	$132	$148
9.2%	$82	$97	$112	$127	$142

Current price: $355.80. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$137.96

Market Price

$355.80

Upside / Downside

-61.2%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Cboe Global Markets, Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from -42.4% to 3.8% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 39, DPO 24, DIO 60). At a 7.2% WACC with mid-year discounting, the terminal value (64% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 11.4x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $137.97 per share, suggesting CBOE is overvalued by 61.2% at the current price of $355.80.

FCFF Present Value Calculation

WACC

7.24%

3% – 20%

EV/EBITDA Exit Multiple

11.41x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	958	994	1,036	1,049	1,110	1,188	1,261	1,329	1,390	1,443	1,479
(−) Net Interest	31	33	34	34	36	39	41	44	46	47	49
(+) D&A	58	55	51	51	47	42	44	46	48	51	52
EBITDA	1,047	1,082	1,122	1,134	1,194	1,269	1,346	1,419	1,484	1,541	1,580

(−) Tax	311	323	336	340	360	386	409	431	451	468	—
(−) CapEx	39	40	42	43	45	48	51	54	56	59	—
(−) ΔWC	726	16	19	6	28	35	33	31	27	24	—
Free Cash Flow (FCF)	-29	703	724	745	761	800	853	903	949	991	—

Peers' EBITDA Multiple											11.4x
Terminal Value											18,026
WACC / Discount Rate	7.24%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	-28	633	608	584	555	545	541	534	524	510	8,961

Enterprise Value	13,967
Projection Period	5,006	35.8%
Terminal Value	8,961	64.2%

(−) Current Net Debt	(532)
Equity Value	14,499
(÷) Outstanding Shares	105M
Fair Price	$138	-61.2%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	7.4x	9.4x	11.4x	13.4x	15.4x
5.2%	$125	$143	$161	$179	$197
6.2%	$116	$132	$149	$165	$182
7.2%	$108	$123	$138	$153	$168
8.2%	$101	$114	$128	$142	$155
9.2%	$94	$107	$119	$132	$144

Current price: $355.80. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$160.46

Market Price

$355.80

Upside / Downside

-54.9%

Verdict

Overvalued

P/E Valuation — Financial - Data & Stock Exchanges

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
Cboe Global Markets, Inc.CBOE	37,395	34.1x	26.8x
U.S. BancorpUSB	87,407	12.2x	14.6x
LPL Financial Holdings Inc.LPLA	26,760	30.6x	16.8x
Huntington Bancshares IncorporatedHBAN	26,196	11.9x	13.7x
Cincinnati Financial CorporationCINF	25,682	10.9x	12.0x
Markel CorporationMKL	23,952	11.3x	22.3x
Tradeweb Markets Inc.TW	23,886	29.7x	27.8x
First Citizens BancShares, Inc.FCNCA	23,044	12.0x	10.6x
Futu Holdings LimitedFUTU	21,608	15.1x	—
Industry Median		12.1x	14.6x
(*) Profit after tax		1,100	1,397
Equity Value		13,287	20,442
(/) Outstanding shares		105	105
Fair Price		$126	$195

Selected Fair Value (avg of trailing + forward)

$160.46

-54.9%

Fair Value

$164.44

Market Price

$355.80

Upside / Downside

-53.8%

Verdict

Overvalued

EV/EBITDA Valuation — Financial - Data & Stock Exchanges

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
Cboe Global Markets, Inc.CBOE	37,395	22.5x	38.0x
U.S. BancorpUSB	87,407	11.5x	18.0x
LPL Financial Holdings Inc.LPLA	26,760	15.1x	15.3x
Huntington Bancshares IncorporatedHBAN	26,196	16.0x	27.1x
Cincinnati Financial CorporationCINF	25,682	7.9x	9.3x
Markel CorporationMKL	23,952	8.3x	9.2x
Tradeweb Markets Inc.TW	23,886	15.5x	13.7x
First Citizens BancShares, Inc.FCNCA	23,044	11.3x	17.6x
Futu Holdings LimitedFUTU	21,608	4.6x	—
Industry Median		11.4x	15.3x
(*) EBITDA		1,637	971
= Enterprise Value		18,676	14,824
(-) Net Debt		-532	-532
Equity Value		19,208	15,356
(/) Outstanding shares		105	105
Fair Price		$183	$146

Selected Fair Value (avg of trailing + forward)

$164.44

-53.8%

Fair Value

$120.62

Market Price

$355.80

Upside / Downside

-66.1%

Verdict

Overvalued

EV/Revenue Valuation — Financial - Data & Stock Exchanges

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Cboe Global Markets, Inc.CBOE	37,395	7.8x	13.2x
U.S. BancorpUSB	87,407	2.8x	4.3x
LPL Financial Holdings Inc.LPLA	26,760	1.9x	2.0x
Huntington Bancshares IncorporatedHBAN	26,196	3.4x	5.8x
Cincinnati Financial CorporationCINF	25,682	2.0x	2.4x
Markel CorporationMKL	23,952	1.5x	1.6x
Tradeweb Markets Inc.TW	23,886	10.8x	9.5x
First Citizens BancShares, Inc.FCNCA	23,044	2.7x	4.1x
Futu Holdings LimitedFUTU	21,608	2.7x	—
Industry Median		2.7x	4.1x
(*) Revenue		4,714	2,798
= Enterprise Value		12,725	11,567
(-) Net Debt		-532	-532
Equity Value		13,257	12,098
(/) Outstanding shares		105	105
Fair Price		$126	$115

Selected Fair Value (avg of trailing + forward)

$120.62

-66.1%

PEG Fair Value

Fair Value

$139.55

Market Price

$355.80

Upside / Downside

-60.8%

Verdict

Overvalued

PEG Ratio

2.18Expensive

01.02.03.0+

PEG = P/E ÷ (Growth + Yield) = 24.3 ÷ (10.3% + 0.9%) = 2.18

PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.

Growth Category: StalwartPEG highly applicable

PEG works well for steady growers with predictable earnings.

Fair Value Calculation

EPS Growth RateForward	10.3%
Dividend Yield	+0.9%
Adjusted Growth (clamped 8–25%)	11.2%
Fair P/E	11.2x
NTM EPS (FY2026)	$12.48
Fair Value	$139.55

Growth Analysis

Forward GrowthActive

Period	EPS Est.	Growth	Analysts
FY2025 (actual)	$10.42	—	—
FY2026E	$12.48	+19.8%	10
FY2027E	$13.16	+5.4%	10
FY2028E	$14.04	+6.7%	7
FY2029E	$14.48	+3.1%	3
FY2030E	$17.00	+17.4%	6

5Y Forward EPS CAGR: 10.3%

Historical Growth

Year	Net Income	EPS	YoY
FY2021	$529.0M	$4.92	—
FY2022	$235.0M	$2.20	-55.3%
FY2023	$761.4M	$7.13	+224.1%
FY2024	$764.9M	$7.21	+1.1%
FY2025	$1.1B	$10.42	+44.5%

4Y Historical EPS CAGR: 20.6%

Earnings Power Value

Fair Value

$157.63

Market Price

$355.80

Upside / Downside

-55.7%

Verdict

Overvalued

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	1,161	1,161	1,161
(/) WACC	8.7%	7.2%	5.7%
Enterprise Value	13,283	16,036	20,227
(-) Net debt	-532	-532	-532
Equity Value	13,815	16,567	20,759
(/) Outstanding shares	105	105	105
Fair Price	$131.45	$157.63	$197.51

Dividend Discount Model

Fair Value

$76.11

Market Price

$355.80

Upside / Downside

-78.6%

Verdict

Overvalued

Dividend Profile

Current DPS

$2.71

Dividend Yield

0.89%

Payout Ratio

25.8%

Dividend Coverage

3.87x

FCF Payout Ratio24.7%

DPS CAGR (4Y)10.7%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	$2.71	25.8%	+14.4%
2024	$2.36	32.6%	+12.3%
2023	$2.10	29.4%	+7.2%
2022	$1.96	89.1%	+8.8%
2021	$1.80	36.5%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$2.96	9.3%	0.9311	$2.75
2027	$3.23	9.3%	0.8669	$2.80
2028	$3.54	9.3%	0.8071	$2.85
2029	$3.87	9.3%	0.7515	$2.91
2030	$4.23	9.3%	0.6997	$2.96
Terminal Value	$4.33 DPS	2.5%		$61.83

PV of Projected Dividends$14.28

PV of Terminal Value$61.83

Fair Value per Share$76.11

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	7.3%	8.3%	9.3%	10.3%	11.3%
5.4%	$119	$124	$130	$136	$142
6.4%	$88	$92	$96	$100	$105
7.4%	$70	$73	$76	$79	$83
8.4%	$58	$60	$63	$66	$68
9.4%	$49	$51	$54	$56	$58