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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Pb Multiple | 7.0x - 7.7x | 7.4x |
Historical Pb Multiple | 6.1x - 24.1x | 10.3x |
Fair Value | €215.21 - €237.86 | €226.53 |
Upside | 18.0% - 30.4% | 24.2% |
Benchmarks | - | Full Ticker |
Cboe Global Markets, Inc. | - | BATS:CBOE |
CME Group Inc. | - | NasdaqGS:CME |
Intercontinental Exchange, Inc. | - | NYSE:ICE |
Nasdaq, Inc. | - | NasdaqGS:NDAQ |
MSCI Inc. | - | NYSE:MSCI |
MarketAxess Holdings Inc. | - | DB:MWI |
Select Price / Book Ratio | ||||||||
Benchmark Companies | ||||||||
CBOE | CME | ICE | NDAQ | MSCI | MWI | |||
BATS:CBOE | NasdaqGS:CME | NYSE:ICE | NasdaqGS:NDAQ | NYSE:MSCI | DB:MWI | |||
Historical Net Income Growth | ||||||||
5Y CAGR | 15.3% | 10.5% | 7.3% | 7.6% | 14.5% | 6.0% | ||
3Y CAGR | 13.0% | 10.0% | -12.1% | -2.0% | 15.2% | 2.1% | ||
Latest Twelve Months | 1.1% | 13.4% | 12.3% | 29.0% | -2.1% | -15.7% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | 14.6% | 53.6% | 34.9% | 17.5% | 38.5% | 36.4% | ||
Prior Fiscal Year | 20.1% | 57.2% | 29.6% | 17.5% | 45.4% | 34.3% | ||
Latest Fiscal Year | 18.6% | 56.9% | 29.7% | 15.1% | 38.8% | 33.6% | ||
Latest Twelve Months | 18.5% | 57.1% | 29.4% | 16.4% | 39.1% | 26.6% | ||
Return on Equity | ||||||||
5 Year Average Margin | 14.8% | 10.2% | 11.5% | 15.7% | NA | 25.5% | ||
Prior Fiscal Year | 20.3% | 11.9% | 9.8% | 12.5% | NM | 21.7% | ||
Latest Twelve Months | 18.9% | 13.2% | 10.3% | 11.4% | NM | 16.3% | ||
Next Fiscal Year | 21.8% | 15.0% | 13.7% | 15.9% | -124.4% | 19.8% | ||
Two Fiscal Years Forward | 20.2% | 15.4% | 13.6% | 16.0% | -118.5% | 21.6% | ||
Current Trading Multiples | ||||||||
Price / LTM Sales | 5.7x | 15.8x | 10.9x | 6.6x | 15.0x | 9.9x | ||
Price / LTM EPS | 30.7x | 27.7x | 37.2x | 40.2x | 38.3x | 37.4x | ||
Price / Book | 5.5x | 3.7x | 3.7x | 4.4x | -45.6x | 6.0x | ||
Price / Fwd Book | 5.1x | 3.7x | 3.5x | 4.2x | -37.6x | 5.5x | ||
Low | Mid | High | ||||||
Benchmark P/B Ratio | -45.6x | 3.7x | 5.5x | |||||
Historical P/B Ratio | 6.1x | 10.3x | 24.1x | |||||
Selected P/B Multiple | 7.0x | 7.4x | 7.7x | |||||
(x) Book Value | 1,347 | 1,347 | 1,347 |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | CBOE | CME | ICE | NDAQ | MSCI | MWI | |
Value of Common Equity | 24,752 | 99,841 | 104,297 | 51,476 | 44,153 | 7,979 | |
(/) Shares Outstanding | 104.7 | 360.4 | 573.6 | 574.1 | 77.4 | 37.5 | |
Implied Stock Price | 236.38 | 277.06 | 181.82 | 89.66 | 570.66 | 212.75 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
Implied Stock Price (Trading Cur) | 236.38 | 277.06 | 181.82 | 89.66 | 570.66 | 182.35 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 |