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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 39.2x - 43.3x | 41.3x |
| Selected Fwd P/E Multiple | 30.1x - 33.3x | 31.7x |
| Fair Value | €206.71 - €228.47 | €217.59 |
| Upside | 10.6% - 22.2% | 16.4% |
| 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 / LTM EPS 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% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 17.7x | 23.0x | 21.4x | 21.8x | 29.2x | 18.9x | ||
| Price / LTM Sales | 5.6x | 15.8x | 11.0x | 6.5x | 15.4x | 10.3x | ||
| LTM P/E Ratio | 30.2x | 27.7x | 37.5x | 40.0x | 39.4x | 38.7x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | 27.7x | 37.5x | 40.0x | |||||
| Historical LTM P/E Ratio | 30.6x | 44.8x | 78.3x | |||||
| Selected P/E Multiple | 39.2x | 41.3x | 43.3x | |||||
| (x) LTM Net Income | 217 | 217 | 217 | |||||
| (=) Equity Value | 8,490 | 8,937 | 9,384 | |||||
| (/) Shares Outstanding | 37.5 | 37.5 | 37.5 | |||||
| Implied Value Range | 226.40 | 238.32 | 250.23 | |||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | ||||
| Implied Value Range (Trading Cur) | 192.42 | 202.54 | 212.67 | 186.95 | ||||
| Upside / (Downside) | 2.9% | 8.3% | 13.8% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | CBOE | CME | ICE | NDAQ | MSCI | MWI | |
| Value of Common Equity | 24,293 | 99,250 | 104,320 | 51,062 | 44,979 | 8,249 | |
| (/) Shares Outstanding | 104.7 | 360.4 | 573.6 | 574.1 | 77.4 | 37.5 | |
| Implied Stock Price | 232.00 | 275.42 | 181.86 | 88.94 | 581.34 | 219.97 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.18 | |
| Implied Stock Price (Trading Cur) | 232.00 | 275.42 | 181.86 | 88.94 | 581.34 | 186.95 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.18 | |