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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 10.2x - 11.2x | 10.7x |
| Selected Fwd Ps Multiple | 9.8x - 10.8x | 10.3x |
| Fair Value | €203.63 - €225.07 | €214.35 |
| Upside | 27.8% - 41.3% | 34.6% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Cboe Global Markets, Inc. | - | BATS:CBOE |
| CME Group Inc. | - | NasdaqGS:CME |
| Intercontinental Exchange, Inc. | - | NYSE:ICE |
| S&P Global Inc. | - | NYSE:SPGI |
| Nasdaq, Inc. | - | NasdaqGS:NDAQ |
| MarketAxess Holdings Inc. | - | DB:MWI |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| CBOE | CME | ICE | SPGI | NDAQ | MWI | |||
| BATS:CBOE | NasdaqGS:CME | NYSE:ICE | NYSE:SPGI | NasdaqGS:NDAQ | DB:MWI | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 10.4% | 4.7% | 12.3% | 16.2% | 11.7% | 9.8% | ||
| 3Y CAGR | 5.4% | 9.3% | 9.1% | 19.6% | 7.9% | 5.3% | ||
| Latest Twelve Months | 19.0% | 11.1% | 10.0% | 10.7% | 23.5% | 7.7% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 14.8% | 54.2% | 34.5% | 31.4% | 17.6% | 35.6% | ||
| Prior Fiscal Year | 20.1% | 57.2% | 29.6% | 21.0% | 17.5% | 34.3% | ||
| Latest Fiscal Year | 18.6% | 56.9% | 29.7% | 27.1% | 15.1% | 33.6% | ||
| Latest Twelve Months | 19.8% | 57.9% | 31.0% | 27.3% | 18.6% | 26.6% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 18.0x | 21.9x | 20.1x | 25.0x | 22.0x | 15.6x | ||
| Price / LTM Sales | 5.7x | 15.2x | 10.6x | 11.5x | 6.7x | 8.4x | ||
| LTM P/E Ratio | 28.9x | 26.3x | 34.1x | 42.0x | 35.9x | 31.6x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 5.7x | 10.6x | 15.2x | |||||
| Historical LTM P/S Ratio | 10.5x | 15.1x | 33.4x | |||||
| Selected Price / Sales Multiple | 10.2x | 10.7x | 11.2x | |||||
| (x) LTM Sales | 837 | 837 | 837 | |||||
| (=) Equity Value | 8,501 | 8,948 | 9,396 | |||||
| (/) Shares Outstanding | 37.4 | 37.4 | 37.4 | |||||
| Implied Value Range | 227.52 | 239.49 | 251.47 | |||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | ||||
| Implied Value Range (Trading Cur) | 195.96 | 206.27 | 216.59 | 159.30 | ||||
| Upside / (Downside) | 23.0% | 29.5% | 36.0% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | CBOE | CME | ICE | SPGI | NDAQ | MWI | |
| Value of Common Equity | 26,051 | 97,804 | 102,544 | 168,128 | 54,120 | 6,911 | |
| (/) Shares Outstanding | 104.6 | 360.4 | 572.4 | 305.3 | 573.8 | 37.4 | |
| Implied Stock Price | 249.08 | 271.39 | 179.14 | 550.73 | 94.32 | 184.95 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 249.08 | 271.39 | 179.14 | 550.73 | 94.32 | 159.30 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |