Discounted Cash Flow (DCF) Analysis Levered
Cboe Global Markets, Inc. (CBOE)
$133.57
+1.26 (+0.95%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 2,768.80 | 2,496.10 | 3,427.10 | 3,494.80 | 3,958.50 | 4,381 | 4,848.59 | 5,366.09 | 5,938.83 | 6,572.69 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 534.70 | 632.80 | 1,458.80 | 596.80 | 651.10 | 1,058.05 | 1,170.98 | 1,295.96 | 1,434.28 | 1,587.37 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -36.30 | -35.10 | -47.40 | -51 | -59.80 | -61.95 | -68.56 | -75.88 | -83.98 | -92.94 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 498.40 | 597.70 | 1,411.40 | 545.80 | 591.30 | 996.10 | 1,102.42 | 1,220.08 | 1,350.30 | 1,494.43 |
Weighted Average Cost Of Capital
| Share price | $ 133.57 |
|---|---|
| Beta | 0.483 |
| Diluted Shares Outstanding | 106.70 |
| Cost of Debt | |
| Tax Rate | 45.71 |
| After-tax Cost of Debt | 1.63% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.793 |
| Total Debt | 1,871.30 |
| Total Equity | 14,251.92 |
| Total Capital | 16,123.22 |
| Debt Weighting | 11.61 |
| Equity Weighting | 88.39 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 2,768.80 | 2,496.10 | 3,427.10 | 3,494.80 | 3,958.50 | 4,381 | 4,848.59 | 5,366.09 | 5,938.83 | 6,572.69 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 534.70 | 632.80 | 1,458.80 | 596.80 | 651.10 | 1,058.05 | 1,170.98 | 1,295.96 | 1,434.28 | 1,587.37 |
| Capital Expenditure | -36.30 | -35.10 | -47.40 | -51 | -59.80 | -61.95 | -68.56 | -75.88 | -83.98 | -92.94 |
| Free Cash Flow | 498.40 | 597.70 | 1,411.40 | 545.80 | 591.30 | 996.10 | 1,102.42 | 1,220.08 | 1,350.30 | 1,494.43 |
| WACC | ||||||||||
| PV LFCF | 898.18 | 943.93 | 992 | 1,042.52 | 1,095.61 | |||||
| SUM PV LFCF | 5,236.26 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.31 |
| Free cash flow (t + 1) | 1,524.31 |
| Terminal Value | 46,051.78 |
| Present Value of Terminal Value | 35,554.81 |
Intrinsic Value
| Enterprise Value | 40,791.07 |
|---|---|
| Net Debt | 1,438.60 |
| Equity Value | 39,352.47 |
| Shares Outstanding | 106.70 |
| Equity Value Per Share | 368.81 |