Discounted Cash Flow (DCF) Analysis Levered
CME Group Inc. (CME)
$199.93
+3.02 (+1.53%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 3,644.70 | 4,309.40 | 4,868 | 4,883.60 | 4,689.70 | 5,012.70 | 5,357.95 | 5,726.98 | 6,121.42 | 6,543.03 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 1,840.40 | 2,440.80 | 2,672.80 | 2,715.60 | 2,402.40 | 2,695.56 | 2,881.22 | 3,079.66 | 3,291.77 | 3,518.49 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -81.90 | -116.70 | -245.60 | -197.50 | -127.20 | -167.99 | -179.56 | -191.93 | -205.15 | -219.28 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 1,758.50 | 2,324.10 | 2,427.20 | 2,518.10 | 2,275.20 | 2,527.57 | 2,701.66 | 2,887.73 | 3,086.62 | 3,299.21 |
Weighted Average Cost Of Capital
| Share price | $ 199.93 |
|---|---|
| Beta | 0.470 |
| Diluted Shares Outstanding | 358.52 |
| Cost of Debt | |
| Tax Rate | 21.85 |
| After-tax Cost of Debt | 3.78% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.962 |
| Total Debt | 3,445.10 |
| Total Equity | 71,679.70 |
| Total Capital | 75,124.80 |
| Debt Weighting | 4.59 |
| Equity Weighting | 95.41 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 3,644.70 | 4,309.40 | 4,868 | 4,883.60 | 4,689.70 | 5,012.70 | 5,357.95 | 5,726.98 | 6,121.42 | 6,543.03 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 1,840.40 | 2,440.80 | 2,672.80 | 2,715.60 | 2,402.40 | 2,695.56 | 2,881.22 | 3,079.66 | 3,291.77 | 3,518.49 |
| Capital Expenditure | -81.90 | -116.70 | -245.60 | -197.50 | -127.20 | -167.99 | -179.56 | -191.93 | -205.15 | -219.28 |
| Free Cash Flow | 1,758.50 | 2,324.10 | 2,427.20 | 2,518.10 | 2,275.20 | 2,527.57 | 2,701.66 | 2,887.73 | 3,086.62 | 3,299.21 |
| WACC | ||||||||||
| PV LFCF | 2,409.27 | 2,454.69 | 2,500.96 | 2,548.10 | 2,596.13 | |||||
| SUM PV LFCF | 12,509.14 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.91 |
| Free cash flow (t + 1) | 3,365.20 |
| Terminal Value | 115,642.49 |
| Present Value of Terminal Value | 90,998.24 |
Intrinsic Value
| Enterprise Value | 103,507.38 |
|---|---|
| Net Debt | 610.20 |
| Equity Value | 102,897.18 |
| Shares Outstanding | 358.52 |
| Equity Value Per Share | 287.00 |