Discounted Cash Flow (DCF) Analysis Unlevered
Cboe Global Markets, Inc. (CBOE)
$131.07
+1.79 (+1.38%)
All numbers are in Millions, Currency in USD
Operating Data
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 (%) | ||||||||||
| EBITDA | 815.20 | 718.30 | 854.20 | 971.50 | 656.10 | 1,117.30 | 1,236.56 | 1,368.54 | 1,514.60 | 1,676.26 |
| EBITDA (%) | ||||||||||
| EBIT | 611.20 | 541.70 | 695.70 | 804.10 | 489.30 | 871.34 | 964.34 | 1,067.27 | 1,181.18 | 1,307.25 |
| EBIT (%) | ||||||||||
| Depreciation | 204 | 176.60 | 158.50 | 167.40 | 166.80 | 245.96 | 272.21 | 301.27 | 333.42 | 369.01 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 310.80 | 300.30 | 337.80 | 379 | 524.40 | 501.23 | 554.72 | 613.93 | 679.46 | 751.98 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 357.70 | 291.50 | 390.40 | 369.60 | 418.10 | 500.54 | 553.97 | 613.09 | 678.53 | 750.95 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 12.80 | 21 | 28.50 | 19.50 | 26.65 | 29.50 | 32.65 | 36.13 | 39.99 | 44.25 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -36.30 | -35.10 | -47.40 | -51 | -59.80 | -61.95 | -68.56 | -75.88 | -83.98 | -92.94 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 131.07 |
|---|---|
| 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 | 5.802 |
| Total Debt | 1,871.30 |
| Total Equity | 13,985.17 |
| Total Capital | 15,856.47 |
| Debt Weighting | 11.80 |
| Equity Weighting | 88.20 |
| Wacc |
Build Up Free Cash
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 815.20 | 718.30 | 854.20 | 971.50 | 656.10 | 1,117.30 | 1,236.56 | 1,368.54 | 1,514.60 | 1,676.26 |
| EBIT | 611.20 | 541.70 | 695.70 | 804.10 | 489.30 | 871.34 | 964.34 | 1,067.27 | 1,181.18 | 1,307.25 |
| Tax Rate | 25.33% | 25.23% | 29.10% | 30.04% | 45.71% | 31.08% | 31.08% | 31.08% | 31.08% | 31.08% |
| EBIAT | 456.37 | 405.03 | 493.23 | 562.58 | 265.62 | 600.50 | 664.59 | 735.53 | 814.03 | 900.91 |
| Depreciation | 204 | 176.60 | 158.50 | 167.40 | 166.80 | 245.96 | 272.21 | 301.27 | 333.42 | 369.01 |
| Accounts Receivable | - | 66.20 | -98.90 | 20.80 | -48.50 | -82.44 | -53.42 | -59.13 | -65.44 | -72.42 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 8.20 | 7.50 | -9 | 7.15 | 2.84 | 3.15 | 3.48 | 3.86 | 4.27 |
| Capital Expenditure | -36.30 | -35.10 | -47.40 | -51 | -59.80 | -61.95 | -68.56 | -75.88 | -83.98 | -92.94 |
| UFCF | 624.07 | 620.93 | 512.93 | 690.78 | 331.27 | 704.91 | 817.97 | 905.27 | 1,001.89 | 1,108.83 |
| WACC | ||||||||||
| PV UFCF | 669.37 | 737.56 | 775.12 | 814.60 | 856.08 | |||||
| SUM PV UFCF | 3,852.74 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.31 |
| Free cash flow (t + 1) | 1,131.01 |
| Terminal Value | 34,169.36 |
| Present Value of Terminal Value | 26,380.85 |
Intrinsic Value
| Enterprise Value | 30,233.59 |
|---|---|
| Net Debt | 1,438.60 |
| Equity Value | 28,794.99 |
| Shares Outstanding | 106.70 |
| Equity Value Per Share | 269.87 |