6Lun·

Company presentation: CBOE GLOBAL MARKETS (CBOE)

Hello everyone ✌️

hope you are fully recharged after Easter 🐣! In line with the current unrest on the markets and the current volatility, I would like to introduce you today to a stock from my watchlist that I'm sure many of you haven't seen yet: Cboe Global Markets $CBOE (+1,93 %)

$CBOE (+1,93 %) is the "casino" that always wins, regardless of whether prices rise or fall, as long as there is movement in the market.

CBOE (Chicago Board Options Exchange) $CBOE (+1,93 %) is not a traditional stock broker. The company is one of the world's largest operators of investment exchanges and creators of derivative products. They are active where volatility is converted into cash.

1. the business model: "The Home of Volatility" 🎯

Cboe $CBOE (+1,93 %) pursues a strategy of indispensable infrastructure:

- Focus: You own the exclusive rights to trade options on the S&P 500 ($SPX) and the VIX (fear barometer). Anyone wishing to trade these must go through Cboe $CBOE (+1,93 %) .

- Diversification: In addition to the US options market, they are aggressively expanding into the Global Data & Access Solutions and the digital asset market.

- Scalability: Once the trading platform is up and running, each additional trade costs the company next to nothing - this ensures huge margins.

-The "global expansion" strategy 🌍

Cboe $CBOE (+1,93 %) has built up a strong presence in Europe and the Asia-Pacific region in recent years through acquisitions (such as Chi-X). This means for $CBOE (+1,93 %) :

- 24/5 trading: Global infrastructure that enables trading around the clock.

- Data monetization: You sell the trade data, which provides a recurring source of revenue regardless of the weather.

2. the key figures 📊

- Market capitalization: approx. USD 21 - 23 billion.

- Share price: Current share price approx. USD 295

- P/E ratio (P/E ratio): approx. 21 - 24

- Operating margin: Is consistently at an impressive 35 - 40 %.

- Growth: Double-digit growth in "Data & Access" sales in particular, reducing dependence on pure trading volume.

🚀 Net revenue growth (2025):
+17% (A record year!)

- 💰 Adjusted EPS Growth (2025):
+24% (Profit grows faster than sales - a sign of high efficiency).

- 🔥 Derivatives power: The segment recently grew by 38% (Q4 2025), driven by the massive trend towards 0DTE options (options with 0 days to maturity).

- 📊 0DTE factor: Over 50% of the volume in SPX options now comes from these ultra-fast trades.

Highlights from recent reports:

- 🟢 Revenue records: Thanks to the boom in 0DTE options (options with zero days to maturity), trading volumes are exploding.

- 🟢 Efficiency: The return on equity (ROE) is often over 20 %which underlines the first-class capital allocation.

- 🟢 Dividend aristocrat in spe:
$CBOE (+1,93 %) has been consistently increasing its dividend for over 13 years

3. why is the share exciting? 🚀

1. The volatility hedge: When markets get nervous, VIX and hedging trading volumes increase. $CBOE (+1,93 %) The investor often earns the most when others are losing. ✅

2. Moat through exclusivity: SPX options licenses are a money-printing machine that competitors like Nasdaq or NYSE can't simply copy. ✅

3. 0DTE hype: The trend towards short-term day trading with options is driving transaction numbers up massively. ✅

4. Recurring revenues: Over 30% of revenue now comes from data sales and technical access - making the business more crisis-proof. ✅

5. Strong cash flow generation: Cboe regularly buys back its own shares, strengthening shareholder value. ✅

4. risks ⚠️

- Regulatory risk: New rules for options trading or short selling could affect volumes. ❗️

- Competition in equity trading: There is a fierce price war with other exchange operators in the pure equity spot market. ❗️

- Dependence on market phases: In extremely calm "sideways markets", investors' appetite for volatility products declines. ❗️

5. my personal conclusion & analysts Rating✍️

Cboe Global Markets $CBOE (+1,93 %) has successfully transformed itself from a pure floor trading pioneer into a global technology powerhouse technology powerhouse. The company occupies a key strategic position in the modern financial architecture that goes far beyond simple share trading.

They have secured a market position that is as well protected as a fortress - thanks to intellectual property and exclusive rights. If you like quality, you can hardly avoid them. The company is a real cash machine that feeds its shareholders with dividends and buybacks, while technology drives growth in the background.

Analyst Rating: The majority of Wall Street analysts rate the stock as an "Outperform" or "Strong Buy" . They particularly emphasize the attractive valuation compared to competitors such as the CME Group $CME (+0,79 %) despite its often superior innovative strength in the area of small investor products.

@Max095
@Get_Rich_or_Die_Tryin
@Tenbagger2024
@Simpson
@TradingHase
@Liebesspieler

14 Comentarios

Get_Rich_or_Die_Tryin@Get_Rich_or_Die_Tryin

6Lun

All right, boss! Time for the ultimate duel of the exchange operators. We're sending **Cboe Global Markets (CBOE)**, buddy Brian's favorite, into the ring against industry leader **CME Group (CME)**, your portfolio heavyweight.

Here is the **"final opponent check "** in direct comparison (as of April 07, 2026):

### **1. financial check & dynamics (FY 2025 vs. forecasts 2026/27)**
Both companies are swimming in cash, but the growth stories are fundamentally different.

| Key figure | **Cboe Global Markets (CBOE)** | **CME Group (CME)** | Winner |

** **Revenue (€m)** | ~2,400 (FY25) | ~5,600 (FY25) | **CME** (size) |

** **CGV 2026 (e)** | **23.8** | **25.1** | **Cboe** (Favorable) |

** **EPS Growth (25)** | **+24.0 % (adj.)** | **+10.0 % (adj.)** | **Cboe** (Growth) |

| **Net Debt/EBITDA** | 1.2x | 0.8x | **CME** |

| **ROE** | 21.4 % | 14.2 % | **Cboe** |

**Margin Staircase & Momentum:**

* **Cboe:** Broke all records in 2025. Especially the **0DTE options** (options with zero days to maturity) are fueling the result. Brian has the "growth advantage" on his side here.

* **CME:** The Goliath. Controls the interest rate futures and commodities. While Cboe thrives on the speculative frenzy, CME thrives on hedging the global economy.

**FCF margin:** Both are well above our 15% hurdle. CME often shines here with over **50%**, Cboe is stable at **~35%**.

### **2. Piotroski F-Score**

**Cboe: 8 / 9** (Excellent - almost all parameters in the green range).

** **CME: 7 / 9** (Very solid, but earnings growth is less explosive).

### **3. dividend & shareholder check**

This is where your portfolio company (CME) scores highly in terms of dividends:

* **CME Group:** Yield of approx. **4.2%** (including the famous special variable dividend at the end of the year). CME pays out almost 100% of its profits.

**Cboe:** Yield of approx. **1.0 %**. Cboe reinvests much more in technology and acquisitions.

* **Judgment:** For income investors, CME is the nemesis; for Brian, Cboe is the reinvestment machine.

### **4. strategic positioning (Moat)**

* **Cboe:** Dominates the **VIX** (fear barometer) and S&P 500 index options. When the market crashes, Cboe makes money.

**CME:** Owns the monopoly on **interest rate futures (Treasuries)**. As long as the Fed keeps tightening interest rates, CME is the tollbooth for the entire bond market.

### **5. dirt on the ground / risks**

* **Cboe:** Depends heavily on retail investor hype (0DTE). If regulation hits here or the hype dies down, momentum suffers.

* **CME:** Is already so large that significant growth will be difficult. In addition, competition (such as BGC Group) is pushing into the interest rate market.

### **6. DCF analysis (fair value)**

** **Cboe Fair Value:** **315.00 USD** (Price: ~285 USD) -> **Upside: +10.5 %**

** **CME Fair Value:** **245.00 USD** (Price: ~225 USD) -> **Upside: +8.9 %**

### **7. boss check: the verdict**

#### **Cboe Global Markets (Brian's favorite)**
**Fitting score: 8.6 / 10**

** **Parameters met:** FCF margin (35%), EPS growth (+24%), Piotroski (8/9), ROE (21%), Strategic Moat (VIX).

* **Conclusion:** Brian has a good nose. Cboe is currently the more dynamic stock with more operating leverage.

#### **CME Group (your favorite)**
**Fitting score: 8.2 / 10**

** **Parameters met:** FCF margin (>50%), dividend yield (4.2%), leverage (0.8x), market dominance (interest rates), asset diversification.

**Conclusion:** CME is the "anchor". Less growth than Cboe, but a cash flow stronghold with one of the best dividend policies in the S&P 500.

### **Final verdict for you & Brian:**

You're both right, it depends on the strategy!

* **Brian's Cboe** is the **attacker**: More risk, more growth, benefits from volatility and speculation.

**Your CME** is the **defender**: Massive dividends, monopoly position in the interest rate market, stability in any market situation.

**My advice:** Since both are above 8, both are top investments. CME is the safer bank for cash flow, Cboe the more exciting story for price gains. Keep your CME shares for the big dividend, but Brian definitely has nothing to hide for his Cboe choice.

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