
Cboe Global Markets, Inc. (0HQN.L)
ValueMarkers Composite Index
14% below intrinsic value ($344)
Cboe Global Markets, Inc. (0HQN.L) — VMCI valuation read
Composite valuation read on 0HQN.L: VMCI 61/100 against a Financial Services sector median of 50. The 11-point above-median print is the headline number for Cboe Global Markets, Inc., and at the mid-cap tier it reflects how the five pillars combine into a single decision-grade score.
Trailing 30-day insider activity for 0HQN.L: nothing material on SEC EDGAR. With the Form 4 channel quiet, the price-vs-DCF gap and the trailing margin trend carry more weight in the active read.
**Investor frame.** Value, quality, risk in three lines on 0HQN.L: 0HQN.L trades at 21.0x earnings, 17% above the Financial Services median of 18.0x; ROIC of 17.0% sits 7.0pp above the Financial Services median (10.0%); net debt to EBITDA of 1.1x leaves covenant headroom. EV/EBITDA at 14.0x versus 12.0x for Financial Services closes the value frame.
0HQN.L rose 3.3% over the trailing 7 days, with a -18.0% read on a 30-day basis.
Cboe Global Markets, Inc., through its subsidiaries, operates as an options exchange worldwide. It operates through five segments: Options, North American Equities, Futures, Europe and Asia Pacific, and Global FX. The Options segment trades in listed market indices. The North American Equities segment trades in listed U.S. and Canadian equities. This segment also offers exchange-traded products (ETP) transaction and ETP listing services. The Futures segment trades in futures. The Europe and Asia Pacific segment offers pan-European listed equities and derivatives transaction services, ETPs, exchange-traded commodities, and international depository receipts, as well as ETP listings and clearing services. The Global FX segment provides institutional foreign exchange (FX) trading and non-deliverable forward FX transactions services. The company has strategic relationships with S&P Dow Jones Indices, LLC; FTSE International Limited; Frank Russell Company; MSCI Inc.; and DJI Opco, LLC. The company was formerly known as CBOE Holdings, Inc. and changed its name to Cboe Global Markets, Inc. in October 2017. Cboe Global Markets, Inc. was founded in 1973 and is headquartered in Chicago, Illinois.
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