Cboe Global Markets, Inc. (CBOE)

Executive Summary

Cboe Global Markets is, in our view, one of the highest-quality franchises in the entire financial exchange universe — and that quality is precisely why the stock is rarely cheap. Cboe operates the exchange on which the world’s most important volatility and index-options products trade: the proprietary S&P 500 index option (SPX) and the Cboe Volatility Index (VIX) complex, both licensed exclusively from S&P Dow Jones Indices. These are not commodity order-matching businesses; they are toll roads on equity-market hedging and speculation, and they throw off recurring, high-margin, capital-light cash flow that has compounded through every market regime.

What’s Inside The Full Report

• 15-year financial summary table — revenue, net income, GAAP & adjusted EPS
• Valuation framework — current multiples vs. 5-year historical range
• Peer comparison table — multiples, margins, balance-sheet metrics
• Base case, bull case, bear case price targets with explicit math
• Competitive position and economic moat analysis
• Management and capital allocation track record
• Balance sheet review — leverage, credit ratings, distribution coverage
• Insider activity — recent open-market buys / sells with interpretation
• Strategic acquisitions and divestitures history
• Sell-side consensus and where TTCM differs
• Detailed risk factors specific to the name
• Bull case and forward catalysts to watch
• TTCM rating with explicit ADD / TRIM price triggers