CBOE · BTS · Financial Services
Cboe Global Markets, Inc.
Also onShortfallConsensus DriftCrosscheck
Implied value per share
USD 259.93
Market price
USD 349.22
Implied upside
-25.6%
10-year forecast · Excess returns over book equity · Base case · Price 2026-11-02 · Accounts to 2025-12-31
NoteA financial, valued on excess returns over book equity.
Excess Returns
- Return on equity
- 21.9%
- Payout
- 30%
- Cost of equity
- 7.32%
- Return on equity by the final year
- 20.0%
| Line | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 | FY32 | FY33 | FY34 | FY35 |
|---|---|---|---|---|---|---|---|---|---|---|
| Opening book equity | USD 5.1bn | USD 5.9bn | USD 6.6bn | USD 7.4bn | USD 8.1bn | USD 8.9bn | USD 9.5bn | USD 10.2bn | USD 10.7bn | USD 11.1bn |
| Return on equity | 21.7% | 21.5% | 21.3% | 21.1% | 20.9% | 20.7% | 20.6% | 20.4% | 20.2% | 20.0% |
| Excess return | USD 737.7m | USD 831.0m | USD 925.3m | USD 1.0bn | USD 1.1bn | USD 1.2bn | USD 1.3bn | USD 1.3bn | USD 1.4bn | USD 1.4bn |
| Present value | USD 687.5m | USD 721.6m | USD 748.7m | USD 767.8m | USD 778.1m | USD 779.2m | USD 770.9m | USD 753.4m | USD 727.2m | USD 693.2m |
| Book equity | USD 5.1bn |
| Present value of excess returns | USD 7.4bn |
| Terminal, growing at 2.50% | USD 14.8bn |
| Equity value | USD 27.3bn |
| Per share | USD 259.93 |
Discount Rate
| Risk-free rate | 4.89% | US 10-year Treasury (^TNX), 2026-11-02 |
| Equity risk premium | 4.23% | Damodaran, January 2026 |
| Beta | 0.573 | Reported 0.362, pulled toward 1.0 (Blume) |
| Cost of equity | 7.32% | Risk-free + beta x equity risk premium |
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Yahoo Finance and RBA data. General information, not advice. Methodology.