Cboe Global Markets, Inc.

AI-generated fair value estimate for this company.

Method: 10-year two-stage unlevered FCF DCF: $1.7B normalized FCF base (TTM $1.875B, modest haircut for an unusually strong recent print); 8% annual growth years 1-5 (secular options/derivatives adoption); 5% years 6-10; 8.5% discount rate; 3.5% terminal growth; $0.7B net cash added back; 104.43M diluted shares.

Reasoning: Cboe is a high-margin, high-FCF-conversion exchange operator with a durable network-effect moat in listed index options (SPX/VIX), so a straightforward FCF DCF with a relatively low discount rate for moat quality, tempered growth versus the recent unusually strong EPS print, is most appropriate.