CME Group Inc.

AI-generated fair value estimate for this company.

Method: 10-year unlevered FCF DCF: $4,213M TTM free cash flow base; 7% FCF growth years 1-5 (volume/open-interest growth across rates, equities and commodities); 5% years 6-10; 8% discount rate; 3% terminal growth; ~$1.73B net debt; 359.58M shares outstanding.

Reasoning: CME operates a capital-light, high-margin derivatives exchange with durable network-effect moats and very low capex needs, supporting a straightforward FCF DCF; the 8% discount rate reflects its low-beta, highly cash-generative business model.