Intrinsic value of CBOE Holdings - CBOE

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$90.55

  Intrinsic Value

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  Value-price divergence*

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Our model is not good at valuating stocks of financial companies, such as CBOE.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of CBOE stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 7.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  3.46
  12.20
  11.48
  10.83
  10.25
  9.72
  9.25
  8.83
  8.44
  8.10
  7.79
  7.51
  7.26
  7.03
  6.83
  6.65
  6.48
  6.33
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.57
  5.52
  5.47
  5.42
  5.38
  5.34
Revenue, $m
  657
  737
  822
  911
  1,004
  1,102
  1,204
  1,310
  1,421
  1,536
  1,655
  1,780
  1,909
  2,043
  2,183
  2,328
  2,478
  2,635
  2,799
  2,969
  3,146
  3,331
  3,524
  3,725
  3,935
  4,155
  4,384
  4,624
  4,874
  5,136
  5,410
Variable operating expenses, $m
 
  365
  407
  451
  497
  545
  595
  647
  702
  758
  817
  876
  939
  1,005
  1,074
  1,145
  1,220
  1,297
  1,377
  1,461
  1,548
  1,639
  1,734
  1,833
  1,936
  2,044
  2,157
  2,275
  2,398
  2,527
  2,662
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  359
  365
  407
  451
  497
  545
  595
  647
  702
  758
  817
  876
  939
  1,005
  1,074
  1,145
  1,220
  1,297
  1,377
  1,461
  1,548
  1,639
  1,734
  1,833
  1,936
  2,044
  2,157
  2,275
  2,398
  2,527
  2,662
Operating income, $m
  298
  372
  415
  460
  507
  557
  609
  663
  719
  777
  838
  904
  970
  1,038
  1,109
  1,182
  1,259
  1,339
  1,422
  1,508
  1,598
  1,692
  1,790
  1,892
  1,999
  2,110
  2,227
  2,349
  2,476
  2,609
  2,748
EBITDA, $m
  342
  403
  450
  498
  549
  603
  659
  717
  777
  840
  906
  974
  1,044
  1,118
  1,194
  1,274
  1,356
  1,442
  1,531
  1,625
  1,722
  1,823
  1,928
  2,038
  2,153
  2,273
  2,399
  2,530
  2,667
  2,810
  2,960
Interest expense (income), $m
  0
  0
  1
  1
  2
  3
  4
  5
  6
  6
  7
  8
  9
  11
  12
  13
  14
  15
  17
  18
  20
  21
  23
  24
  26
  28
  30
  32
  34
  36
  38
Earnings before tax, $m
  307
  372
  414
  459
  505
  554
  605
  658
  713
  771
  831
  895
  960
  1,027
  1,097
  1,169
  1,245
  1,323
  1,405
  1,490
  1,579
  1,671
  1,767
  1,868
  1,973
  2,083
  2,197
  2,317
  2,442
  2,573
  2,710
Tax expense, $m
  121
  100
  112
  124
  136
  150
  163
  178
  193
  208
  224
  242
  259
  277
  296
  316
  336
  357
  379
  402
  426
  451
  477
  504
  533
  562
  593
  626
  659
  695
  732
Net income, $m
  187
  271
  302
  335
  369
  405
  442
  480
  521
  563
  606
  654
  701
  750
  801
  854
  909
  966
  1,026
  1,088
  1,152
  1,220
  1,290
  1,364
  1,440
  1,520
  1,604
  1,691
  1,783
  1,878
  1,979

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  97
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  477
  426
  475
  527
  581
  637
  696
  758
  822
  888
  957
  1,029
  1,104
  1,182
  1,262
  1,346
  1,433
  1,524
  1,619
  1,717
  1,820
  1,927
  2,038
  2,155
  2,276
  2,403
  2,536
  2,674
  2,819
  2,971
  3,129
Adjusted assets (=assets-cash), $m
  380
  426
  475
  527
  581
  637
  696
  758
  822
  888
  957
  1,029
  1,104
  1,182
  1,262
  1,346
  1,433
  1,524
  1,619
  1,717
  1,820
  1,927
  2,038
  2,155
  2,276
  2,403
  2,536
  2,674
  2,819
  2,971
  3,129
Revenue / Adjusted assets
  1.729
  1.730
  1.731
  1.729
  1.728
  1.730
  1.730
  1.728
  1.729
  1.730
  1.729
  1.730
  1.729
  1.728
  1.730
  1.730
  1.729
  1.729
  1.729
  1.729
  1.729
  1.729
  1.729
  1.729
  1.729
  1.729
  1.729
  1.729
  1.729
  1.729
  1.729
Average production assets, $m
  129
  144
  161
  179
  197
  216
  236
  257
  278
  301
  324
  349
  374
  400
  428
  456
  486
  517
  549
  582
  617
  653
  691
  730
  771
  814
  859
  906
  955
  1,007
  1,060
Working capital, $m
  145
  54
  60
  66
  73
  80
  88
  96
  104
  112
  121
  130
  139
  149
  159
  170
  181
  192
  204
  217
  230
  243
  257
  272
  287
  303
  320
  338
  356
  375
  395
Total debt, $m
  0
  19
  40
  61
  84
  107
  132
  158
  184
  212
  241
  271
  302
  335
  369
  404
  440
  478
  518
  559
  602
  646
  693
  742
  792
  845
  901
  959
  1,019
  1,083
  1,149
Total liabilities, $m
  159
  178
  199
  220
  243
  266
  291
  317
  343
  371
  400
  430
  461
  494
  528
  563
  599
  637
  677
  718
  761
  805
  852
  901
  951
  1,004
  1,060
  1,118
  1,178
  1,242
  1,308
Total equity, $m
  318
  248
  277
  307
  338
  371
  405
  441
  478
  517
  557
  599
  643
  688
  735
  783
  834
  887
  942
  999
  1,059
  1,121
  1,186
  1,254
  1,325
  1,399
  1,476
  1,556
  1,641
  1,729
  1,821
Total liabilities and equity, $m
  477
  426
  476
  527
  581
  637
  696
  758
  821
  888
  957
  1,029
  1,104
  1,182
  1,263
  1,346
  1,433
  1,524
  1,619
  1,717
  1,820
  1,926
  2,038
  2,155
  2,276
  2,403
  2,536
  2,674
  2,819
  2,971
  3,129
Debt-to-equity ratio
  0.000
  0.080
  0.140
  0.200
  0.250
  0.290
  0.330
  0.360
  0.390
  0.410
  0.430
  0.450
  0.470
  0.490
  0.500
  0.520
  0.530
  0.540
  0.550
  0.560
  0.570
  0.580
  0.580
  0.590
  0.600
  0.600
  0.610
  0.620
  0.620
  0.630
  0.630
Adjusted equity ratio
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  187
  271
  302
  335
  369
  405
  442
  480
  521
  563
  606
  654
  701
  750
  801
  854
  909
  966
  1,026
  1,088
  1,152
  1,220
  1,290
  1,364
  1,440
  1,520
  1,604
  1,691
  1,783
  1,878
  1,979
Depreciation, amort., depletion, $m
  44
  31
  35
  38
  42
  46
  50
  54
  58
  63
  67
  70
  75
  80
  86
  91
  97
  103
  110
  116
  123
  131
  138
  146
  154
  163
  172
  181
  191
  201
  212
Funds from operations, $m
  226
  303
  337
  373
  411
  450
  491
  534
  579
  626
  674
  723
  776
  830
  886
  945
  1,006
  1,069
  1,135
  1,204
  1,276
  1,350
  1,428
  1,510
  1,595
  1,683
  1,776
  1,873
  1,974
  2,080
  2,191
Change in working capital, $m
  -4
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
Cash from operations, $m
  230
  302
  331
  367
  404
  443
  484
  527
  571
  617
  665
  714
  766
  820
  876
  934
  995
  1,058
  1,123
  1,192
  1,263
  1,337
  1,414
  1,495
  1,579
  1,667
  1,759
  1,855
  1,956
  2,061
  2,171
Maintenance CAPEX, $m
  0
  -26
  -29
  -32
  -36
  -39
  -43
  -47
  -51
  -56
  -60
  -65
  -70
  -75
  -80
  -86
  -91
  -97
  -103
  -110
  -116
  -123
  -131
  -138
  -146
  -154
  -163
  -172
  -181
  -191
  -201
New CAPEX, $m
  -44
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -54
Cash from investing activities, $m
  -84
  -42
  -46
  -49
  -54
  -58
  -63
  -68
  -73
  -79
  -83
  -89
  -95
  -101
  -107
  -114
  -121
  -128
  -135
  -143
  -151
  -159
  -169
  -177
  -187
  -197
  -208
  -219
  -230
  -242
  -255
Free cash flow, $m
  146
  260
  285
  317
  350
  385
  421
  459
  498
  539
  582
  625
  671
  719
  769
  820
  874
  930
  988
  1,049
  1,112
  1,177
  1,246
  1,317
  1,392
  1,470
  1,551
  1,636
  1,725
  1,818
  1,916
Issuance/(repayment) of debt, $m
  0
  19
  20
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  32
  34
  35
  36
  38
  40
  41
  43
  45
  47
  49
  51
  53
  55
  58
  61
  63
  66
Issuance/(repurchase) of shares, $m
  -65
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -71
  19
  20
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  32
  34
  35
  36
  38
  40
  41
  43
  45
  47
  49
  51
  53
  55
  58
  61
  63
  66
Total cash flow (excl. dividends), $m
  74
  279
  306
  338
  373
  408
  446
  484
  525
  567
  610
  655
  702
  751
  802
  855
  911
  968
  1,028
  1,090
  1,155
  1,222
  1,293
  1,366
  1,443
  1,523
  1,607
  1,694
  1,786
  1,882
  1,982
Retained Cash Flow (-), $m
  -58
  -27
  -28
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -60
  -62
  -65
  -68
  -71
  -74
  -77
  -81
  -84
  -88
  -92
Prev. year cash balance distribution, $m
 
  97
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  349
  277
  309
  341
  375
  411
  449
  488
  528
  570
  613
  659
  706
  755
  807
  860
  915
  973
  1,032
  1,095
  1,160
  1,228
  1,298
  1,372
  1,449
  1,530
  1,614
  1,702
  1,793
  1,890
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  335
  254
  268
  281
  291
  298
  303
  305
  303
  299
  291
  281
  269
  254
  237
  218
  199
  179
  159
  139
  120
  102
  85
  70
  56
  45
  35
  26
  20
  14
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

CBOE Holdings, Inc., through its subsidiaries, operates as an options exchange in the United States. It offers marketplaces for trading options on various market indexes; futures on the VIX Index; options on the stocks of individual corporations comprising equity options; and options on other exchange-traded products that include ETP options, such as exchange-traded funds and exchange-traded notes, as well as other index options. The company owns and operates CBOE primary options market, which offers trading in listed options through a single system that integrates electronic trading and traditional open outcry trading on its trading floor in Chicago; CFE, an all-electronic futures exchange, which provides futures on the VIX Index, as well as on other products; and C2, an all-electronic exchange that offers trading for listed options. Its exchanges operate on its proprietary technology platform, known as CBOE Command. The company has a strategic relationship with S&P OPCO LLC; FTSE Russell; MSCI Inc.; and S&P Dow Jones Indices, LLC. CBOE Holdings, Inc. was founded in 1973 and is headquartered in Chicago, Illinois.

FINANCIAL RATIOS  of  CBOE Holdings (CBOE)

Valuation Ratios
P/E Ratio 39.4
Price to Sales 11.2
Price to Book 23.1
Price to Tangible Book
Price to Cash Flow 32
Price to Free Cash Flow 39.6
Growth Rates
Sales Growth Rate 3.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 12.8%
Cap. Spend. - 3 Yr. Gr. Rate 8.7%
Financial Strength
Quick Ratio NaN
Current Ratio 0.7
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 43.4%
Ret/ On Assets - 3 Yr. Avg. 47.6%
Return On Total Capital 64.7%
Ret/ On T. Cap. - 3 Yr. Avg. 72%
Return On Equity 64.7%
Return On Equity - 3 Yr. Avg. 72%
Asset Turnover 1.5
Profitability Ratios
Gross Margin 88.1%
Gross Margin - 3 Yr. Avg. 88.7%
EBITDA Margin 53.4%
EBITDA Margin - 3 Yr. Avg. 56.1%
Operating Margin 45.4%
Oper. Margin - 3 Yr. Avg. 48.9%
Pre-Tax Margin 46.7%
Pre-Tax Margin - 3 Yr. Avg. 49.3%
Net Profit Margin 28.5%
Net Profit Margin - 3 Yr. Avg. 30.5%
Effective Tax Rate 39.4%
Eff/ Tax Rate - 3 Yr. Avg. 38.3%
Payout Ratio 42.2%

CBOE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CBOE stock intrinsic value calculation we used $657 million for the last fiscal year's total revenue generated by CBOE Holdings. The default revenue input number comes from 2016 income statement of CBOE Holdings. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CBOE stock valuation model: a) initial revenue growth rate of 12.2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for CBOE is calculated based on our internal credit rating of CBOE Holdings, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of CBOE Holdings.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CBOE stock the variable cost ratio is equal to 49.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CBOE stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for CBOE Holdings.

Corporate tax rate of 27% is the nominal tax rate for CBOE Holdings. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CBOE stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CBOE are equal to 19.6%.

Life of production assets of 3.3 years is the average useful life of capital assets used in CBOE Holdings operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CBOE is equal to 7.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $318 million for CBOE Holdings - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 80.328 million for CBOE Holdings is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of CBOE Holdings at the current share price and the inputted number of shares is $7.3 billion.


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COMPANY NEWS

▶ CBOE Holdings Announces Pricing of Senior Notes Offering   [Jun-26-17 05:22PM  PR Newswire]
▶ CBOE Holdings Plans Listing of Altice USA (ATUS) Options   [Jun-23-17 05:25PM  PR Newswire]
▶ [$$] Academics Clash Over VIX Bragging Rights   [12:34AM  The Wall Street Journal]
▶ ETFs with exposure to CBOE Holdings, Inc. : June 19, 2017   [Jun-19-17 03:04PM  Capital Cube]
▶ Systematically Harvesting the Volatility Premium   [Jun-07-17 07:00AM  Morningstar]
▶ Candle Magic   [Jun-06-17 02:02PM  Forbes]
▶ CBOE Holdings Reports May 2017 Trading Volume   [Jun-05-17 01:00PM  PR Newswire]
▶ Top Ranked Momentum Stocks to Buy for June 1st   [Jun-01-17 10:29AM  Zacks]
▶ Top Ranked Momentum Stocks to Buy for May 30th   [May-30-17 11:53AM  Zacks]
▶ Top Ranked Momentum Stocks to Buy for May 25th   [May-25-17 12:30PM  Zacks]
▶ Market Inches Higher Again On Little News Flow   [May-23-17 06:56PM  Zacks]
▶ [$$] Bill Brodsky: A Towering Figure in Options   [May-20-17 12:55PM  Barrons.com]
▶ Top Ranked Momentum Stocks to Buy for May 19th   [May-19-17 10:44AM  Zacks]
▶ CBOE Holdings Declares Second-Quarter 2017 Dividend   [May-18-17 05:17PM  PR Newswire]
▶ CBOE beats Street 1Q forecasts   [07:42AM  Associated Press]
▶ Bats Announces Alternative to Closing Auctions   [May-08-17 07:28AM  PR Newswire]
▶ CBOE Begins Trading Options on VelocityShares' EVIX   [May-04-17 01:18PM  PR Newswire]
▶ CBOE Holdings Reports April 2017 Trading Volume   [May-03-17 01:38PM  PR Newswire]
▶ Play the ETF Boom: There's an ETF for That   [Apr-21-17 11:00AM  Investopedia]
▶ [$$] Equity derivatives no longer dominate derivatives trade   [Apr-20-17 12:00AM  Financial Times]
▶ CBOE Holdings Reports March 2017 Trading Volume   [Apr-06-17 12:19PM  PR Newswire]
▶ Tracking Volatility: How the VIX is Calculated   [Mar-24-17 06:00AM  at Investopedia]
▶ [$$] Bats Exchange Objects to SEC Denial of Bitcoin ETF   [Mar-22-17 06:47PM  The Wall Street Journal]
▶ U.S. Exchanges Prep for Blizzard   [Mar-13-17 05:17PM  The Wall Street Journal]
▶ [$$] CBOE Stock: A Play on Technology   [Mar-11-17 12:35AM  at Barrons.com]
▶ [$$] SEC Denies Winklevoss Application for a Bitcoin ETF   [Mar-10-17 11:44PM  at The Wall Street Journal]
▶ CBOE Holdings Reports February 2017 Trading Volume   [Mar-03-17 04:46PM  PR Newswire]
▶ CBOE Holdings Plans Listing Of Snap Inc. (SNAP) Options   [Mar-02-17 06:10PM  PR Newswire]
▶ With CBOE deal done, here's what Bats looks like now   [Mar-01-17 03:05PM  at bizjournals.com]
▶ CBOE Holdings, Inc. To Join S&P 500   [Feb-27-17 01:28PM  PR Newswire]
Stock chart of CBOE Financial statements of CBOE Annual reports of CBOE
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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