Intrinsic value of Cboe Global Markets - CBOE

Previous Close

$104.20

  Intrinsic Value

$163.14

stock screener

  Rating & Target

str. buy

+57%

Previous close

$104.20

 
Intrinsic value

$163.14

 
Up/down potential

+57%

 
Rating

str. buy

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

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 0001), $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 8.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  4.20
  4.28
  4.35
  4.42
  4.48
  4.53
  4.57
  4.62
  4.66
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
Revenue, $m
  2,323
  2,422
  2,528
  2,639
  2,757
  2,882
  3,014
  3,153
  3,300
  3,455
  3,618
  3,790
  3,971
  4,161
  4,361
  4,572
  4,794
  5,027
  5,273
  5,531
  5,802
  6,087
  6,386
  6,701
  7,032
  7,380
  7,745
  8,128
  8,531
  8,955
Variable operating expenses, $m
  1,319
  1,355
  1,394
  1,435
  1,479
  1,525
  1,574
  1,625
  1,679
  1,736
  1,336
  1,399
  1,466
  1,536
  1,610
  1,688
  1,770
  1,856
  1,947
  2,042
  2,142
  2,247
  2,358
  2,474
  2,596
  2,724
  2,859
  3,001
  3,150
  3,306
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
  1,319
  1,355
  1,394
  1,435
  1,479
  1,525
  1,574
  1,625
  1,679
  1,736
  1,336
  1,399
  1,466
  1,536
  1,610
  1,688
  1,770
  1,856
  1,947
  2,042
  2,142
  2,247
  2,358
  2,474
  2,596
  2,724
  2,859
  3,001
  3,150
  3,306
Operating income, $m
  1,004
  1,067
  1,133
  1,204
  1,278
  1,357
  1,440
  1,528
  1,621
  1,718
  2,282
  2,391
  2,505
  2,625
  2,751
  2,884
  3,024
  3,171
  3,326
  3,489
  3,660
  3,840
  4,029
  4,227
  4,436
  4,655
  4,885
  5,127
  5,382
  5,649
EBITDA, $m
  1,569
  1,636
  1,707
  1,782
  1,862
  1,946
  2,035
  2,129
  2,229
  2,333
  2,443
  2,559
  2,681
  2,810
  2,945
  3,088
  3,238
  3,395
  3,561
  3,735
  3,918
  4,111
  4,313
  4,526
  4,749
  4,984
  5,230
  5,489
  5,762
  6,047
Interest expense (income), $m
  0
  83
  89
  95
  102
  110
  117
  125
  134
  143
  152
  162
  173
  184
  196
  208
  221
  235
  249
  264
  280
  297
  314
  333
  352
  373
  394
  417
  440
  465
  491
Earnings before tax, $m
  921
  978
  1,038
  1,102
  1,169
  1,240
  1,315
  1,394
  1,478
  1,566
  2,120
  2,218
  2,321
  2,429
  2,543
  2,663
  2,789
  2,922
  3,062
  3,209
  3,363
  3,525
  3,696
  3,875
  4,063
  4,261
  4,469
  4,687
  4,917
  5,158
Tax expense, $m
  249
  264
  280
  297
  316
  335
  355
  376
  399
  423
  572
  599
  627
  656
  687
  719
  753
  789
  827
  866
  908
  952
  998
  1,046
  1,097
  1,150
  1,207
  1,266
  1,327
  1,393
Net income, $m
  673
  714
  758
  804
  853
  905
  960
  1,018
  1,079
  1,143
  1,547
  1,619
  1,694
  1,773
  1,856
  1,944
  2,036
  2,133
  2,235
  2,342
  2,455
  2,573
  2,698
  2,829
  2,966
  3,111
  3,262
  3,422
  3,589
  3,765

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  5,491
  5,726
  5,975
  6,239
  6,518
  6,814
  7,125
  7,454
  7,801
  8,167
  8,553
  8,959
  9,387
  9,837
  10,311
  10,809
  11,334
  11,885
  12,465
  13,075
  13,716
  14,390
  15,098
  15,842
  16,624
  17,446
  18,309
  19,216
  20,169
  21,170
Adjusted assets (=assets-cash), $m
  5,491
  5,726
  5,975
  6,239
  6,518
  6,814
  7,125
  7,454
  7,801
  8,167
  8,553
  8,959
  9,387
  9,837
  10,311
  10,809
  11,334
  11,885
  12,465
  13,075
  13,716
  14,390
  15,098
  15,842
  16,624
  17,446
  18,309
  19,216
  20,169
  21,170
Revenue / Adjusted assets
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
Average production assets, $m
  1,282
  1,337
  1,395
  1,457
  1,522
  1,591
  1,664
  1,741
  1,822
  1,907
  1,997
  2,092
  2,192
  2,297
  2,408
  2,524
  2,646
  2,775
  2,911
  3,053
  3,203
  3,360
  3,525
  3,699
  3,882
  4,074
  4,275
  4,487
  4,709
  4,943
Working capital, $m
  -93
  -97
  -101
  -106
  -110
  -115
  -121
  -126
  -132
  -138
  -145
  -152
  -159
  -166
  -174
  -183
  -192
  -201
  -211
  -221
  -232
  -243
  -255
  -268
  -281
  -295
  -310
  -325
  -341
  -358
Total debt, $m
  1,329
  1,425
  1,527
  1,635
  1,749
  1,870
  1,997
  2,132
  2,274
  2,423
  2,581
  2,747
  2,922
  3,106
  3,300
  3,504
  3,718
  3,944
  4,181
  4,430
  4,693
  4,968
  5,258
  5,562
  5,882
  6,218
  6,571
  6,942
  7,332
  7,741
Total liabilities, $m
  2,246
  2,342
  2,444
  2,552
  2,666
  2,787
  2,914
  3,049
  3,191
  3,340
  3,498
  3,664
  3,839
  4,023
  4,217
  4,421
  4,635
  4,861
  5,098
  5,348
  5,610
  5,885
  6,175
  6,479
  6,799
  7,135
  7,488
  7,859
  8,249
  8,658
Total equity, $m
  3,245
  3,384
  3,531
  3,687
  3,852
  4,027
  4,211
  4,405
  4,611
  4,827
  5,055
  5,295
  5,547
  5,814
  6,094
  6,388
  6,698
  7,024
  7,367
  7,727
  8,106
  8,504
  8,923
  9,363
  9,825
  10,311
  10,821
  11,357
  11,920
  12,511
Total liabilities and equity, $m
  5,491
  5,726
  5,975
  6,239
  6,518
  6,814
  7,125
  7,454
  7,802
  8,167
  8,553
  8,959
  9,386
  9,837
  10,311
  10,809
  11,333
  11,885
  12,465
  13,075
  13,716
  14,389
  15,098
  15,842
  16,624
  17,446
  18,309
  19,216
  20,169
  21,169
Debt-to-equity ratio
  0.410
  0.420
  0.430
  0.440
  0.450
  0.460
  0.470
  0.480
  0.490
  0.500
  0.510
  0.520
  0.530
  0.530
  0.540
  0.550
  0.560
  0.560
  0.570
  0.570
  0.580
  0.580
  0.590
  0.590
  0.600
  0.600
  0.610
  0.610
  0.620
  0.620
Adjusted equity ratio
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591
  0.591

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  673
  714
  758
  804
  853
  905
  960
  1,018
  1,079
  1,143
  1,547
  1,619
  1,694
  1,773
  1,856
  1,944
  2,036
  2,133
  2,235
  2,342
  2,455
  2,573
  2,698
  2,829
  2,966
  3,111
  3,262
  3,422
  3,589
  3,765
Depreciation, amort., depletion, $m
  564
  569
  574
  578
  584
  589
  595
  601
  608
  615
  161
  169
  177
  185
  194
  204
  213
  224
  235
  246
  258
  271
  284
  298
  313
  329
  345
  362
  380
  399
Funds from operations, $m
  1,237
  1,283
  1,331
  1,383
  1,437
  1,494
  1,555
  1,619
  1,687
  1,758
  1,709
  1,788
  1,871
  1,958
  2,051
  2,148
  2,250
  2,357
  2,470
  2,589
  2,713
  2,844
  2,982
  3,127
  3,279
  3,439
  3,607
  3,784
  3,969
  4,164
Change in working capital, $m
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
Cash from operations, $m
  1,241
  1,287
  1,335
  1,387
  1,442
  1,499
  1,560
  1,625
  1,693
  1,764
  1,715
  1,794
  1,878
  1,966
  2,059
  2,156
  2,259
  2,366
  2,480
  2,599
  2,724
  2,856
  2,994
  3,140
  3,292
  3,453
  3,622
  3,799
  3,985
  4,181
Maintenance CAPEX, $m
  -99
  -103
  -108
  -113
  -117
  -123
  -128
  -134
  -140
  -147
  -154
  -161
  -169
  -177
  -185
  -194
  -204
  -213
  -224
  -235
  -246
  -258
  -271
  -284
  -298
  -313
  -329
  -345
  -362
  -380
New CAPEX, $m
  -51
  -55
  -58
  -62
  -65
  -69
  -73
  -77
  -81
  -85
  -90
  -95
  -100
  -105
  -111
  -116
  -122
  -129
  -135
  -142
  -150
  -157
  -165
  -174
  -183
  -192
  -202
  -212
  -222
  -234
Cash from investing activities, $m
  -150
  -158
  -166
  -175
  -182
  -192
  -201
  -211
  -221
  -232
  -244
  -256
  -269
  -282
  -296
  -310
  -326
  -342
  -359
  -377
  -396
  -415
  -436
  -458
  -481
  -505
  -531
  -557
  -584
  -614
Free cash flow, $m
  1,090
  1,128
  1,169
  1,213
  1,259
  1,308
  1,359
  1,414
  1,471
  1,532
  1,471
  1,539
  1,609
  1,684
  1,763
  1,846
  1,933
  2,024
  2,120
  2,222
  2,328
  2,440
  2,558
  2,682
  2,812
  2,948
  3,092
  3,242
  3,401
  3,567
Issuance/(repayment) of debt, $m
  91
  96
  102
  108
  114
  121
  127
  135
  142
  150
  158
  166
  175
  184
  194
  204
  214
  226
  237
  249
  262
  276
  290
  304
  320
  336
  353
  371
  390
  409
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  91
  96
  102
  108
  114
  121
  127
  135
  142
  150
  158
  166
  175
  184
  194
  204
  214
  226
  237
  249
  262
  276
  290
  304
  320
  336
  353
  371
  390
  409
Total cash flow (excl. dividends), $m
  1,181
  1,225
  1,271
  1,321
  1,373
  1,428
  1,487
  1,548
  1,613
  1,681
  1,629
  1,705
  1,784
  1,868
  1,957
  2,049
  2,147
  2,250
  2,358
  2,471
  2,590
  2,716
  2,848
  2,986
  3,131
  3,284
  3,445
  3,613
  3,790
  3,976
Retained Cash Flow (-), $m
  -135
  -139
  -147
  -156
  -165
  -174
  -184
  -194
  -205
  -216
  -228
  -240
  -253
  -266
  -280
  -295
  -310
  -326
  -343
  -360
  -379
  -398
  -419
  -440
  -462
  -486
  -510
  -536
  -563
  -591
Prev. year cash balance distribution, $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 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
  1,046
  1,086
  1,124
  1,165
  1,208
  1,254
  1,303
  1,354
  1,408
  1,465
  1,401
  1,465
  1,532
  1,602
  1,677
  1,755
  1,837
  1,924
  2,015
  2,111
  2,212
  2,318
  2,429
  2,546
  2,669
  2,799
  2,934
  3,077
  3,227
  3,385
Discount rate, %
  5.00
  5.25
  5.51
  5.79
  6.08
  6.38
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.13
  16.93
  17.78
  18.67
  19.60
  20.58
PV of cash for distribution, $m
  997
  980
  957
  930
  900
  865
  827
  786
  741
  694
  592
  547
  501
  454
  407
  361
  316
  273
  233
  195
  162
  132
  105
  83
  64
  48
  35
  26
  18
  12
Current shareholders' claim on cash, %
  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 Global Markets, Inc., formerly CBOE Holdings, Inc., is a holding company. The Company provides trading and investment solutions to investors around the world. It offers trading across a diverse range of products in multiple asset classes and geographies, including options, futures, United States and European equities, exchange-traded products (ETPs), global foreign exchange (FX) and multi-asset volatility products based on the Cboe Volatility Index (VIX Index). The Company’s trading venues include the options exchange in the United States and the stock exchange in Europe. Its products include VIX Index & Volatility, stock exchange options, options on single stocks and exchange traded products, Mini Options, Weeklys Options, Strategy Benchmark Indexes, Social Media Indexes, Contract Specs and Trading Hours and Trader Incentive Programs.

FINANCIAL RATIOS  of  Cboe Global Markets (CBOE)

Valuation Ratios
P/E Ratio 45.3
Price to Sales 12.9
Price to Book 26.6
Price to Tangible Book
Price to Cash Flow 36.8
Price to Free Cash Flow 45.5
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 $2229.1 million for the last fiscal year's total revenue generated by Cboe Global Markets. The default revenue input number comes from 0001 income statement of Cboe Global Markets. 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 4.2% 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 5%, whose default value for CBOE is calculated based on our internal credit rating of Cboe Global Markets, 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 Global Markets.
    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 57.6%.

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 6.7% for Cboe Global Markets.

Corporate tax rate of 27% is the nominal tax rate for Cboe Global Markets. 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 55.2%.

Life of production assets of 12.4 years is the average useful life of capital assets used in Cboe Global Markets 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 -4%. 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 - $3110.6 million for Cboe Global Markets - 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 81.285 million for Cboe Global Markets 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 Global Markets at the current share price and the inputted number of shares is $8.5 billion.

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COMPANY NEWS

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▶ 2 Downtrodden Financial Stocks to Watch: CBOE and VIRT   [Aug-29-18 09:34AM  InvestorPlace]
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▶ CBOE: 2Q Earnings Snapshot   [07:41AM  Associated Press]
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▶ Earnings Preview: CBOE Holdings   [02:33PM  Benzinga]
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▶ Bitcoin's Hot and Wall Street Wants In Again   [Jul-25-18 04:34PM  Barrons.com]
▶ Cboe Hosts 7th Annual Risk Management Conference Europe   [Jul-24-18 12:08PM  PR Newswire]
▶ Bitcoin Magazines Week in Review: Progress in Different Forms   [Jul-14-18 12:19PM  Bitcoin Magazine]
▶ Final trades: Comerica, IBM, CBOE, and Groupon   [Jul-09-18 01:36PM  CNBC Videos]
▶ Cboe Global Markets Reports June 2018 Trading Volume   [Jul-05-18 06:05PM  PR Newswire]
▶ [$$] In a Year Marked by Controversy, Cboe Seeks to Improve Fear Gauge   [Jun-20-18 07:39PM  The Wall Street Journal]
▶ Cboe Global Markets Reports May 2018 Trading Volume   [Jun-05-18 05:52PM  PR Newswire]
▶ Spirited VIX Volume Spurs Cboe Growth   [03:20PM  Motley Fool]
▶ [$$] Fintech Startup StratiFi Banks $7 Million Series A   [May-04-18 04:44PM  The Wall Street Journal]

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