CBOE Holdings, Inc

CBOE Holdings, Inc. (NASDAQ: CBOE) is the holding company for Chicago Board Options Exchange (CBOE), the CBOE Futures Exchange (CFE) and other subsidiaries. CBOE, the largest options exchange and creator of listed options United States, continues to set the standard for options and volatility trading -a through product innovation, trading technology and investor education. CBOE Holdings offers equity, index and options ETP, including proprietary products, such as S & P 500 (SPX) options, the option of more active US index futures and options on the CBOE volatility index (VIX Index). Other engineering products by CBOE include stock options, security index options, options Weeklys, jumps options, options FLE, and reference products: such as the S & P BuyWrite CBOE Index (BXM). CBOE Holdings is home to the world – renowned Institute Choices, choices Livevol and data analysis tools and www.cboe.com, the place: to go to options and volatility trading resources.

CBOE Holdings, was founded in 1973 and is dedicated to market investment products traded.

cboe-holdings

  • Political and Macroeconomic Analysis.

CBOE Holdings, is domiciled in the US and listed on the NASDAQ. Currently US and left behind the 2008 crisis , but its economy still receives stimuli of 2 types, bond purchases by the Fed and interest rates virtually at 0 , it is expected that this monetary policy harden over the next 6 months.

US growth indicators 2012 2013 2014 2015 2016 (e)
GDP (billions of dollars) 16.155,25 16.663,15 17.348,08 17.968,20e 18.697,92
GDP (annual growth in% , constant prices) 2,2 1,5 2,4 2,6e 2,8
GDP per capita (USD) 51.384 52.608 54.370 55.904e 57.766
Balance of public finances (% of GDP) -6,2 -4,1 -3,6 -3,1e -3,0
State debt (% of GDP) 102,5 104,8 104,8 104,9e 106,0
Rate of inflation (%) 2,1 1,5 1,6 0,1e 1,1
Unemployment rate (% of labor force) 8,1 7,4 6,2 5,3 4,9
Balance of current transactions (billions of dollars) -449,67 -376,76 -389,53 -460,62e -551,50
Balance of current transactions (% of GDP) -2,8 -2,3 -2,2 -2,6e -3,0

Note: (e) Estimated data

  • Sectorial analysis.

Compared with the direct competitor

CBOE Price trend volume (TPV)1 NDAQ Sectors
Market capitalization: 5,60MM N/A 11,77MM 7,45Mill
Employees: 564 3.079 3.824 10,00
Quarterly revenue growth (yoy): 0,10 N/A 0,11 0,00
Revenue (ttm): 668,64Mill 3,75MM1 3,54MM 9,88Mill
Gross Margin (ttm): 0,88 N/A 0,61 0,99
EBITDA (ttm): 383,87Mill N/A 1,14MM -483,51Mil
Net operating income (ttm): 0,50 N/A 0,28 0,24
Net income (ttm): 217,62Mill 348,00Mill1 488,00Mill N/A
EPS (ttm): 2,64 N/A 2,89 N/A
Price/Earnings (P/E) (ttm): 26,02 N/A 24,75 19,46
PEG (5 yr): 3,11 N/A 1,77 1,76
Price / sales (P/S) (ttm): 8,33 N/A 3,32 8,38
TPV1 = NYSE Holdings LLC (privately held)
NDAQ = Nasdaq, Inc.
Industria = Diversified Investments
Investment Banking Companies Ranked By Investment Banking Sales
Company Symbol Price Change Market capitalization Price/Earnings (P/E)
Citigroup Global Markets Holdings Inc. “Privado”
JPMorgan Chase & Co. JPM 64,66 0,02 236,41MM 10,96
The Goldman Sachs Group, Inc. GS 158,34 0,01 67,52MM 15,02
Morgan Stanley MS 28,42 0,02 54,51MM 13,15
MERRILL LYNCH & CO., INC. “Privado”
Lehman Brothers Holdings Inc. “Privado”
UBS Investment Bank “Privado”
DEUTSCHE BANK AG “Privado”
  • Business analysis.
CBOE CBOE Holdings, Inc. daily Stock Chart
Index P/E 26.88 EPS (ttm) 2.56 Insider Own 0.90% Shs Outstand 80.85M Perf Week -0.07%
Market Cap 5.56B Forward P/E 25.59 EPS next Y 2.69 Insider Trans -7.09% Shs Float 80.50M Perf Month 2.05%
Income 211.20M PEG 2.90 EPS next Q 0.60 Inst Own 77.10% Short Float 4.33% Perf Quarter 10.18%
Sales 654.00M P/S 8.50 EPS this Y 11.40% Inst Trans -0.18% Short Ratio 8.23 Perf Half Y 7.78%
Book/sh 3.27 P/B 21.04 EPS next Y 9.76% ROA Target Price 64.23 Perf Year 11.57%
Cash/sh 0.65 P/C 106.55 EPS next 5Y 9.27% ROE 84.30% 52W Range 57.43 – 71.77 Perf YTD 6.77%
Dividend 0.92 P/FCF 42.29 EPS past 5Y 19.10% ROI 77.40% 52W High -4.15% Beta 0.43
Dividend % 1.34% Quick Ratio 2.30 Sales past 5Y 7.70% Gross Margin 52W Low 19.78% ATR 0.96
Employees 564 Current Ratio 2.30 Sales Q/Q 9.80% Oper. Margin 51.10% RSI (14) 61.50 Volatility 1.33% 1.21%
Optionable Yes Debt/Eq 0.00 EPS Q/Q 16.90% Profit Margin 33.30% Rel Volume 0.67 Prev Close 68.52
Shortable Yes LT Debt/Eq 0.00 Earnings Jul 29 BMO Payout 17.40% Avg Volume 423.13K Price 68.79
Recom 3.20 SMA20 1.00% SMA50 4.73% SMA200 5.65% Volume 284,200 Change 0.39%

 

From the data shown here we see that the macroeconomic environment of the company is a stable environment with sustained economic growth, and a predictable rise in interest rates and elimination of economic incentives that negatively affect the share price of the company.

CBOE Holdings traded well above that rival companies as P / E ratio , a fact that could lead to a correction value.

Regarding the ratios own company

CBOE Holdings
P/E Ratio 26,88
P/S Ratio 9,06
P/Free CF Ratio 42,29
P/BV Ratio 21,04

As these ratios the company is overvalued and should have a correction value . However already I made an analysis of the company CBOE Holdings 9-28-15 and the value dropped to levels not expected by me.

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