Overview
Cboe Q3 net revenue rises 14% yr/yr, driven by growth in derivatives and cash markets
Record diluted EPS of $2.85, adjusted EPS up 20% yr/yr
Company to sell Cboe Australia and Canada, and discontinue U.S. and European corporate listings
Outlook
Cboe raises 2025 organic net revenue growth target to low double-digit to mid-teens
Company lowers 2025 adjusted operating expense guidance to $827-$842 mln
Data Vantage 2025 revenue growth target increased to high single-digit to low double-digit
Result Drivers
DERIVATIVES GROWTH - Derivatives net revenue increased 15% due to record volumes in the options business
DATA VANTAGE GROWTH - Data Vantage net revenue grew 12% yr/yr, contributing to overall revenue increase
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Revenue | $1.14 bln | ||
Q3 Adjusted EPS | $2.67 | ||
Q3 EPS | $2.85 | ||
Q3 Net Income | $300.80 mln | ||
Q3 Adjusted EBITDA | $409 mln | ||
Q3 Adjusted EBITDA Margin | 67.50% | ||
Q3 Operating Income | $370.30 mln | ||
Q3 Operating Margin | 61.20% |
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 4 "strong buy" or "buy", 12 "hold" and 3 "sell" or "strong sell"
The average consensus recommendation for the financial & commodity market operators & service providers peer group is "buy."
Wall Street's median 12-month price target for CBOE Global Markets Inc is $255.00, about 7.1% above its October 30 closing price of $236.89
The stock recently traded at 23 times the next 12-month earnings vs. a P/E of 24 three months ago
Press Release: ID:nCNWcZC5ka
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)