Cme Group Inc.
CME
Security & Commodity Brokers, Dealers, Exchanges & Services
Mkt Cap
$74.92BPE
23.73Debt
$3.426BCash
$95.92BEV
-$17.57BFCF
$3.363BP/E Ratio
23.73Debt
$3.426BCash
$95.92BEV
-$17.57BFCF
$3.363BCharts data: {"Earnings":[{"time":"2014-12-30","value":1126900000},{"time":"2015-12-30","value":1247000000},{"time":"2016-12-30","value":1534100000},{"time":"2017-12-30","value":4063400000},{"time":"2018-12-30","value":1962200000},{"time":"2019-12-30","value":2115800000},{"time":"2020-12-30","value":2105200000},{"time":"2021-12-30","value":2617100000},{"time":"2022-12-30","value":2657200000},{"time":"2023-12-30","value":3185600000}],"Sales":[{"time":"2014-12-30","value":3112500000},{"time":"2015-12-30","value":3326800000},{"time":"2016-12-30","value":3595200000},{"time":"2017-12-30","value":3644700000},{"time":"2018-12-30","value":4309400000},{"time":"2019-12-30","value":4868000000},{"time":"2020-12-30","value":4883600000},{"time":"2021-12-30","value":4689700000},{"time":"2022-12-30","value":5019400000},{"time":"2023-12-30","value":5578900000}],"Net Margins":[{"time":"2014-12-30","value":0.3620562248995984},{"time":"2015-12-30","value":0.3748346759648912},{"time":"2016-12-30","value":0.4267078326657766},{"time":"2017-12-30","value":1.11487913957253},{"time":"2018-12-30","value":0.45533020838167726},{"time":"2019-12-30","value":0.4346343467543139},{"time":"2020-12-30","value":0.4310754361536571},{"time":"2021-12-30","value":0.5580527539074994},{"time":"2022-12-30","value":0.5293859823883332},{"time":"2023-12-30","value":0.571008621771317}],"Assets":[{"time":"2014-12-30","value":72241500000},{"time":"2015-12-30","value":67371500000},{"time":"2016-12-30","value":69369400000},{"time":"2017-12-30","value":75791200000},{"time":"2018-12-30","value":77475700000},{"time":"2019-12-30","value":75215300000},{"time":"2020-12-30","value":124659600000},{"time":"2021-12-30","value":196780300000},{"time":"2022-12-30","value":174175700000},{"time":"2023-12-30","value":129706100000}],"Stockholders Equity":[{"time":"2014-12-30","value":20923500000},{"time":"2015-12-30","value":20551800000},{"time":"2016-12-30","value":20340700000},{"time":"2017-12-30","value":22411800000},{"time":"2018-12-30","value":25965300000},{"time":"2019-12-30","value":26159300000},{"time":"2020-12-30","value":26351500000},{"time":"2021-12-30","value":27399300000},{"time":"2022-12-30","value":26878700000},{"time":"2023-12-30","value":26737900000}],"ROE":[{"time":"2014-12-30","value":0.053858102133964206},{"time":"2015-12-30","value":0.06067595052501484},{"time":"2016-12-30","value":0.07542021661004783},{"time":"2017-12-30","value":0.18130627615809528},{"time":"2018-12-30","value":0.07557008777098666},{"time":"2019-12-30","value":0.08088136914978612},{"time":"2020-12-30","value":0.07988919036866972},{"time":"2021-12-30","value":0.09551703875646458},{"time":"2022-12-30","value":0.09885894779137384},{"time":"2023-12-30","value":0.11914174262002626}],"ROA":[{"time":"2014-12-30","value":0.024520531827273796},{"time":"2015-12-30","value":0.02951841654111902},{"time":"2016-12-30","value":0.03297707634778447},{"time":"2017-12-30","value":0.03333236576277985},{"time":"2018-12-30","value":0.035853822553394164},{"time":"2019-12-30","value":0.035758682076651956},{"time":"2020-12-30","value":0.021836264515528687},{"time":"2021-12-30","value":0.017143992564296325},{"time":"2022-12-30","value":0.020038960658691197},{"time":"2023-12-30","value":0.03202316621963038}]}
CME Group Inc., together with its subsidiaries, operates contract markets for the trading of futures and options on futures contracts worldwide. It offers futures and options products based on interest rates, equity indexes, foreign exchange, agricultural commodities, energy, and metals, as well as fixed income and foreign currency trading services. The company also provides clearing house services, including clearing, settling, and guaranteeing futures and options contracts, and cleared swaps products traded through its exchanges; and trade processing and risk mitigation services. In addition, the company offers a range of market data services, including real-time and historical data services. It serves professional traders, financial institutions, institutional and individual investors, corporations, manufacturers, producers, governments, and central banks. The company was formerly known as Chicago Mercantile Exchange Holdings Inc. and changed its name to CME Group Inc. in July 2007. CME Group Inc. was founded in 1898 and is headquartered in Chicago, Illinois.
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DCF
Discounted Cash Flow Valuation of Cme Group Inc.
Value
Growth
%
%
Discount
%
%
Multiple
| g\r | +10% | +11% | +12% | +13% | +14% |
|---|---|---|---|---|---|
| 0% | 10 | 9 | 8 | 8 | 7 |
| +1% | 11 | 10 | 9 | 8 | 8 |
| +2% | 13 | 11 | 10 | 9 | 8 |
| +3% | 14 | 13 | 11 | 10 | 9 |
| +4% | 17 | 14 | 12 | 11 | 10 |
| Years | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | TV |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FCF | $3.363B | $3.697B | $4.043B | $4.4B | $4.764B | $5.132B | $5.501B | $5.866B | $6.224B | $6.569B | $6.897B | $68.97B |
| DCF | $3.214B | $3.057B | $2.893B | $2.724B | $2.552B | $2.378B | $2.205B | $2.035B | $1.867B | $1.705B | $17.05B | |
| Value | $41.68B | |||||||||||
In the chart Earnings are multiplied by this value.
Earnings Growth 8.8%
Earnings Stability 36%
Competitiveness and MOAT
High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.
| Years | 12-2015 | 12-2016 | 12-2017 | 12-2018 | 12-2019 | 12-2020 | 12-2021 | 12-2022 | 12-2023 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 37% | 43% | 110% | 46% | 43% | 43% | 56% | 53% | 57% | 56% |
| ROA | 3% | 3.3% | 3.3% | 3.6% | 3.6% | 2.2% | 1.7% | 2% | 3.2% | 3.1% |
| ROE | 6.1% | 7.5% | 18% | 7.6% | 8.1% | 8% | 9.6% | 9.9% | 12% | 12% |
What is the average Net Margin?
The average Net Margin over the past 5 years is +49.66%.
What is the trend of Net Margin?
The trend of Net Margin over the past 5 years is +2.83%.
What is the average Return on Assets (ROA)?
The average ROA over the past 5 years is +2.71%.
What is the trend of Return on Assets (ROA)?
The trend of ROA over the past 5 years is -0.2%.
What is the average Return on Equity (ROE)?
The average ROE over the past 5 years is +9.16%.
What is the trend of Return on Equity (ROE)?
The trend of ROE over the past 5 years is +0.82%.
Safety & Stabiliy
Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.
| Years | 12-2015 | 12-2016 | 12-2017 | 12-2018 | 12-2019 | 12-2020 | 12-2021 | 12-2022 | 12-2023 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt FCF | 1.60 | 1.37 | 1.27 | 1.89 | 1.54 | 1.37 | 1.51 | 1.16 | 1.01 | 1.02 |
| Debt Equity | 0.11 | 0.11 | 0.10 | 0.17 | 0.14 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 |
| MIN | ||||||||||
| Graham Stability | - | - | 100% | 86% | 84% | 78% | 100% | 100% | 100% | 78% |
What is the Debt/FCF?
The Debt/FCF trailing twelve month is 1.02.
What is the trend of Debt/FCF?
The trend of Debt/FCF over the past 5 years is -0.15.
What is the Graham’s Stability?
Graham’s Stability measure stands at 0.78.
Growth
Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.
| Years | 12-2016 | 12-2018 | 12-2020 | 12-2022 | Trend |
|---|---|---|---|---|---|
| Revenue | 6.5% | 5.3% | 4.5% | 11% | -0.24% |
| Net Income | 11% | 10% | 15% | 20% | -4.3% |
| Stockholders Equity | 4% | 0.59% | 0.49% | -0.52% | -0.42% |
| FCF | 11% | 7.8% | 10% | 14% | -0.87% |
What is the 5 year Revenue CAGR?
The Revenue CAGR over the past 5 years is +5.3%.
What is the trend of Revenue growth?
The trend of Revenue growth rate over the past 5 years is -0.24%.
What is the 5 year Earnings CAGR?
The Earnings CAGR over the past 5 years is +10.18%.
What is the trend of Earnings growth?
The trend of Earnings growth rate over the past 5 years is -4.29%.
What is the 5 year Equity CAGR?
The Equity CAGR over the past 5 years is +0.59%.
What is the trend of Equity growth?
The trend of Equity growth rate over the past 5 years is -0.42%.
What is the 5 year FCF CAGR?
The FCF CAGR over the past 5 years is +7.76%.
What is the trend of FCF growth?
The trend of FCF growth rate over the past 5 years is -0.87%.