Financial Services • CBOE
According to Zyberno, Cboe Global Markets, Inc. (CBOE) shows a Value Trap signal — GREAT BUSINESS (89/100) with an apparent Margin of Safety of +18.4%, but a Brina Gap of -11.8% reveals the current price still assumes faster growth than the business can deliver.
According to Zyberno's DCF model, Cboe Global Markets, Inc. (CBOE) trades at $313.95 against an estimated intrinsic value per share of $384.56 — a +18.4% Margin of Safety based on Owner Earnings of $2.72B TTM, projected at 4.1% growth for 10 years with a 2.5% terminal growth rate. The Brina Gap of -11.8% weakens the case: based on the company's ROIC (26.1%) and reinvestment rate (-4.1%), the business can fundamentally grow at -1.1% — but the current enterprise value implies the market expects 10.7%. This places CBOE in the Value Trap quadrant of the Brina Matrix — a value-trap signal where the apparent discount is undermined by overpriced growth expectations. Zyberno's model translates this into a 5-year expected return of 8.4% annually.
Over the trailing twelve months, CBOE generated $2.72B in Owner Earnings. Capital was deployed as follows: $40.90M returned via share buybacks, $303.00M paid as dividends, $81.40M invested in capital expenditures. Reinvestment rate: -4.1%. Owner Earnings have grown at 4.1% annually over the trailing five years using log-linear regression.