Cboe Global Markets Inc (CBOE) is fairly valued and Intercontinental Exchange Inc (ICE) is slightly overvalued.
Against our estimates of intrinsic value, CBOE trades at the wider discount: a margin of safety of +2%, against -8% for ICE.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 7.7% (average of 3 methods) values the shares at $272.79; the price of $266.83 is 2% below that value, and 81% of that value comes from beyond year five.
Leak Score 67/100 on 10 of 12 signals
Discounting its cash flows at 8.9% (average of 3 methods) values the shares at $141.52; the price of $152.93 is 8% above that value, and 76% of that value comes from beyond year five.
Leak Score 54/100 on 10 of 12 signals
| Metric | CBOE | ICE |
|---|---|---|
| Verdict | Fairly valued | Slightly overvalued |
| Price | $266.83 | $152.93 |
| Intrinsic value | $272.79 | $141.52 |
| Margin of safety | +2% | -8% |
| Leak Score | 67/100 (10/12) | 54/100 (10/12) |
| Market cap | $27.9B | $85.9B |
| Revenue growth, 5 years | 6.6% | 9.9% |
| Operating margin | 35.3% | 46.1% |
| Net margin | 26.6% | 30.7% |
| Return on equity | 26.2% | 13.9% |
| Debt to equity | 0.28 | 0.69 |
| P/E | 20.8x | 21.6x |
| Forward P/E | 17.9x | 17.4x |
| P/B | 5.0x | 2.9x |
| Dividend yield | 1.2% | 1.4% |