Cboe Global Markets Inc (CBOE) is fairly valued and MSCI Inc (MSCI) is overvalued.
Against our estimates of intrinsic value, CBOE trades at the wider discount: a margin of safety of +2%, against -53% for MSCI.
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 10.1% (average of 3 methods) values the shares at $357.60; the price of $548.88 is 53% above that value, and 73% of that value comes from beyond year five.
Leak Score 72/100 on 8 of 12 signals
| Metric | CBOE | MSCI |
|---|---|---|
| Verdict | Fairly valued | Overvalued |
| Price | $266.83 | $548.88 |
| Intrinsic value | $272.79 | $357.60 |
| Margin of safety | +2% | -53% |
| Leak Score | 67/100 (10/12) | 72/100 (8/12) |
| Market cap | $27.9B | $39.9B |
| Revenue growth, 5 years | 6.6% | 13.1% |
| Operating margin | 35.3% | 55.7% |
| Net margin | 26.6% | 40.7% |
| Return on equity | 26.2% | — |
| Debt to equity | 0.28 | — |
| P/E | 20.8x | 30.0x |
| Forward P/E | 17.9x | 24.4x |
| P/B | 5.0x | — |
| Dividend yield | 1.2% | 1.5% |