| Intrinsic Valuation of: CME | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 12 | Market Cap | $108B | |||||
| 2021 | - | - (-) | P/E Ratio | 25 | Total Asset | $198B | |||||
| 2022 | $3B | - (-) | Net Income | $4B | Total Debt | $3B | |||||
| 2023 | $3B | 13.9% (2.4%) | EBITDA | $6B | Total Liab | $170B | |||||
| 2024 | $4B | 6.5% (-3.1%) | Opr Margin | 64.86 | Debt/Equity | 0.12 | |||||
| 2025 | $4B | 16.6% (9.6%) | PreTax Margin | 62.20 | BV/Share | -4 | |||||
| 5Y Average FCF | $4B | 10.4% (3.0%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.48% | Historical US Bond Yield: | 4.40% | ||||||||
| Discount Rate (WACC): | 7.00% | Current US Bond Yield: | 3.48% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (10.4%) | ||||||||||
| 2026 | $4B | MBG Intrinsic Value | $105 | ||||||||
| 2027 | $5B | ||||||||||
| 2028 | $5B | ||||||||||
| 2029 | $5B | ||||||||||
| 2030 | $6B | ||||||||||
| 2031 | $6B | ||||||||||
| Terminal Value | $132B | Net Worth/Share | $79 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $112B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $4B | $312 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $3B | WACC | 6.5% | 293 | 319 | 351 | 393 | 448 | |||
| Equity Value | $113B | 7.1% | 261 | 280 | 304 | 334 | 371 | ||||
| Shares Outstanding | 362,356,209 | 7.8% | 234 | 250 | 268 | 290 | 317 | ||||
| 8.4% | 213 | 225 | 239 | 256 | 276 | ||||||
| DCF Intrinsic Value | $312 | 9.0% | 195 | 205 | 216 | 230 | 245 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||