| Intrinsic Valuation of: CME | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 10 | Market Cap | $99B | |||||
| 2021 | - | - (-) | P/E Ratio | 28 | Total Asset | $137B | |||||
| 2022 | $2B | - (-) | Net Income | $4B | Total Debt | $3B | |||||
| 2023 | $3B | 30.4% (21.8%) | EBITDA | $5B | Total Liab | $111B | |||||
| 2024 | $3B | 13.9% (2.4%) | Opr Margin | 0.64 | Debt/Equity | 0.10 | |||||
| 2025 | $4B | 6.5% (-3.1%) | PreTax Margin | 61.51 | BV/Share | -11 | |||||
| 5Y Average FCF | $3B | 16.9% (7.0%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.5% | Historical US Bond Yield: | 4.4% | ||||||||
| Discount Rate (WACC): | 7.4% | Current US Bond Yield: | 3.5% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (16.9%) | ||||||||||
| 2026 | $4B | MBG Intrinsic Value | $89 | ||||||||
| 2027 | $5B | ||||||||||
| 2028 | $6B | ||||||||||
| 2029 | $7B | ||||||||||
| 2030 | $8B | ||||||||||
| 2031 | $9B | ||||||||||
| Terminal Value | $191B | Net Worth/Share | $74 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $153B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $3B | $427 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $3B | WACC | 7.3% | 372 | 401 | 436 | 479 | 533 | |||
| Equity Value | $154B | 7.4% | 369 | 397 | 431 | 473 | 525 | ||||
| Shares Outstanding | 360,356,000 | 7.4% | 366 | 393 | 427 | 467 | 518 | ||||
| 7.9% | 335 | 358 | 385 | 417 | 457 | ||||||
| DCF Intrinsic Value | $427 | 8.4% | 309 | 328 | 350 | 377 | 408 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||