Cboe unveils financial targets for medium-term

Cboe Global Markets, Inc, a leading provider of global market infrastructure and tradable products, will present its strategy and path to achieving new medium-term financial targets today at its 2021 Investor Day.

“We plan to leverage our global scale, customer-led product and market innovation and superior technology across our ecosystem to drive revenue growth and create value,” said Ed Tilly, Cboe Global Markets Chairman, President and Chief Executive Officer. “We have leading positions in many of our businesses, and we’re investing in areas where we can gain share and enhance our value proposition. Our unique model allows us to move into attractive and expanding addressable markets across our businesses, and we couldn’t be more excited about the opportunity set in front of us today.”

The company’s financial targets are designed for the medium-term, defined as 3 to 5 years. Those targets are as follows:

  • Medium-term organic total net revenue growth of 5% to 7% annually;
  • Medium-term organic Data and Access Solutions net revenue growth of 7% to 10% annually;
  • Cboe is introducing a Return on Invested Capital (ROIC) target of greater than or equal to 10% over a 3 to 5-year time frame.

Brian Schell, Cboe Global Markets Executive Vice President, Chief Financial Officer and Treasurer, comments:

“We have a disciplined investment approach that has delivered long-term profitable growth, underpinned by our targeted return on invested capital threshold of equal to or greater than 10%. We believe that our continued investment in the business, both organic and inorganic, will allow us to effectively deliver on our key strategic growth initiatives while enhancing shareholder value.”

Let’s recall that Cboe reported global FX net revenue of $14.3 million for the third quarter of 2021, up 8% from the result posted in the equivalent period a year earlier. The rise was mainly driven higher net transaction and clearing fees. The result for the third quarter of 2021 was also better than the one recorded in the second quarter of 2021.

ADNV traded on the Cboe FX platform was $32.4 billion for the quarter, up 7% from last year’s third quarter and net capture per one million dollars traded was $2.77 for the quarter, up 3% compared to $2.70 in the third quarter of 2020.

Cboe FX market share hit a new all-time high of 17.0 percent for the quarter compared to 15.9 percent in last year’s third quarter.

Across all segments, total revenues less cost of revenues of $369.5 million increased 27%, compared to $292.0 million in the prior-year period, reflecting increases in net transaction and clearing fees and access and capacity fees. Inorganic net revenue in the third quarter of 2021 was $16.7 million.

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