1) company guidance is 6-7% for the data biz not incl exchange, which is a big diff; 2) I view the stock on FCF yield which is more compelling; 3) Company has been dependent on M&A but there isnt anything to buy, tho risk of silly ebay like deal off the table. 4) rather own LSE
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I honestly think CBOE won't be bought by anyone. At $10B mkt cap w/a premium its quite a bit to fork up. They have BATS which is super regulated and cuts ICE out on antitrust, DB1 as well w/Xetra CBOE has said theyre on the hunt for more deals, making them that much larger
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Thanks. Twitter will use this to make your timeline better. UndoUndo
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No question it'd be a big/transformative deal that requires a real will to do it. But, it's not abnormally large (plenty of precedents in ballpark if you mkt-adjust deal sizes) and valuation today is right smack where you'd want it before a deal. >>
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>> And yes, agree ICE prob wouldn't do it (barring something creative); but, not sure why DB1 couldn't do it. Again, to be clear, I don't think anything is imminent - just view as a backstop of sorts.
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