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Cboe Global (CBOE) to Report Q4 Earnings: What's in Store?
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Cboe Global Markets, Inc. (CBOE - Free Report) is slated to report fourth-quarter 2021 results on Feb 4, before the opening bell. The company delivered an earnings surprise in all the three reported quarters of 2021.
Factors to Consider
Cboe Global’s fourth-quarter revenues are likely to have benefited from higher transaction fees driven by higher volumes traded, market data fees and access and capacity fees, and regulatory fees. The Zacks Consensus Estimate for fourth-quarter revenues is pegged at $387.2 million, indicating an increase of 26.1% from the year-ago reported figure.
The Zacks Consensus Estimate for fourth-quarter market data fees and access fees is pegged at $62 million and $73 million, indicating growth of 6.9% and 15.9%, respectively, from the prior-year quarter reported figure. Management guided access and capacity fees plus proprietary market data to increase 7% to 8% in 2021.
Cboe Global is likely to have benefited from strong proprietary products, particularly SPX index options and VIX Futures. Also, a likely increased traded volume in multi-listed options and growth interest in digital assets are likely to have aided the upside.
Cboe Global estimates recurring non-transactional organic revenue growth of 14% in 2021, up from 12-13% guided earlier and 9% growth posted in 2020 (total recurring non-transaction revenue growth is now expected to grow 18% for 2021, up from 15-16% guided earlier and 12% growth reported in 2020).
Market data revenues are likely to have been aided by the Bats, Hanweck and FT Options acquisition, improved Cboe Information Solutions, new subscribers to Cboe’s front-end platforms, including Silexx and Trade Alert and the comprehensive suite of data solutions, analytics and indices.
Cboe Global is likely to have witnessed solid ADV, given its compelling product portfolio, which drives transaction fees that account for the lion’s share of total operating revenues. Multiply-listed options ADV was 10 million contracts in 2021, up 21.2% year over year. Index options ADV was 1.9 million shares, up 8.6% year over year. Futures ADV was 0.2 million shares, up 14.8% year over year. However, Global FX ADNV was $33.9 billion, down 2.3% year over year.
Adjusted operating expenses are now expected to be in the range of $536-$541 million in 2021, up from $531 to $539 million guided earlier and higher than $416 million in 2020.
The Zacks Consensus Estimate for fourth-quarter earnings per share is pegged at $1.53, indicating an increase of 26.5% from the prior-year quarter reported figure.
What the Zacks Model Says
Our proven model does not conclusively predict an earnings beat for Cboe Global this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat.
Earnings ESP: Cboe Global has an Earnings ESP of 0.00%. This is because both the Most Accurate Estimate and the Zacks Consensus Estimate are pegged at $1.53 per share. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Cboe Global carries a Zacks Rank of 3.
Stocks to Consider
Some stocks worth considering from the finance sector with the perfect mix of elements to surpass estimates in the upcoming quarterly releases are as follows:
Arch Capital Group (ACGL - Free Report) has an Earnings ESP of +1.48% and a Zacks Rank of 2. The Zacks Consensus Estimate for Arch Capital’s fourth-quarter earnings is pegged at $1.02, indicating an increase of 82.1% from the year-ago reported figure.
Arch Capital delivered an earnings beat in all the three reported quarters of 2021.
Aflac Incorporated (AFL - Free Report) has an Earnings ESP of +3.34% and a Zacks Rank #3. The Zacks Consensus Estimate for Aflac’s fourth-quarter earnings is pegged at $1.25, indicating an increase of 16.8% from the year-ago reported figure.
Aflac beat earnings estimates in all the three reported quarters of 2021.
Allstate Corporation (ALL - Free Report) has an Earnings ESP of +2.86% and a Zacks Rank of 3. The Zacks Consensus Estimate for Allstate’s fourth-quarter earnings is pegged at $2.74, indicating a decrease of 53.3% from the year-ago reported figure.
Allstate beat earnings estimates in two of the three reported quarters of 2021 while missing in one.
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Cboe Global (CBOE) to Report Q4 Earnings: What's in Store?
Cboe Global Markets, Inc. (CBOE - Free Report) is slated to report fourth-quarter 2021 results on Feb 4, before the opening bell. The company delivered an earnings surprise in all the three reported quarters of 2021.
Factors to Consider
Cboe Global’s fourth-quarter revenues are likely to have benefited from higher transaction fees driven by higher volumes traded, market data fees and access and capacity fees, and regulatory fees. The Zacks Consensus Estimate for fourth-quarter revenues is pegged at $387.2 million, indicating an increase of 26.1% from the year-ago reported figure.
The Zacks Consensus Estimate for fourth-quarter market data fees and access fees is pegged at $62 million and $73 million, indicating growth of 6.9% and 15.9%, respectively, from the prior-year quarter reported figure. Management guided access and capacity fees plus proprietary market data to increase 7% to 8% in 2021.
Cboe Global is likely to have benefited from strong proprietary products, particularly SPX index options and VIX Futures. Also, a likely increased traded volume in multi-listed options and growth interest in digital assets are likely to have aided the upside.
Cboe Global estimates recurring non-transactional organic revenue growth of 14% in 2021, up from 12-13% guided earlier and 9% growth posted in 2020 (total recurring non-transaction revenue growth is now expected to grow 18% for 2021, up from 15-16% guided earlier and 12% growth reported in 2020).
Market data revenues are likely to have been aided by the Bats, Hanweck and FT Options acquisition, improved Cboe Information Solutions, new subscribers to Cboe’s front-end platforms, including Silexx and Trade Alert and the comprehensive suite of data solutions, analytics and indices.
Cboe Global is likely to have witnessed solid ADV, given its compelling product portfolio, which drives transaction fees that account for the lion’s share of total operating revenues. Multiply-listed options ADV was 10 million contracts in 2021, up 21.2% year over year. Index options ADV was 1.9 million shares, up 8.6% year over year. Futures ADV was 0.2 million shares, up 14.8% year over year. However, Global FX ADNV was $33.9 billion, down 2.3% year over year.
Adjusted operating expenses are now expected to be in the range of $536-$541 million in 2021, up from $531 to $539 million guided earlier and higher than $416 million in 2020.
The Zacks Consensus Estimate for fourth-quarter earnings per share is pegged at $1.53, indicating an increase of 26.5% from the prior-year quarter reported figure.
What the Zacks Model Says
Our proven model does not conclusively predict an earnings beat for Cboe Global this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat.
Earnings ESP: Cboe Global has an Earnings ESP of 0.00%. This is because both the Most Accurate Estimate and the Zacks Consensus Estimate are pegged at $1.53 per share. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Cboe Global Markets, Inc. Price and EPS Surprise
Cboe Global Markets, Inc. price-eps-surprise | Cboe Global Markets, Inc. Quote
Zacks Rank: Cboe Global carries a Zacks Rank of 3.
Stocks to Consider
Some stocks worth considering from the finance sector with the perfect mix of elements to surpass estimates in the upcoming quarterly releases are as follows:
Arch Capital Group (ACGL - Free Report) has an Earnings ESP of +1.48% and a Zacks Rank of 2. The Zacks Consensus Estimate for Arch Capital’s fourth-quarter earnings is pegged at $1.02, indicating an increase of 82.1% from the year-ago reported figure.
Arch Capital delivered an earnings beat in all the three reported quarters of 2021.
Aflac Incorporated (AFL - Free Report) has an Earnings ESP of +3.34% and a Zacks Rank #3. The Zacks Consensus Estimate for Aflac’s fourth-quarter earnings is pegged at $1.25, indicating an increase of 16.8% from the year-ago reported figure.
Aflac beat earnings estimates in all the three reported quarters of 2021.
Allstate Corporation (ALL - Free Report) has an Earnings ESP of +2.86% and a Zacks Rank of 3. The Zacks Consensus Estimate for Allstate’s fourth-quarter earnings is pegged at $2.74, indicating a decrease of 53.3% from the year-ago reported figure.
Allstate beat earnings estimates in two of the three reported quarters of 2021 while missing in one.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.