CME – Market expectations are for Uniform ROA to reach new peaks, and management is confident about futures volume and revenue growth

January 31, 2022

  • CME Group Inc. (CME) currently trades above corporate and near recent averages relative to Uniform earnings, with a 33.9x Uniform P/E (Fwd. V/E’).
  • At these levels, markets are pricing in expectations for Uniform ROA to reach new peaks of 79%, accompanied by 3% Uniform asset growth.
  • However, analysts expect Uniform ROA to compress to 49% in 2022, accompanied by 10% Uniform asset growth.
  • If sustained going forward, these levels would imply a stock price closer to $179, representing approximately 21% equity downside for the firm.
  • That said, the firm’s most recent earnings call suggests management is confident about futures volume and revenue growth.

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