CBOE // Cboe Global Markets Inc.

Financials • Investment Bankers/Brokers/Service

$335.53 ▲ +21.28 (+6.77%)

MKT CAP: $35.14B • VOL: 2.46M

52W L $227 52W H $371

PIOTROSKI

9 / 9

CBOE // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB CBOE

CBOE // Cboe Global Markets Inc.

GROSS MARGIN

—

OP MARGIN

31.1%

ROIC %

26.6%

MKT CAP

$35.14B

UPSTREAM INPUTS ──► CBOE OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX LIVE DB CROSS-COMPARISON

TICKER	COMPANY	LAST	MKT CAP	GROSS MGN	OP MGN	ROIC %	EV/EBITDA	REV YOY	HEAD-TO-HEAD
CBOE ★	Cboe Global Markets Inc.	$335.53	$35.14B	—	31.1%	26.6%	22.5x	+15.4%	SUBJECT ISSUER
BRK-A	Berkshire Hathaway Inc. (Class A)	$817,500.00	$1.20T	—	27.8%	11.5%	9.7x	+3.9%	CBOE VS BRK-A <GO>
BRK-B	Berkshire Hathaway Inc.	$541.96	$1.20T	—	27.8%	11.5%	9.7x	+3.9%	CBOE VS BRK-B <GO>
JPM	JPMorgan Chase & Co.	$343.58	$913.30B	—	42.1%	17.4%	9.7x	+13.5%	CBOE VS JPM <GO>
BAC	Bank of America Corporation	$51.14	$357.61B	—	32.9%	2.5%	30.2x	+6.8%	CBOE VS BAC <GO>
MS	Morgan Stanley	$190.00	$298.41B	—	24.6%	3.0%	31.0x	+5.5%	CBOE VS MS <GO>