Dividendology 对 $CBOE 的判断变化
那么，这到底是什么原因呢？你必须明白，Cboe被认为是那些资本密集型低、高质量金融收费公路业务之一。想想万事达卡、维萨、标普全球这样的公司。显然，这些是不同的业务，但它们确实有一些共同特征。
So, what exactly is the reason for this? Well, you have to understand that Cboe is considered one of those capital-light, high-quality financial toll road businesses. Think about companies like Mastercard, Visa, S&P Global. Obviously, those are different businesses, but they do share some characteristics.
事实上，你还会注意到，当我们看Cboe最近的收益报告时，他们将2026年有机总净收入增长目标从低两位数到中位数提高到了中高位数。所以，他们不仅在增长，而且历史上一直以健康的速度增长，他们还在提高指引。
In fact, you'll also notice when we look at Cboe's recent earnings report, they increased their 2026 organic total net revenue growth target to the mid to high teens from low double-digit to mid-teens. So, not only are they growing and historically have grown at a healthy rate, they're increasing their guidance.
那么，为什么会这样呢？我们还没有触及他们商业模式的实质。他们产生的很多收入特别来自我们在期权市场看到的增长。期权交易，尤其是SPX和零到期日期权，正在推动这只股票的大量增长。
Now, why is that the case? Well, we still haven't got to the meat of their business model. A lot of the revenue they generate comes specifically from the growth that we're seeing in the options market. Options trading, especially SPX and zero-days-to-expiration options, are driving a lot of growth for this stock.
事实上，在2026年第一季度，零日期权约占Cboe指数期权活动的50%。这一趋势还在不断增长。因此，自然地，当你审视该股的盈利预期时，预期相当强劲，尤其是在未来几年。
In fact, zero-day options represented approximately 50% of Cboe's index options activity in Q1 of 2026. This is a trend that's only growing. So, naturally, when you look at earnings expectations for this stock, it's quite strong, particularly over the next couple of years.
尽管有这种增长，但当我们审视估值时，你会发现，从非GAAP指标来看，它们基本上与历史估值倍数持平，交易价格约为20.82倍的远期非GAAP市盈率。
Now, despite this growth, when we look at the valuation, you can still see they're essentially in line when looking at non-GAAP metrics with their historic valuation multiple. Trading at about a 20.82 non-GAAP forward PE multiple.
因此，我认为这确实是目前市场上质量较高的股息增长机会之一。收益率较低，但为持续的盈利和股息增长提供了良好的空间。
So, really, I would argue this is one of the higher quality dividend growth opportunities on the market right now. A low yield, but a nice runway for continued earnings and dividend growth.