CME Group Inc Class A

CME: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$485.00	Ysj	Dynzjlzxm

CME Earnings: Market Volatility and Higher Fees Lead to a Strong Open to 2023

Michael Miller

Apr 26, 2023

Wide-moat-rated CME Group reported strong first-quarter earnings as significant volatility, particularly in interest rate markets, drove high trading revenue. Net revenue increased 7% year over year and 19.4% sequentially to $1.44 billion, while earnings per share increased 24.6% from last year to $2.43. As we incorporate these results, we do not expect to materially alter our $215 fair value estimate for CME, and we view the shares as modestly undervalued.

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