Is Cboe Global Markets (CBOE) Too Pricey For Its Earnings?

Cboe Global Markets has seen a powerful multi year run in its share price, which puts a sharp focus on whether the current valuation can still be explained by the earnings the business produces today. With fresh product initiatives and clearing expansions in motion, the question is how much of that story is already embedded in the P/E multiple. Over the past 5 years the stock has returned 158.7%, which raises the issue of whether past shareholder gains have already pulled future earnings...