Financial PerformanceVolumes are resilient, but pricing is weaker than expected, which negatively impacted the revenue growth from transaction fees.
Future Growth ProjectionsDespite positive revisions, a relatively muted EPS growth is expected for CME over the next few years, which, combined with the current valuation, leads to a Sell rating.
Market ShareCME has been gradually losing market share in energy versus Intercontinental Exchange since 2020, which is believed to be due to energy price appreciation and margin optimization.