Analyst Note
| Michael Wong, CFA, CPA |We are increasing our fair value estimate for wide-moat Intercontinental Exchange to $120 per share from $99. Approximately $2 of the increase is from earnings accrued since our previous valuation update, while $19 comes from increasing our medium-term revenue growth rate. Our new fair value estimate is equivalent to around 26 times 2022 earnings, with an enterprise value/EBITDA ratio of 19 times.