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Intercontinental Exchange Inc ICE

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Morningstar’s Analysis

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Increasing Our Fair Value Estimate for Intercontinental Exchange to $120

Michael Wong, CFA, CPA Sector Director

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.

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Company Profile

Business Description

Intercontinental Exchange is a vertically integrated operator of financial exchanges and provides ancillary data products. Though the company is probably best known for its ownership of the New York Stock Exchange, which it acquired in 2013, ICE is the operator of a large derivatives exchange as well. The company's largest commodity futures product is the ICE Brent crude futures contract. In addition to the exchanges business that is about 55% of net revenue, Intercontinental Exchange also has mortgage technology (15% of net revenue) and fixed income & data services businesses (30% of net revenue).

5660 New Northside Drive, 3rd Floor
Atlanta, GA, 30328
T +1 770 857-4700
Sector Financial Services
Industry Financial Data & Stock Exchanges
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 8,890