Financials Intercontinental Exchange, Inc.

Equities

ICE

US45866F1049

Financial & Commodity Market Operators

Market Closed - Nyse Other stock markets 04:00:03 2024-05-31 pm EDT			5-day change	1st Jan Change
133.9 ^USD	+0.50%		-1.79%	+4.26%

May. 29	Transcript : Intercontinental Exchange, Inc. Presents at Bernstein?s 40th Annual Strategic Decisions Conference, May-29-2024 02:30 PM
May. 29	Intercontinental Exchange's NYSE, CoinDesk Indices Collaborating to Launch Cash-Settled Index Options	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	51,536	64,710	77,057	57,302	73,509	76,803	-	-
Enterprise Value (EV) ¹	58,514	80,664	90,368	73,625	95,223	96,027	94,248	92,486
P/E ratio	27.1 x	30.6 x	19 x	39.8 x	30.7 x	28.2 x	25.9 x	22.6 x
Yield	1.19%	1.04%	0.97%	1.48%	1.31%	1.34%	1.43%	1.56%
Capitalization / Revenue	9.91 x	10.7 x	10.8 x	7.86 x	9.2 x	8.33 x	7.91 x	7.49 x
EV / Revenue	11.2 x	13.4 x	12.6 x	10.1 x	11.9 x	10.4 x	9.7 x	9.02 x
EV / EBITDA	17.4 x	20.7 x	19.8 x	15.5 x	18.3 x	16.1 x	14.9 x	13.9 x
EV / FCF	24.6 x	31 x	33.3 x	25 x	31.2 x	26.1 x	23.1 x	20 x
FCF Yield	4.07%	3.22%	3.01%	4.01%	3.21%	3.83%	4.33%	5.01%
Price to Book	2.97 x	3.32 x	3.38 x	2.53 x	2.86 x	2.81 x	2.66 x	2.5 x
Nbr of stocks (in thousands)	556,850	561,284	563,404	558,552	572,364	573,585	-	-
Reference price ²	92.55	115.3	136.8	102.6	128.4	133.9	133.9	133.9
Announcement Date	2/6/20	2/4/21	2/3/22	2/2/23	2/8/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,202	6,036	7,146	7,292	7,988	9,225	9,714	10,249
EBITDA ¹	3,366	3,904	4,556	4,760	5,195	5,953	6,323	6,653
EBIT ¹	3,013	3,541	4,169	4,339	4,728	5,419	5,760	6,208
Operating Margin	57.92%	58.66%	58.34%	59.5%	59.19%	58.74%	59.3%	60.57%
Earnings before Tax (EBT) ¹	2,481	2,766	5,698	1,808	2,894	3,680	4,117	4,733
Net income ¹	1,933	2,089	4,058	1,446	2,368	2,753	2,961	3,301
Net margin	37.16%	34.61%	56.79%	19.83%	29.64%	29.85%	30.48%	32.21%
EPS ²	3.420	3.770	7.180	2.580	4.190	4.743	5.175	5.934
Free Cash Flow ¹	2,381	2,600	2,716	2,949	3,053	3,677	4,082	4,634
FCF margin	45.77%	43.07%	38.01%	40.44%	38.22%	39.85%	42.02%	45.21%
FCF Conversion (EBITDA)	70.74%	66.6%	59.61%	61.95%	58.77%	61.76%	64.55%	69.65%
FCF Conversion (Net income)	123.18%	124.46%	66.93%	203.94%	128.93%	133.53%	137.86%	140.35%
Dividend per Share ²	1.100	1.200	1.320	1.520	1.680	1.800	1.916	2.083
Announcement Date	2/6/20	2/4/21	2/3/22	2/2/23	2/8/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	1,840	1,899	1,814	1,811	1,768	1,896	1,888	2,003	2,201	2,290	2,297	2,309	2,334	2,415	2,417
EBITDA ¹	1,188	1,254	1,177	1,190	1,139	1,266	1,248	1,309	1,372	1,487	1,515	1,513	1,539	1,625	1,624
EBIT ¹	1,091	1,153	1,074	1,084	1,028	1,156	1,132	1,191	1,249	1,360	1,341	1,361	1,370	1,435	1,425
Operating Margin	59.29%	60.72%	59.21%	59.86%	58.14%	60.97%	59.96%	59.46%	56.75%	59.39%	58.39%	58.94%	58.72%	59.43%	58.95%
Earnings before Tax (EBT) ¹	2,109	832	739	-327	564	849	847	682	516	964	882.2	885.4	922.9	1,006	964
Net income ¹	1,527	657	555	-191	425	655	799	541	373	767	653.5	652.2	680.7	770	707
Net margin	82.99%	34.6%	30.6%	-10.55%	24.04%	34.55%	42.32%	27.01%	16.95%	33.49%	28.45%	28.25%	29.16%	31.89%	29.25%
EPS ²	2.700	1.160	0.9900	-0.3400	0.7600	1.170	1.420	0.9600	0.6500	1.330	1.122	1.131	1.173	1.267	1.295
Dividend per Share ²	0.3300	0.3800	0.3800	0.3800	0.3800	0.4200	0.4200	0.4200	0.4200	0.4500	0.4500	0.4500	0.4500	0.4700	0.4800
Announcement Date	2/3/22	5/5/22	8/4/22	11/3/22	2/2/23	5/4/23	8/3/23	11/2/23	2/8/24	5/2/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	6,978	15,954	13,311	16,323	21,714	19,224	17,445	15,683
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.073 x	4.087 x	2.922 x	3.429 x	4.18 x	3.229 x	2.759 x	2.357 x
Free Cash Flow ¹	2,381	2,600	2,716	2,949	3,053	3,677	4,082	4,634
ROE (net income / shareholders' equity)	11.2%	13.6%	13.8%	13.1%	13.1%	12.8%	13.2%	13.5%
ROA (Net income/ Total Assets)	2.06%	2.27%	1.82%	1.53%	1.43%	2.14%	2.41%	2.1%
Assets ¹	93,644	92,205	222,967	94,288	165,213	128,667	123,035	157,211
Book Value Per Share ²	31.10	34.80	40.40	40.60	44.90	47.70	50.30	53.60
Cash Flow per Share	-	-	-	6.350	-	-	-	-
Capex ¹	305	410	452	482	489	621	600	609
Capex / Sales	5.86%	6.79%	6.33%	6.61%	6.12%	6.73%	6.17%	5.94%
Announcement Date	2/6/20	2/4/21	2/3/22	2/2/23	2/8/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Intercontinental Exchange, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

133.9 USD

Average target price

152.7 USD

Spread / Average Target

+14.02%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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