Intrinsic value of Intercontinental Exchange - ICE

Previous Close

$80.19

  Intrinsic Value

$111.81

stock screener

  Rating & Target

buy

+39%

Previous close

$80.19

 
Intrinsic value

$111.81

 
Up/down potential

+39%

 
Rating

buy

Our model is not good at valuating stocks of financial companies, such as ICE.

We calculate the intrinsic value of ICE stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 46.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.69
  4.72
  4.75
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
Revenue, $m
  6,067
  6,316
  6,581
  6,862
  7,160
  7,476
  7,810
  8,163
  8,536
  8,930
  9,345
  9,783
  10,244
  10,730
  11,242
  11,781
  12,349
  12,945
  13,573
  14,234
  14,928
  15,658
  16,426
  17,232
  18,080
  18,971
  19,908
  20,891
  21,925
  23,011
Variable operating expenses, $m
  3,769
  3,831
  3,898
  3,968
  4,043
  4,122
  4,206
  4,294
  4,387
  4,486
  2,342
  2,451
  2,567
  2,689
  2,817
  2,952
  3,094
  3,244
  3,401
  3,567
  3,741
  3,924
  4,116
  4,318
  4,531
  4,754
  4,989
  5,235
  5,494
  5,766
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  3,769
  3,831
  3,898
  3,968
  4,043
  4,122
  4,206
  4,294
  4,387
  4,486
  2,342
  2,451
  2,567
  2,689
  2,817
  2,952
  3,094
  3,244
  3,401
  3,567
  3,741
  3,924
  4,116
  4,318
  4,531
  4,754
  4,989
  5,235
  5,494
  5,766
Operating income, $m
  2,298
  2,485
  2,683
  2,894
  3,117
  3,354
  3,604
  3,869
  4,148
  4,443
  7,003
  7,331
  7,677
  8,042
  8,425
  8,829
  9,254
  9,702
  10,172
  10,667
  11,187
  11,734
  12,310
  12,914
  13,550
  14,217
  14,919
  15,656
  16,431
  17,245
EBITDA, $m
  4,980
  5,184
  5,401
  5,632
  5,876
  6,136
  6,410
  6,700
  7,006
  7,329
  7,670
  8,029
  8,408
  8,807
  9,227
  9,670
  10,135
  10,625
  11,140
  11,682
  12,252
  12,851
  13,481
  14,143
  14,839
  15,571
  16,339
  17,146
  17,995
  18,886
Interest expense (income), $m
  32
  329
  439
  580
  729
  887
  1,055
  1,233
  1,422
  1,621
  1,831
  2,053
  2,287
  2,534
  2,794
  3,068
  3,357
  3,661
  3,981
  4,317
  4,671
  5,043
  5,435
  5,846
  6,279
  6,734
  7,212
  7,714
  8,242
  8,797
  9,379
Earnings before tax, $m
  1,969
  2,046
  2,104
  2,165
  2,230
  2,299
  2,371
  2,447
  2,528
  2,612
  4,950
  5,044
  5,143
  5,247
  5,357
  5,472
  5,594
  5,721
  5,855
  5,996
  6,144
  6,300
  6,463
  6,635
  6,816
  7,006
  7,205
  7,414
  7,634
  7,865
Tax expense, $m
  532
  552
  568
  585
  602
  621
  640
  661
  682
  705
  1,337
  1,362
  1,389
  1,417
  1,446
  1,478
  1,510
  1,545
  1,581
  1,619
  1,659
  1,701
  1,745
  1,792
  1,840
  1,892
  1,945
  2,002
  2,061
  2,124
Net income, $m
  1,437
  1,493
  1,536
  1,580
  1,628
  1,678
  1,731
  1,786
  1,845
  1,907
  3,614
  3,682
  3,755
  3,831
  3,911
  3,995
  4,083
  4,176
  4,274
  4,377
  4,485
  4,599
  4,718
  4,844
  4,976
  5,114
  5,260
  5,412
  5,573
  5,742

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  80,898
  84,215
  87,744
  91,491
  95,465
  99,675
  104,129
  108,837
  113,811
  119,060
  124,598
  130,437
  136,591
  143,073
  149,899
  157,086
  164,649
  172,607
  180,978
  189,782
  199,041
  208,775
  219,008
  229,764
  241,069
  252,950
  265,434
  278,551
  292,333
  306,812
Adjusted assets (=assets-cash), $m
  80,898
  84,215
  87,744
  91,491
  95,465
  99,675
  104,129
  108,837
  113,811
  119,060
  124,598
  130,437
  136,591
  143,073
  149,899
  157,086
  164,649
  172,607
  180,978
  189,782
  199,041
  208,775
  219,008
  229,764
  241,069
  252,950
  265,434
  278,551
  292,333
  306,812
Revenue / Adjusted assets
  0.075
  0.075
  0.075
  0.075
  0.075
  0.075
  0.075
  0.075
  0.075
  0.075
  0.075
  0.075
  0.075
  0.075
  0.075
  0.075
  0.075
  0.075
  0.075
  0.075
  0.075
  0.075
  0.075
  0.075
  0.075
  0.075
  0.075
  0.075
  0.075
  0.075
Average production assets, $m
  12,984
  13,517
  14,083
  14,684
  15,322
  15,998
  16,713
  17,468
  18,267
  19,109
  19,998
  20,935
  21,923
  22,963
  24,059
  25,212
  26,426
  27,703
  29,047
  30,460
  31,946
  33,508
  35,151
  36,877
  38,692
  40,598
  42,602
  44,707
  46,919
  49,243
Working capital, $m
  -364
  -379
  -395
  -412
  -430
  -449
  -469
  -490
  -512
  -536
  -561
  -587
  -615
  -644
  -675
  -707
  -741
  -777
  -814
  -854
  -896
  -939
  -986
  -1,034
  -1,085
  -1,138
  -1,194
  -1,253
  -1,315
  -1,381
Total debt, $m
  8,136
  10,733
  13,496
  16,431
  19,542
  22,838
  26,326
  30,013
  33,907
  38,017
  42,353
  46,925
  51,743
  56,819
  62,164
  67,791
  73,713
  79,944
  86,499
  93,393
  100,642
  108,264
  116,276
  124,699
  133,550
  142,853
  152,628
  162,899
  173,690
  185,027
Total liabilities, $m
  63,343
  65,940
  68,703
  71,638
  74,749
  78,045
  81,533
  85,220
  89,114
  93,224
  97,560
  102,132
  106,950
  112,026
  117,371
  122,998
  128,920
  135,151
  141,706
  148,600
  155,849
  163,471
  171,483
  179,906
  188,757
  198,060
  207,835
  218,106
  228,897
  240,234
Total equity, $m
  17,555
  18,275
  19,040
  19,854
  20,716
  21,629
  22,596
  23,618
  24,697
  25,836
  27,038
  28,305
  29,640
  31,047
  32,528
  34,088
  35,729
  37,456
  39,272
  41,183
  43,192
  45,304
  47,525
  49,859
  52,312
  54,890
  57,599
  60,446
  63,436
  66,578
Total liabilities and equity, $m
  80,898
  84,215
  87,743
  91,492
  95,465
  99,674
  104,129
  108,838
  113,811
  119,060
  124,598
  130,437
  136,590
  143,073
  149,899
  157,086
  164,649
  172,607
  180,978
  189,783
  199,041
  208,775
  219,008
  229,765
  241,069
  252,950
  265,434
  278,552
  292,333
  306,812
Debt-to-equity ratio
  0.460
  0.590
  0.710
  0.830
  0.940
  1.060
  1.170
  1.270
  1.370
  1.470
  1.570
  1.660
  1.750
  1.830
  1.910
  1.990
  2.060
  2.130
  2.200
  2.270
  2.330
  2.390
  2.450
  2.500
  2.550
  2.600
  2.650
  2.690
  2.740
  2.780
Adjusted equity ratio
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,437
  1,493
  1,536
  1,580
  1,628
  1,678
  1,731
  1,786
  1,845
  1,907
  3,614
  3,682
  3,755
  3,831
  3,911
  3,995
  4,083
  4,176
  4,274
  4,377
  4,485
  4,599
  4,718
  4,844
  4,976
  5,114
  5,260
  5,412
  5,573
  5,742
Depreciation, amort., depletion, $m
  2,681
  2,699
  2,718
  2,738
  2,759
  2,782
  2,806
  2,831
  2,857
  2,885
  667
  698
  731
  765
  802
  840
  881
  923
  968
  1,015
  1,065
  1,117
  1,172
  1,229
  1,290
  1,353
  1,420
  1,490
  1,564
  1,641
Funds from operations, $m
  4,119
  4,192
  4,254
  4,318
  4,387
  4,460
  4,536
  4,617
  4,703
  4,793
  4,280
  4,380
  4,485
  4,596
  4,713
  4,835
  4,964
  5,100
  5,242
  5,392
  5,550
  5,716
  5,890
  6,073
  6,265
  6,467
  6,680
  6,903
  7,137
  7,383
Change in working capital, $m
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -59
  -62
  -65
Cash from operations, $m
  4,133
  4,207
  4,269
  4,335
  4,405
  4,479
  4,556
  4,638
  4,725
  4,816
  4,305
  4,406
  4,513
  4,625
  4,743
  4,868
  4,998
  5,136
  5,280
  5,432
  5,592
  5,760
  5,936
  6,121
  6,316
  6,521
  6,736
  6,962
  7,199
  7,448
Maintenance CAPEX, $m
  -416
  -433
  -451
  -469
  -489
  -511
  -533
  -557
  -582
  -609
  -637
  -667
  -698
  -731
  -765
  -802
  -840
  -881
  -923
  -968
  -1,015
  -1,065
  -1,117
  -1,172
  -1,229
  -1,290
  -1,353
  -1,420
  -1,490
  -1,564
New CAPEX, $m
  -498
  -532
  -566
  -601
  -638
  -676
  -715
  -756
  -798
  -843
  -889
  -937
  -988
  -1,040
  -1,096
  -1,153
  -1,214
  -1,277
  -1,344
  -1,413
  -1,486
  -1,562
  -1,642
  -1,726
  -1,814
  -1,907
  -2,004
  -2,105
  -2,212
  -2,324
Cash from investing activities, $m
  -914
  -965
  -1,017
  -1,070
  -1,127
  -1,187
  -1,248
  -1,313
  -1,380
  -1,452
  -1,526
  -1,604
  -1,686
  -1,771
  -1,861
  -1,955
  -2,054
  -2,158
  -2,267
  -2,381
  -2,501
  -2,627
  -2,759
  -2,898
  -3,043
  -3,197
  -3,357
  -3,525
  -3,702
  -3,888
Free cash flow, $m
  3,219
  3,242
  3,253
  3,264
  3,278
  3,292
  3,308
  3,326
  3,344
  3,365
  2,779
  2,803
  2,828
  2,854
  2,882
  2,912
  2,944
  2,977
  3,013
  3,051
  3,090
  3,132
  3,177
  3,223
  3,272
  3,324
  3,379
  3,436
  3,497
  3,561
Issuance/(repayment) of debt, $m
  2,036
  2,597
  2,763
  2,934
  3,112
  3,296
  3,488
  3,687
  3,894
  4,110
  4,336
  4,572
  4,818
  5,076
  5,345
  5,627
  5,922
  6,231
  6,555
  6,894
  7,249
  7,622
  8,013
  8,422
  8,852
  9,302
  9,775
  10,271
  10,791
  11,337
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  2,036
  2,597
  2,763
  2,934
  3,112
  3,296
  3,488
  3,687
  3,894
  4,110
  4,336
  4,572
  4,818
  5,076
  5,345
  5,627
  5,922
  6,231
  6,555
  6,894
  7,249
  7,622
  8,013
  8,422
  8,852
  9,302
  9,775
  10,271
  10,791
  11,337
Total cash flow (excl. dividends), $m
  5,255
  5,839
  6,015
  6,199
  6,390
  6,588
  6,796
  7,012
  7,239
  7,475
  7,116
  7,375
  7,646
  7,930
  8,227
  8,539
  8,866
  9,208
  9,568
  9,945
  10,340
  10,754
  11,189
  11,645
  12,124
  12,627
  13,154
  13,707
  14,288
  14,898
Retained Cash Flow (-), $m
  -598
  -720
  -766
  -813
  -862
  -913
  -967
  -1,022
  -1,079
  -1,139
  -1,202
  -1,267
  -1,335
  -1,407
  -1,481
  -1,559
  -1,641
  -1,727
  -1,817
  -1,911
  -2,009
  -2,112
  -2,221
  -2,334
  -2,453
  -2,578
  -2,709
  -2,846
  -2,991
  -3,142
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  4,657
  5,119
  5,250
  5,386
  5,527
  5,675
  5,829
  5,991
  6,159
  6,336
  5,914
  6,108
  6,310
  6,523
  6,746
  6,980
  7,225
  7,482
  7,751
  8,034
  8,331
  8,642
  8,969
  9,311
  9,671
  10,049
  10,445
  10,861
  11,297
  11,756
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  4,465
  4,687
  4,569
  4,434
  4,284
  4,118
  3,938
  3,744
  3,538
  3,322
  2,808
  2,606
  2,399
  2,190
  1,980
  1,774
  1,572
  1,378
  1,193
  1,021
  862
  717
  588
  474
  376
  293
  224
  168
  123
  89
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Intercontinental Exchange, Inc. is an operator of regulated exchanges, clearing houses and listings venues. The Company provides data services for commodity and financial markets. The Company's segments include Trading and Clearing segment, and Data and Listings segment. The Trading and Clearing segment includes the Company's transaction-based execution and clearing businesses. The Company's Data and Listings segment includes its subscription-based data services and securities listings businesses. The Company operates regulated marketplaces for listing, trading and clearing a range of derivatives and securities contracts across the asset classes, including energy and agricultural commodities, interest rates, equities, equity derivatives, exchange traded funds, credit derivatives, bonds and currencies. The Company offers market data services to support the trading, investment, risk management and connectivity needs of customers across a range of asset classes. _tck('aft');

FINANCIAL RATIOS  of  Intercontinental Exchange (ICE)

Valuation Ratios
P/E Ratio 36.3
Price to Sales 5.5
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 12.5
Price to Free Cash Flow 16.6
Growth Rates
Sales Growth Rate 22.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 166.2%
Cap. Spend. - 3 Yr. Gr. Rate 30.4%
Financial Strength
Quick Ratio 1
Current Ratio 1
LT Debt to Equity 31.2%
Total Debt to Equity 40.2%
Interest Coverage 17
Management Effectiveness
Return On Assets 0.5%
Ret/ On Assets - 3 Yr. Avg. 1.3%
Return On Total Capital 2.3%
Ret/ On T. Cap. - 3 Yr. Avg. 9.6%
Return On Equity 3.1%
Return On Equity - 3 Yr. Avg. 12.2%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 41.4%
EBITDA Margin - 3 Yr. Avg. 59.9%
Operating Margin 47.2%
Oper. Margin - 3 Yr. Avg. 55.9%
Pre-Tax Margin 29.9%
Pre-Tax Margin - 3 Yr. Avg. 48.4%
Net Profit Margin 15.2%
Net Profit Margin - 3 Yr. Avg. 31.4%
Effective Tax Rate 46%
Eff/ Tax Rate - 3 Yr. Avg. 35.4%
Payout Ratio 29.5%

ICE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ICE stock intrinsic value calculation we used $5834 million for the last fiscal year's total revenue generated by Intercontinental Exchange. The default revenue input number comes from 0001 income statement of Intercontinental Exchange. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ICE stock valuation model: a) initial revenue growth rate of 4% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for ICE is calculated based on our internal credit rating of Intercontinental Exchange, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Intercontinental Exchange.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ICE stock the variable cost ratio is equal to 63.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for ICE stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Intercontinental Exchange.

Corporate tax rate of 27% is the nominal tax rate for Intercontinental Exchange. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ICE stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ICE are equal to 214%.

Life of production assets of 44.5 years is the average useful life of capital assets used in Intercontinental Exchange operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ICE is equal to -6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $16957 million for Intercontinental Exchange - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 573.437 million for Intercontinental Exchange is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Intercontinental Exchange at the current share price and the inputted number of shares is $46.0 billion.

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