Intrinsic value of Intercontinental Exchange - ICE

Previous Close

$75.81

  Intrinsic Value

$87.31

stock screener

  Rating & Target

hold

+15%

Previous close

$75.81

 
Intrinsic value

$87.31

 
Up/down potential

+15%

 
Rating

hold

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 2017), $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 44.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  5,951
  6,088
  6,244
  6,420
  6,614
  6,828
  7,060
  7,312
  7,583
  7,874
  8,186
  8,518
  8,872
  9,247
  9,646
  10,069
  10,517
  10,990
  11,490
  12,018
  12,575
  13,162
  13,781
  14,434
  15,121
  15,845
  16,606
  17,407
  18,250
  19,137
Variable operating expenses, $m
  3,740
  3,774
  3,813
  3,857
  3,906
  3,959
  4,018
  4,081
  4,149
  4,222
  2,051
  2,134
  2,223
  2,317
  2,417
  2,523
  2,635
  2,754
  2,879
  3,011
  3,151
  3,298
  3,453
  3,617
  3,789
  3,970
  4,161
  4,362
  4,573
  4,796
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
  3,740
  3,774
  3,813
  3,857
  3,906
  3,959
  4,018
  4,081
  4,149
  4,222
  2,051
  2,134
  2,223
  2,317
  2,417
  2,523
  2,635
  2,754
  2,879
  3,011
  3,151
  3,298
  3,453
  3,617
  3,789
  3,970
  4,161
  4,362
  4,573
  4,796
Operating income, $m
  2,211
  2,314
  2,431
  2,562
  2,708
  2,868
  3,043
  3,231
  3,434
  3,653
  6,134
  6,383
  6,648
  6,930
  7,229
  7,546
  7,881
  8,236
  8,611
  9,006
  9,424
  9,864
  10,328
  10,817
  11,332
  11,874
  12,445
  13,045
  13,677
  14,342
EBITDA, $m
  6,886
  7,044
  7,225
  7,428
  7,653
  7,901
  8,170
  8,461
  8,775
  9,111
  9,472
  9,856
  10,265
  10,700
  11,162
  11,651
  12,169
  12,716
  13,295
  13,906
  14,550
  15,230
  15,947
  16,702
  17,497
  18,334
  19,215
  20,142
  21,118
  22,144
Interest expense (income), $m
  32
  329
  376
  453
  542
  641
  751
  871
  1,002
  1,145
  1,298
  1,462
  1,638
  1,825
  2,025
  2,237
  2,462
  2,701
  2,953
  3,221
  3,503
  3,801
  4,115
  4,447
  4,796
  5,165
  5,553
  5,961
  6,391
  6,843
  7,319
Earnings before tax, $m
  1,882
  1,938
  1,977
  2,021
  2,068
  2,118
  2,171
  2,229
  2,290
  2,355
  4,672
  4,746
  4,823
  4,905
  4,992
  5,084
  5,180
  5,282
  5,390
  5,503
  5,623
  5,749
  5,881
  6,021
  6,167
  6,322
  6,484
  6,654
  6,834
  7,023
Tax expense, $m
  508
  523
  534
  546
  558
  572
  586
  602
  618
  636
  1,262
  1,281
  1,302
  1,324
  1,348
  1,373
  1,399
  1,426
  1,455
  1,486
  1,518
  1,552
  1,588
  1,626
  1,665
  1,707
  1,751
  1,797
  1,845
  1,896
Net income, $m
  1,374
  1,414
  1,444
  1,475
  1,509
  1,546
  1,585
  1,627
  1,672
  1,719
  3,411
  3,464
  3,521
  3,581
  3,644
  3,711
  3,782
  3,856
  3,935
  4,018
  4,105
  4,197
  4,293
  4,395
  4,502
  4,615
  4,733
  4,858
  4,989
  5,126

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
  79,342
  81,167
  83,253
  85,595
  88,190
  91,037
  94,138
  97,494
  101,110
  104,990
  109,141
  113,571
  118,287
  123,299
  128,618
  134,255
  140,221
  146,531
  153,197
  160,236
  167,664
  175,497
  183,753
  192,452
  201,614
  211,260
  221,414
  232,098
  243,339
  255,162
Adjusted assets (=assets-cash), $m
  79,342
  81,167
  83,253
  85,595
  88,190
  91,037
  94,138
  97,494
  101,110
  104,990
  109,141
  113,571
  118,287
  123,299
  128,618
  134,255
  140,221
  146,531
  153,197
  160,236
  167,664
  175,497
  183,753
  192,452
  201,614
  211,260
  221,414
  232,098
  243,339
  255,162
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
  24,261
  24,819
  25,457
  26,173
  26,966
  27,837
  28,785
  29,811
  30,917
  32,103
  33,373
  34,727
  36,169
  37,702
  39,328
  41,052
  42,876
  44,805
  46,844
  48,996
  51,267
  53,662
  56,187
  58,847
  61,649
  64,598
  67,703
  70,970
  74,407
  78,022
Working capital, $m
  -470
  -481
  -493
  -507
  -523
  -539
  -558
  -578
  -599
  -622
  -647
  -673
  -701
  -731
  -762
  -795
  -831
  -868
  -908
  -949
  -993
  -1,040
  -1,089
  -1,140
  -1,195
  -1,252
  -1,312
  -1,375
  -1,442
  -1,512
Total debt, $m
  6,964
  8,395
  10,031
  11,867
  13,901
  16,133
  18,564
  21,195
  24,030
  27,072
  30,327
  33,800
  37,497
  41,427
  45,597
  50,016
  54,693
  59,640
  64,867
  70,385
  76,208
  82,349
  88,822
  95,642
  102,825
  110,388
  118,349
  126,725
  135,538
  144,807
Total liabilities, $m
  62,204
  63,635
  65,271
  67,107
  69,141
  71,373
  73,804
  76,435
  79,270
  82,312
  85,567
  89,040
  92,737
  96,667
  100,837
  105,256
  109,933
  114,880
  120,107
  125,625
  131,448
  137,589
  144,062
  150,882
  158,065
  165,628
  173,589
  181,965
  190,778
  200,047
Total equity, $m
  17,138
  17,532
  17,983
  18,489
  19,049
  19,664
  20,334
  21,059
  21,840
  22,678
  23,575
  24,531
  25,550
  26,633
  27,782
  28,999
  30,288
  31,651
  33,091
  34,611
  36,215
  37,907
  39,691
  41,570
  43,549
  45,632
  47,825
  50,133
  52,561
  55,115
Total liabilities and equity, $m
  79,342
  81,167
  83,254
  85,596
  88,190
  91,037
  94,138
  97,494
  101,110
  104,990
  109,142
  113,571
  118,287
  123,300
  128,619
  134,255
  140,221
  146,531
  153,198
  160,236
  167,663
  175,496
  183,753
  192,452
  201,614
  211,260
  221,414
  232,098
  243,339
  255,162
Debt-to-equity ratio
  0.410
  0.480
  0.560
  0.640
  0.730
  0.820
  0.910
  1.010
  1.100
  1.190
  1.290
  1.380
  1.470
  1.560
  1.640
  1.720
  1.810
  1.880
  1.960
  2.030
  2.100
  2.170
  2.240
  2.300
  2.360
  2.420
  2.470
  2.530
  2.580
  2.630
Adjusted equity ratio
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,374
  1,414
  1,444
  1,475
  1,509
  1,546
  1,585
  1,627
  1,672
  1,719
  3,411
  3,464
  3,521
  3,581
  3,644
  3,711
  3,782
  3,856
  3,935
  4,018
  4,105
  4,197
  4,293
  4,395
  4,502
  4,615
  4,733
  4,858
  4,989
  5,126
Depreciation, amort., depletion, $m
  4,675
  4,730
  4,794
  4,866
  4,945
  5,032
  5,127
  5,230
  5,340
  5,459
  3,337
  3,473
  3,617
  3,770
  3,933
  4,105
  4,288
  4,481
  4,684
  4,900
  5,127
  5,366
  5,619
  5,885
  6,165
  6,460
  6,770
  7,097
  7,441
  7,802
Funds from operations, $m
  6,048
  6,145
  6,238
  6,341
  6,454
  6,578
  6,712
  6,857
  7,012
  7,178
  6,748
  6,937
  7,138
  7,351
  7,577
  7,816
  8,069
  8,337
  8,619
  8,917
  9,231
  9,563
  9,912
  10,280
  10,667
  11,075
  11,503
  11,955
  12,429
  12,929
Change in working capital, $m
  -9
  -11
  -12
  -14
  -15
  -17
  -18
  -20
  -21
  -23
  -25
  -26
  -28
  -30
  -32
  -33
  -35
  -37
  -40
  -42
  -44
  -46
  -49
  -52
  -54
  -57
  -60
  -63
  -67
  -70
Cash from operations, $m
  6,057
  6,156
  6,250
  6,355
  6,470
  6,595
  6,731
  6,877
  7,033
  7,201
  6,773
  6,963
  7,166
  7,381
  7,609
  7,850
  8,105
  8,374
  8,659
  8,959
  9,275
  9,609
  9,961
  10,331
  10,721
  11,132
  11,564
  12,018
  12,496
  12,999
Maintenance CAPEX, $m
  -2,379
  -2,426
  -2,482
  -2,546
  -2,617
  -2,697
  -2,784
  -2,879
  -2,981
  -3,092
  -3,210
  -3,337
  -3,473
  -3,617
  -3,770
  -3,933
  -4,105
  -4,288
  -4,481
  -4,684
  -4,900
  -5,127
  -5,366
  -5,619
  -5,885
  -6,165
  -6,460
  -6,770
  -7,097
  -7,441
New CAPEX, $m
  -475
  -558
  -638
  -716
  -793
  -871
  -948
  -1,026
  -1,106
  -1,187
  -1,269
  -1,354
  -1,442
  -1,533
  -1,626
  -1,723
  -1,824
  -1,929
  -2,039
  -2,152
  -2,271
  -2,395
  -2,525
  -2,660
  -2,802
  -2,950
  -3,105
  -3,267
  -3,437
  -3,615
Cash from investing activities, $m
  -2,854
  -2,984
  -3,120
  -3,262
  -3,410
  -3,568
  -3,732
  -3,905
  -4,087
  -4,279
  -4,479
  -4,691
  -4,915
  -5,150
  -5,396
  -5,656
  -5,929
  -6,217
  -6,520
  -6,836
  -7,171
  -7,522
  -7,891
  -8,279
  -8,687
  -9,115
  -9,565
  -10,037
  -10,534
  -11,056
Free cash flow, $m
  3,203
  3,171
  3,130
  3,093
  3,059
  3,028
  2,999
  2,972
  2,947
  2,923
  2,293
  2,272
  2,251
  2,231
  2,212
  2,193
  2,175
  2,157
  2,140
  2,122
  2,105
  2,087
  2,070
  2,053
  2,035
  2,017
  1,999
  1,981
  1,962
  1,943
Issuance/(repayment) of debt, $m
  864
  1,431
  1,635
  1,836
  2,034
  2,232
  2,431
  2,631
  2,835
  3,042
  3,255
  3,473
  3,698
  3,930
  4,170
  4,419
  4,678
  4,947
  5,227
  5,519
  5,823
  6,141
  6,473
  6,820
  7,183
  7,563
  7,960
  8,377
  8,813
  9,269
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  
  864
  1,431
  1,635
  1,836
  2,034
  2,232
  2,431
  2,631
  2,835
  3,042
  3,255
  3,473
  3,698
  3,930
  4,170
  4,419
  4,678
  4,947
  5,227
  5,519
  5,823
  6,141
  6,473
  6,820
  7,183
  7,563
  7,960
  8,377
  8,813
  9,269
Total cash flow (excl. dividends), $m
  4,068
  4,602
  4,766
  4,929
  5,094
  5,260
  5,430
  5,603
  5,781
  5,965
  5,548
  5,744
  5,949
  6,161
  6,382
  6,612
  6,853
  7,104
  7,366
  7,641
  7,928
  8,228
  8,543
  8,873
  9,218
  9,580
  9,959
  10,357
  10,775
  11,212
Retained Cash Flow (-), $m
  -214
  -394
  -451
  -506
  -561
  -615
  -670
  -725
  -781
  -838
  -897
  -957
  -1,019
  -1,083
  -1,149
  -1,217
  -1,289
  -1,363
  -1,440
  -1,520
  -1,604
  -1,692
  -1,783
  -1,879
  -1,979
  -2,084
  -2,193
  -2,308
  -2,428
  -2,554
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
  134
  137
  140
  144
  148
  152
  157
  162
  168
  174
  181
  188
  196
  204
  213
  222
  232
  242
  253
  264
  276
  289
  303
  317
  332
  348
  364
  382
  400
  420
Cash available for distribution, $m
  3,854
  4,208
  4,315
  4,423
  4,533
  4,645
  4,760
  4,878
  5,000
  5,127
  4,651
  4,788
  4,930
  5,078
  5,233
  5,395
  5,564
  5,741
  5,926
  6,120
  6,323
  6,536
  6,760
  6,994
  7,239
  7,496
  7,766
  8,050
  8,347
  8,658
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
  3,695
  3,852
  3,755
  3,642
  3,514
  3,371
  3,216
  3,049
  2,872
  2,688
  2,209
  2,043
  1,874
  1,705
  1,536
  1,371
  1,211
  1,057
  912
  778
  654
  542
  443
  356
  282
  219
  167
  125
  91
  65
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 34.3
Price to Sales 5.2
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 11.9
Price to Free Cash Flow 15.7
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 2017 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 2% 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 2.3%.

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 407.7%.

Life of production assets of 10 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 -7.9%. 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 - $16924 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 589 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 $44.7 billion.

RELATED COMPANIES Price Int.Val. Rating
NDAQ Nasdaq 95.00 49.79  sell
CBOE Cboe Global Ma 104.62 1,618.79  str.buy
CME CME Group Cl A 169.00 106.24  sell
TRI Thomson Reuter 42.33 31.73  hold

COMPANY NEWS

▶ Houston To Overtake Cushing As Key Hub   [Jul-18-18 07:00PM  Oilprice.com]
▶ [$$] Export Boom May Give Houston New Status as Oil-Futures Hub   [Jul-17-18 08:11PM  The Wall Street Journal]
▶ Three House Democrats Offer Plan to Abolish ICE   [Jul-12-18 01:27PM  Bloomberg]
▶ ICE Futures Europe Emissions Auction Result   [05:20AM  Business Wire]
▶ Vitiello Tapped as Acting ICE Director   [Jun-30-18 06:58PM  Bloomberg]
▶ Hong Kong rising as hot IPO market   [Jun-20-18 03:30PM  CNBC]
▶ Who Owns Most Of Intercontinental Exchange Inc (NYSE:ICE)?   [Jun-05-18 06:26PM  Simply Wall St.]
▶ Intercontinental Exchange to buy fixed-income marketplace for $685M in cash   [May-30-18 02:56PM  American City Business Journals]
▶ Stacey Cunningham Takes The Reins At NYSE   [May-25-18 12:48PM  Benzinga]
▶ Stacey Cunningham named president of NYSE Group   [09:36AM  American City Business Journals]
▶ ICE announces COO to be first woman president of NYSE   [05:45AM  American City Business Journals]
▶ [$$] Intercontinental Exchange: right recipe   [03:10AM  Financial Times]
▶ [$$] Oil Closes Lower as Investors Take Profits   [May-18-18 11:15PM  The Wall Street Journal]
▶ [$$] Oil Gains as Market Braces for Iran Sanctions   [06:14AM  The Wall Street Journal]
▶ ICE Futures Europe Emissions Auction Result   [May-16-18 05:11AM  Business Wire]
▶ Why Trump Deports Fewer Immigrants Than Obama   [May-15-18 11:12AM  Bloomberg]
▶ Canadas Last Farm Commodity Exchange Is Shutting Down   [May-11-18 09:47AM  Bloomberg]
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