Analyst Note| Michael Miller |
Wide-moat Intercontinental Exchange reported solid second-quarter earnings that were in line with our expectations, as weakness in its mortgage technology segment was offset by strength in its exchange and fixed-income data businesses. Intercontinental reported net revenue of $1.81 billion, which was up 8% from last year but down 4.5% from last quarter. Intercontinental Exchange also saw its EPS rise 14% year over year to $1.32. As we incorporate these results, we do not plan to alter our $130 fair value estimate.