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Intercontinental Exchange Inc ICE Stock Quote

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Morningstar‘s Stock Analysis ICE

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Is it the right time to buy or sell?
Is it the right time to buy or sell?

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Trading Drives Strong Results for the Exchanges While Diverging Valuations Create Opportunity

Michael Miller Equity Analyst

Analyst Note

| Michael Miller |

The North American exchanges have undergone substantial changes in recent years, as regulatory changes, sharp shifts in market conditions, and Intercontinental Exchange and Nasdaq’s continued efforts to reposition their firms as diversified technology companies have kept the group in flux. The exchanges have enjoyed substantial tailwinds over the last couple of years as their core trading and listing operations benefited from cyclical highs in equity market volatility and IPO activity, with futures and options volume far above prepandemic levels. We do expect these tailwinds to fade and project more normalized rates of growth going forward, but, in our view, recent market activity has left shares of some exchanges oversold and we see opportunity for investors in the industry group. 

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Key Statistics ICE

Company Profile ICE

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 operates a large derivatives exchange, too. The company's largest commodity futures product is the ICE Brent crude futures contract. In addition to the exchanges business, which is about 55% of net revenue, Intercontinental Exchange has used a series of acquisitions to create its mortgage technology business (18% of net revenue) and fixed-income and data services segment (27% of net revenue).

5660 New Northside Drive
Atlanta, GA, 30328
T +1 770 857-4700
Industry Financial Data & Stock Exchanges
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 8,935

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