Financials Intercontinental Exchange, Inc.

Equities

ICE

US45866F1049

Financial & Commodity Market Operators

Market Closed - Nyse Other stock markets 16:00:03 2024-09-20 EDT			5-day change	1st Jan Change
159.84 ^USD	+0.61%		-0.81%	+24.46%

09-20	Ameriprise Financial Initiates Coverage on Intercontinental Exchange With Buy Rating	MT
09-19	Intercontinental Exchange, Salt Financial to Collaborate on Index Development	MT

Projected Income Statement: Intercontinental Exchange, Inc.

Fiscal Period: Dezember	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,202	6,036	7,146	7,292	7,988	9,278	9,791	10,320
Change	-	16.03%	18.39%	2.04%	9.54%	16.15%	5.52%	5.4%
EBITDA ¹	3,366	3,904	4,556	4,760	5,195	6,052	6,436	6,785
Change	-	15.98%	16.7%	4.48%	9.14%	16.49%	6.35%	5.42%
EBIT ¹	3,013	3,541	4,169	4,339	4,728	5,488	5,883	6,337
Change	-	17.52%	17.74%	4.08%	8.97%	16.09%	7.19%	7.72%
Interest Paid ¹	-285	-357	-423	-616	-808	-918.5	-832	-848
Earnings before Tax (EBT) ¹	2,481	2,766	5,698	1,808	2,894	3,627	4,151	4,778
Change	-	11.49%	106%	-68.27%	60.07%	25.34%	14.43%	15.11%
Net income ¹	1,933	2,089	4,058	1,446	2,368	2,731	3,054	3,374
Change	-	8.07%	94.26%	-64.37%	63.76%	15.33%	11.84%	10.45%
Announcement Date	2/6/20	2/4/21	2/3/22	2/2/23	2/8/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2019 Q3	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	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	2025 Q3	2025 Q4	2026 Q1	2026 Q2
Net sales ¹	1,336	1,298	1,559	1,395	1,411	1,671	1,797	1,707	1,802	1,840	1,899	1,814	1,811	1,768	1,896	1,888	2,003	2,201	2,290	2,317	2,321	2,347	2,422	2,446	2,458	2,491	2,558	2,606
Change	-	-2.84%	20.11%	-10.52%	1.15%	18.43%	7.54%	-5.01%	5.57%	2.11%	3.21%	-4.48%	-0.17%	-2.37%	7.24%	-0.42%	6.09%	9.89%	4.04%	1.18%	0.19%	1.1%	3.2%	0.97%	0.51%	1.33%	2.69%	1.88%
EBITDA ¹	864	842	1,049	906	886	1,063	1,165	1,059	1,144	1,188	1,254	1,177	1,190	1,139	1,266	1,248	1,309	1,372	1,487	1,499	1,514	1,539	1,634	1,658	1,642	1,684	1,693	1,736
Change	-	-2.55%	24.58%	-13.63%	-2.21%	19.98%	9.6%	-9.1%	8.03%	3.85%	5.56%	-6.14%	1.1%	-4.29%	11.15%	-1.42%	4.89%	4.81%	8.38%	0.81%	1.02%	1.61%	6.23%	1.41%	-0.92%	2.57%	0.5%	2.54%
EBIT ¹	785	728	962	820	800	959	1,068	963	1,047	1,091	1,153	1,074	1,084	1,028	1,156	1,132	1,191	1,249	1,360	1,370	1,363	1,381	1,453	1,461	1,470	1,492	1,547	1,590
Change	-	-7.26%	32.14%	-14.76%	-2.44%	19.88%	11.37%	-9.83%	8.72%	4.2%	5.68%	-6.85%	0.93%	-5.17%	12.45%	-2.08%	5.21%	4.87%	8.89%	0.74%	-0.48%	1.27%	5.2%	0.57%	0.62%	1.48%	3.7%	2.78%
Charge d'intérêts ¹	-72	-71	-72	-84	-89	-112	-107	-106	-108	-102	-103	-161	-176	-176	-176	-175	-206	-251	-241	-233	-226.5	-217.5	-211	-206.5	-207.5	-207	-212	-212
Earnings before Tax (EBT) ¹	640	587	836	673	583	674	833	1,932	824	2,109	832	739	-327	564	849	847	682	516	964	861	896.1	914.9	1,003	1,000	1,026	1,035	-	-
Change	-	-8.28%	42.42%	-19.5%	-13.37%	15.61%	23.59%	131.93%	-57.35%	155.95%	-60.55%	-11.18%	-	-	50.53%	-0.24%	-19.48%	-24.34%	86.82%	-10.68%	4.07%	2.1%	9.63%	-0.3%	2.6%	0.88%	-100%	-
Net income ¹	529	448	650	523	390	526	646	1,252	633	1,527	657	555	-191	425	655	799	541	373	767	632	672.5	686.4	745	743	762	769	-	-
Change	-	-15.31%	45.09%	-19.54%	-25.43%	34.87%	22.81%	93.81%	-49.44%	141.23%	-56.97%	-15.53%	-	-	54.12%	21.98%	-32.29%	-31.05%	105.63%	-17.6%	6.41%	2.06%	8.54%	-0.27%	2.56%	0.92%	-100%	-
Announcement Date	10/31/19	2/6/20	4/30/20	7/30/20	10/29/20	2/4/21	4/29/21	7/29/21	10/28/21	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	8/1/24	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Intercontinental Exchange, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	6,978	15,954	13,311	16,323	21,714	19,014	17,457	15,690
Change	-	128.63%	-16.57%	22.63%	33.03%	-12.43%	-8.19%	-10.12%
Announcement Date	2/6/20	2/4/21	2/3/22	2/2/23	2/8/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Intercontinental Exchange, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	305	410	452	482	489	617.7	594.8	611.2
Change	-	34.43%	10.24%	6.64%	1.45%	26.31%	-3.7%	2.75%
Free Cash Flow (FCF) ¹	2,381	2,600	2,716	2,949	3,053	3,822	4,270	4,856
Change	-	9.2%	4.46%	8.58%	3.53%	25.17%	11.72%	13.74%
Announcement Date	2/6/20	2/4/21	2/3/22	2/2/23	2/8/24	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Intercontinental Exchange, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	64.71%	64.68%	63.76%	65.28%	65.04%	65.22%	65.74%	65.75%
EBIT Margin (%)	57.92%	58.66%	58.34%	59.5%	59.19%	59.15%	60.09%	61.41%
EBT Margin (%)	47.69%	45.83%	79.74%	24.79%	36.23%	39.1%	42.4%	46.3%
Net margin (%)	37.16%	34.61%	56.79%	19.83%	29.64%	29.43%	31.2%	32.69%
FCF margin (%)	45.77%	43.07%	38.01%	40.44%	38.22%	41.19%	43.61%	47.06%
FCF / Net Income (%)	123.18%	124.46%	66.93%	203.94%	128.93%	139.93%	139.78%	143.94%
Profitability
ROA	2.06%	2.27%	1.82%	1.53%	1.43%	2.24%	2.42%	2.1%
ROE	11.22%	13.6%	13.79%	13.1%	13.12%	13.11%	13.17%	13.81%
Financial Health
Leverage (Debt/EBITDA)	2.07x	4.09x	2.92x	3.43x	4.18x	3.14x	2.71x	2.31x
Debt / Free cash flow	2.93x	6.14x	4.9x	5.54x	7.11x	4.98x	4.09x	3.23x
Capital Intensity
CAPEX / Current Assets (%)	5.86%	6.79%	6.33%	6.61%	6.12%	6.66%	6.08%	5.92%
CAPEX / EBITDA (%)	9.06%	10.5%	9.92%	10.13%	9.41%	10.21%	9.24%	9.01%
CAPEX / FCF (%)	12.81%	15.77%	16.64%	16.34%	16.02%	16.16%	13.93%	12.59%
Items per share
Cash flow per share ¹	-	-	-	6.346	-	-	-	-
Change	-	-	-	-	-	-	-	-
Dividend per Share ¹	1.1	1.2	1.32	1.52	1.68	1.802	1.905	2.088
Change	-	9.09%	10%	15.15%	10.53%	7.26%	5.74%	9.59%
Book Value Per Share ¹	31.15	34.76	40.41	40.62	44.88	47.92	50.6	53.99
Change	-	11.59%	16.26%	0.52%	10.49%	6.77%	5.59%	6.71%
EPS ¹	3.42	3.77	7.18	2.58	4.19	4.777	5.338	5.865
Change	-	10.23%	90.45%	-64.07%	62.4%	14.02%	11.74%	9.86%
Nbr of stocks (in thousands)	556,850	561,284	563,404	558,552	572,364	574,142	574,142	574,142
Announcement Date	2/6/20	2/4/21	2/3/22	2/2/23	2/8/24	-	-	-