Company Valuation: Intercontinental Exchange, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 77,057 57,302 73,509 85,558 92,346 85,416 - -
Change - -25.64% 28.28% 16.39% 7.93% -7.5% - -
Enterprise Value (EV) 1 90,368 73,625 95,223 105,082 111,153 103,285 103,667 103,117
Change - -18.53% 29.34% 10.35% 5.78% -7.08% 0.37% -0.53%
P/E 19x 39.8x 30.7x 31.2x 28.1x 21.2x 20.8x 18.6x
PBR 3.38x 2.53x 2.86x 3.09x 3.18x 2.77x 2.66x 2.5x
PEG - -0.6x 0.5x 2.2x 1.4x 0.9x 11.81x 1.5x
Capitalization / Revenue 10.8x 7.86x 9.2x 9.22x 9.3x 7.75x 7.31x 6.85x
EV / Revenue 12.6x 10.1x 11.9x 11.3x 11.2x 9.37x 8.87x 8.27x
EV / EBITDA 19.8x 15.5x 18.3x 17.5x 16.9x 13.9x 13.3x 12.3x
EV / EBIT 21.7x 17x 20.1x 19.2x 18.6x 15.1x 14.4x 13.1x
EV / FCF 33.3x 25x 31.2x 27.2x 28.7x 23.1x 21.1x 19.1x
FCF Yield 3.01% 4.01% 3.21% 3.67% 3.48% 4.33% 4.73% 5.24%
Dividend per Share 2 1.32 1.52 1.68 1.8 1.92 2.12 2.28 2.449
Rate of return 0.97% 1.48% 1.31% 1.21% 1.19% 1.39% 1.5% 1.61%
EPS 2 7.18 2.58 4.19 4.78 5.77 7.171 7.298 8.188
Distribution rate 18.4% 58.9% 40.1% 37.7% 33.3% 29.6% 31.2% 29.9%
Net sales 1 7,146 7,292 7,988 9,279 9,931 11,019 11,684 12,465
EBITDA 1 4,556 4,760 5,195 5,995 6,559 7,404 7,794 8,362
EBIT 1 4,169 4,339 4,728 5,469 5,992 6,839 7,218 7,845
Net income 1 4,058 1,446 2,368 2,754 3,315 4,027 4,005 4,363
Net Debt 1 13,311 16,323 21,714 19,524 18,807 17,869 18,250 17,701
Reference price 2 136.77 102.59 128.43 149.01 161.96 152.15 152.15 152.15
Nbr of stocks (in thousands) 563,404 558,552 572,364 574,176 570,179 561,394 - -
Announcement Date 2/3/22 2/2/23 2/8/24 2/6/25 2/5/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
21.25x9.38x13.96x1.39% 85.42B
22.76x13.82x19.15x4.28% 97.1B
23.54x14.18x17.71x3.79% 60.89B
23.01x8.58x14.32x1.63% 58.55B
27.11x4.94x9.85x2.02% 52.41B
25.91x10.07x16.82x1.3% 51.53B
30.58x8.49x15.57x0.55% 22.6B
21.97x8.51x13.4x2.3% 18.4B
18.3x10.24x14.77x4.72% 23.34B
Average 23.83x 9.80x 15.06x 2.44% 52.25B
Weighted average by Cap. 23.57x 10.36x 15.51x 2.55%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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