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 89,599 - -
Change - -25.64% 28.28% 16.39% 7.93% -2.98% - -
Enterprise Value (EV) 1 90,368 73,625 95,223 105,082 111,153 107,419 107,838 107,309
Change - -18.53% 29.34% 10.35% 5.78% -3.36% 0.39% -0.49%
P/E 19x 39.8x 30.7x 31.2x 28.1x 22.2x 22x 19.6x
PBR 3.38x 2.53x 2.86x 3.09x 3.18x 2.91x 2.79x 2.63x
PEG - -0.6x 0.5x 2.2x 1.4x 0.9x 26.48x 1.6x
Capitalization / Revenue 10.8x 7.86x 9.2x 9.22x 9.3x 8.13x 7.72x 7.24x
EV / Revenue 12.6x 10.1x 11.9x 11.3x 11.2x 9.75x 9.3x 8.67x
EV / EBITDA 19.8x 15.5x 18.3x 17.5x 16.9x 14.5x 13.9x 13x
EV / EBIT 21.7x 17x 20.1x 19.2x 18.6x 15.7x 15x 13.7x
EV / FCF 33.3x 25x 31.2x 27.2x 28.7x 22.1x 21.1x 19.2x
FCF Yield 3.01% 4.01% 3.21% 3.67% 3.48% 4.53% 4.73% 5.2%
Dividend per Share 2 1.32 1.52 1.68 1.8 1.92 2.127 2.285 2.457
Rate of return 0.97% 1.48% 1.31% 1.21% 1.19% 1.33% 1.43% 1.54%
EPS 2 7.18 2.58 4.19 4.78 5.77 7.201 7.261 8.149
Distribution rate 18.4% 58.9% 40.1% 37.7% 33.3% 29.5% 31.5% 30.2%
Net sales 1 7,146 7,292 7,988 9,279 9,931 11,016 11,602 12,379
EBITDA 1 4,556 4,760 5,195 5,995 6,559 7,407 7,763 8,274
EBIT 1 4,169 4,339 4,728 5,469 5,992 6,842 7,206 7,814
Net income 1 4,058 1,446 2,368 2,754 3,315 4,018 3,999 4,358
Net Debt 1 13,311 16,323 21,714 19,524 18,807 17,821 18,240 17,711
Reference price 2 136.77 102.59 128.43 149.01 161.96 159.60 159.60 159.60
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
22.16x9.75x14.5x1.33% 89.6B
25.27x14.96x18.66x3.54% 65.39B
22.56x8.47x14.12x1.65% 59.32B
28.47x5.27x10.5x1.88% 57.81B
27.4x10.61x17.68x1.23% 54.52B
31.63x14.89x22.93x2.02% 20.95B
21.73x8.49x13.46x2.3% 18.96B
13.51x7.36x10.48x6.84% 16.14B
23.82x8.61x14.92x1.84% 10.63B
Average 24.06x 9.82x 15.25x 2.52% 43.7B
Weighted average by Cap. 24.57x 9.97x 15.23x 2.14%

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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  5. Valuation Intercontinental Exchange, Inc.