Intercontinental Exchange (ICE)

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SKU: ICE Category:

Description

This is our first report on the Intercontinental Exchange (ICE), one of the largest providers of provider of market infrastructure, data services and technology solutions in the world. Despite unfavorable macroeconomic environments, ICE has successfully grown its revenue and earnings in the last quarter and managed to deliver an all-around beat. In the financial markets, central bank activity and rising inflation across the U.K. and Europe continued to drive the increased hedging activity, along with daily interest rate average volumes increasing by 40% in the quarter. This included record Euribor features. In ICE’s equity derivatives complex, the ADV in its MSCI complex was up as the volatility levels continued rising. This quarter was marked by the confluence of geopolitical and macroeconomic uncertainties in the energy markets. Recurring revenues increased, driven by robust demand for the company’s energy exchange data as well as the continued benefit from its record 2021 listings performance. The three secular drivers of the company’s energy markets stayed intact including the clean energy transition, the evolving energy supply chain, and increasing energy demand. The data platform and comprehensive fixed income continue delivering compounding revenue growth that is underpinned by both its transaction and recurring revenues. We initiate coverage on the stock of ICE with a ‘Hold’ rating.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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