DDM Analysis: ICE

Valuation Snapshot

Stable Growth	$185.59 - $1,008.52	$336.80
Multi-Stage	$111.44 - $121.81	$116.53
Blended Fair Value	$226.66
Current Price	$168.48
Upside	34.54%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	10.84%	13.26%	1.80	1.66	1.48	1.30	1.16	1.08	0.96	0.83	0.71	0.57
YoY Growth	-	-	8.80%	11.96%	14.19%	11.66%	7.73%	11.89%	16.60%	16.38%	23.56%	10.70%
Dividend Yield	-	-	1.05%	1.21%	1.42%	0.98%	1.04%	1.34%	1.25%	1.14%	1.19%	1.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,233.00
(-) Cash Dividends Paid (M)	1,090.00
(=) Cash Retained (M)	2,143.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	646.60	404.13	242.48
Cash Retained (M)	2,143.00	2,143.00	2,143.00
(-) Cash Required (M)	-646.60	-404.13	-242.48
(=) Excess Retained (M)	1,496.40	1,738.88	1,900.53
(/) Shares Outstanding (M)	575.75	575.75	575.75
(=) Excess Retained per Share	2.60	3.02	3.30
LTM Dividend per Share	1.89	1.89	1.89
(+) Excess Retained per Share	2.60	3.02	3.30
(=) Adjusted Dividend	4.49	4.91	5.19
WACC / Discount Rate	8.05%	8.05%	8.05%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$185.59	$336.80	$1,008.52
Upside / Downside	10.15%	99.91%	498.60%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,233.00	3,443.15	3,666.95	3,905.30	4,159.15	4,429.49	4,562.37
Payout Ratio	33.71%	44.97%	56.23%	67.49%	78.74%	90.00%	92.50%
Projected Dividends (M)	1,090.00	1,548.45	2,061.88	2,635.53	3,275.03	3,986.54	4,220.20

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.05%	8.05%	8.05%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,419.58	1,433.03	1,446.49
Year 2 PV (M)	1,732.97	1,765.98	1,799.30
Year 3 PV (M)	2,030.76	2,089.05	2,148.45
Year 4 PV (M)	2,313.50	2,402.47	2,493.98
Year 5 PV (M)	2,581.74	2,706.44	2,835.92
PV of Terminal Value (M)	54,080.96	56,693.09	59,405.20
Equity Value (M)	64,159.51	67,090.08	70,129.34
Shares Outstanding (M)	575.75	575.75	575.75
Fair Value	$111.44	$116.53	$121.81
Upside / Downside	-33.86%	-30.84%	-27.70%

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Intercontinental Exchange, Inc. (ICE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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