DDM Analysis: ICE

Valuation Snapshot

Stable Growth	$185.38 - $1,003.32	$336.18
Multi-Stage	$111.37 - $121.73	$116.46
Blended Fair Value	$226.32
Current Price	$168.48
Upside	34.33%
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	8.06%	8.06%	8.06%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$185.38	$336.18	$1,003.32
Upside / Downside	10.03%	99.54%	495.51%

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	8.06%	8.06%	8.06%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,419.54	1,433.00	1,446.45
Year 2 PV (M)	1,732.88	1,765.89	1,799.20
Year 3 PV (M)	2,030.60	2,088.89	2,148.28
Year 4 PV (M)	2,313.25	2,402.22	2,493.72
Year 5 PV (M)	2,581.40	2,706.08	2,835.54
PV of Terminal Value (M)	54,043.09	56,653.39	59,363.59
Equity Value (M)	64,120.76	67,049.45	70,086.78
Shares Outstanding (M)	575.75	575.75	575.75
Fair Value	$111.37	$116.46	$121.73
Upside / Downside	-33.90%	-30.88%	-27.75%

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Financial Statements

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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

High-Yield Dividend Screener