DDM Analysis: ICE

Valuation Snapshot

Stable Growth	$379.86 - $1,116.74	$1,046.55
Multi-Stage	$152.83 - $167.25	$159.91
Blended Fair Value	$603.23
Current Price	$168.48
Upside	258.04%
Decision	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	6.75%	6.75%	6.75%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$379.86	$1,046.55	$1,116.74
Upside / Downside	125.46%	521.17%	562.83%

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	6.75%	6.75%	6.75%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,436.95	1,450.57	1,464.19
Year 2 PV (M)	1,775.63	1,809.46	1,843.59
Year 3 PV (M)	2,106.21	2,166.67	2,228.28
Year 4 PV (M)	2,428.81	2,522.22	2,618.29
Year 5 PV (M)	2,743.59	2,876.10	3,013.69
PV of Terminal Value (M)	77,499.09	81,242.33	85,128.82
Equity Value (M)	87,990.28	92,067.34	96,296.87
Shares Outstanding (M)	575.75	575.75	575.75
Fair Value	$152.83	$159.91	$167.25
Upside / Downside	-9.29%	-5.09%	-0.73%

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6101.T	Tsugami Corporation	2.08%	$59.70	21.18%
9549.SR	Abdulaziz and Mansour Ibrahim Albabtin Co.	2.08%	$0.50	29.71%
FPAR-A.ST	FastPartner AB (publ)	2.08%	$0.97	55.03%
GRNG.ST	Gränges AB (publ)	2.08%	$3.09	34.78%
ZGN	Ermenegildo Zegna N.V.	2.08%	$0.22	28.26%
000983.SZ	Shanxi Coking Coal Energy Group Co.,Ltd.	2.07%	$0.13	44.44%
006090.KS	Oyang Corporation	2.07%	$187.55	43.67%
0O1O.L	Vetoquinol S.A.	2.07%	$1.74	19.10%
1748.HK	Xin Yuan Enterprises Group Limited	2.07%	$0.04	62.70%
4677.KL	YTL Corporation Berhad	2.07%	$0.04	26.42%
603136.SS	Jiangsu Tianmu Lake Tourism Co.,Ltd	2.07%	$0.24	64.23%
7965.T	Zojirushi Corporation	2.07%	$32.35	36.35%
MRSA3B.SA	MRS Logística S.A.	2.07%	$0.81	18.86%
OCL.AX	Objective Corporation Limited	2.07%	$0.34	57.76%
TRTN	Triton International Limited	2.07%	$1.65	28.50%
001219.SZ	Qingdao Foods CO.,LTD.	2.06%	$0.29	55.25%
002351.SZ	Edifier Technology Co., Ltd.	2.06%	$0.25	53.80%
004830.KS	Duksung Co., Ltd.	2.06%	$100.30	19.66%
600120.SS	Zhejiang Orient Financial Holdings Group Co., Ltd.	2.06%	$0.13	32.28%
600143.SS	Kingfa Sci. & Tech. Co., Ltd.	2.06%	$0.40	85.82%
7735.T	SCREEN Holdings Co., Ltd.	2.06%	$314.43	32.13%
ALSO3.SA	Aliansce Sonae Shopping Centers S.A.	2.06%	$0.52	9.27%
MLIA.JK	PT Mulia Industrindo Tbk	2.06%	$6.98	27.72%
REA.AX	REA Group Limited	2.06%	$3.81	51.46%
THEON.AS	Theon International PLC	2.06%	$0.55	52.53%
000902.SZ	YONFER Agricultural Technology Co., Ltd.	2.05%	$0.32	26.06%
002938.SZ	Avary Holding(Shenzhen)Co., Limited	2.05%	$1.04	59.37%
036930.KQ	JUSUNG ENGINEERING Co., Ltd.	2.05%	$625.50	45.79%
086280.KS	Hyundai Glovis Co., Ltd.	2.05%	$3,700.10	19.97%
2730.T	EDION Corporation	2.05%	$43.41	30.64%
4191.SR	Abdullah Saad Mohammed Abo Moati for Bookstores Company	2.05%	$1.01	76.56%
9527.SR	Ame Company For Medical Supplies	2.05%	$2.00	27.73%
BMIN3.SA	Banco Mercantil de Investimentos S.A.	2.05%	$0.47	28.32%
GUAR3.SA	Guararapes Confecções S.A.	2.05%	$0.18	20.09%
MGROS.IS	Migros Ticaret A.S.	2.05%	$10.88	31.41%
MLL.DE	Müller - Die lila Logistik AG	2.05%	$0.10	6.76%
RAY-A.TO	Stingray Group Inc.	2.05%	$0.30	39.32%
VIVA3.SA	Vivara Participações S.A.	2.05%	$0.66	20.93%
268280.KS	Miwon Specialty Chemical Co., Ltd.	2.04%	$2,814.57	22.79%
2869.HK	Greentown Service Group Co. Ltd.	2.04%	$0.09	17.96%
450330.KQ	Hass	2.04%	$131.79	35.27%
605589.SS	Jinan Shengquan Group Share Holding Co., Ltd.	2.04%	$0.58	44.86%
CEK.DE	CeoTronics AG	2.04%	$0.26	34.71%
CSAP.JK	PT Catur Sentosa Adiprana Tbk	2.04%	$6.50	30.53%
ROTH.PA	Rothschild & Co SCA	2.04%	$0.78	13.71%
2476.TW	G-SHANK Enterprise Co., Ltd.	2.03%	$1.85	49.48%
2852.KL	Cahya Mata Sarawak Berhad	2.03%	$0.03	28.80%
3788.HK	China Hanking Holdings Limited	2.03%	$0.08	36.16%
4004.SR	Dallah Healthcare Company	2.03%	$2.54	49.37%
601607.SS	Shanghai Pharmaceuticals Holding Co., Ltd	2.03%	$0.36	23.77%

Financial Statements

Fundamentals

Valuations

Miscellaneous

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Ticker

Industry

Sector

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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