DDM Analysis: ICE

Valuation Snapshot

Stable Growth	$139.98 - $402.94	$219.33
Multi-Stage	$94.69 - $103.42	$98.97
Blended Fair Value	$159.15
Current Price	$168.48
Upside	-5.54%
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	8.89%	8.89%	8.89%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$139.98	$219.33	$402.94
Upside / Downside	-16.92%	30.18%	139.16%

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	8.89%	8.89%	8.89%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,408.73	1,422.08	1,435.44
Year 2 PV (M)	1,706.59	1,739.09	1,771.90
Year 3 PV (M)	1,984.56	2,041.52	2,099.57
Year 4 PV (M)	2,243.59	2,329.87	2,418.62
Year 5 PV (M)	2,484.59	2,604.60	2,729.20
PV of Terminal Value (M)	44,687.92	46,846.36	49,087.41
Equity Value (M)	54,515.97	56,983.53	59,542.14
Shares Outstanding (M)	575.75	575.75	575.75
Fair Value	$94.69	$98.97	$103.42
Upside / Downside	-43.80%	-41.26%	-38.62%

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Financial Statements

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Ticker

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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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