Intercontinental Exchange Inc

ICE: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$465.00	Zwxxs	Wtksbswp

Intercontinental Exchange Produces a Solid Second Quarter

Michael Miller

Aug 4, 2022

Wide-moat Intercontinental Exchange reported solid second-quarter earnings that were in line with our expectations, as weakness in its mortgage technology segment was offset by strength in its exchange and fixed-income data businesses. Intercontinental reported net revenue of $1.81 billion, which was up 8% from last year but down 4.5% from last quarter. Intercontinental Exchange also saw its EPS rise 14% year over year to $1.32. As we incorporate these results, we do not plan to alter our $130 fair value estimate.

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