Intercontinental Exchange, Inc.

DB:IC2 Stock Report

Market Cap: €74.4b

Intercontinental Exchange Valuation

Is IC2 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow Value

What is the Fair Price of IC2 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: IC2 (€131.75) is trading below our estimate of future cash flow value (€138.99)

Significantly Below Future Cash Flow Value: IC2 is trading below future cash flow value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for IC2?

Key metric: As IC2 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for IC2. This is calculated by dividing IC2's market cap by their current earnings.
What is IC2's PE Ratio?
PE Ratio22x
EarningsUS$3.93b
Market CapUS$86.65b

Price to Earnings Ratio vs Peers

How does IC2's PE Ratio compare to its peers?

The above table shows the PE ratio for IC2 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average19x
DB1 Deutsche Börse
22.7x6.81%€46.6b
DBK Deutsche Bank
9.2x7.27%€54.6b
DWS DWS Group GmbH KGaA
12.6x5.08%€12.2b
MCO Moody's
31.4x9.31%US$78.5b
IC2 Intercontinental Exchange
22x6.23%€86.6b

Price-To-Earnings vs Peers: IC2 is expensive based on its Price-To-Earnings Ratio (22x) compared to the peer average (18.8x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

How does IC2's PE Ratio compare vs other companies in the DE Capital Markets Industry?

5 CompaniesPrice / EarningsEstimated GrowthMarket Cap
BBHK Deutsche Balaton
3.1xn/aUS$345.30m
ERAG Ernst Russ
3.9x-33.83%US$334.97m
CAG0 Clere
3.6xn/aUS$96.35m
ECS0 Eight Capital Partners
1.1xn/aUS$29.33m
IC2 22.0xIndustry Avg. 14.9xNo. of Companies11PE01632486480+
5 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: IC2 is expensive based on its Price-To-Earnings Ratio (22x) compared to the German Capital Markets industry average (14.9x).

Price to Earnings Ratio vs Fair Ratio

What is IC2's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

IC2 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio22x
Fair PE Ratio21.2x

Price-To-Earnings vs Fair Ratio: IC2 is expensive based on its Price-To-Earnings Ratio (22x) compared to the estimated Fair Price-To-Earnings Ratio (21.2x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst IC2 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€131.90
€171.92
+30.34%
9.84%€216.26€149.92n/a15
May ’27€133.70
€170.60
+27.60%
8.50%€204.79€148.47n/a15
Apr ’27€136.18
€171.38
+25.85%
8.70%€212.04€151.21n/a14
Mar ’27€139.94
€165.40
+18.20%
8.81%€205.91€146.84n/a14
Feb ’27€146.52
€162.29
+10.76%
8.51%€197.94€143.80n/a14
Jan ’27€138.98
€162.57
+16.97%
8.41%€189.66€142.03n/a14
Dec ’26€135.06
€164.58
+21.86%
8.44%€188.55€142.71n/a14
Nov ’26€126.60
€167.37
+32.21%
8.22%€189.12€142.27n/a16
Oct ’26€138.80
€174.27
+25.56%
6.36%€191.75€144.87n/a16
Sep ’26€151.30
€174.92
+15.61%
6.44%€194.29€145.50n/a16
Aug ’26€160.38
€175.09
+9.18%
7.48%€196.04€136.45n/a16
Jul ’26€154.22
€162.11
+5.11%
9.26%€202.72€134.02n/a17
Jun ’26€158.56
€173.05
+9.14%
8.36%€214.36€141.71n/a16
May ’26€147.64
€168.56
+14.17%
8.34%€201.05€139.94€133.7016
Apr ’26€158.66
€174.92
+10.25%
8.93%€219.06€146.04€136.1816
Mar ’26€166.16
€180.90
+8.87%
8.93%€226.55€151.03€139.9416
Feb ’26€154.42
€172.31
+11.59%
8.74%€207.42€142.12€146.5216
Jan ’26€143.00
€176.99
+23.77%
8.19%€212.19€142.75€138.9816
Dec ’25€151.86
€170.31
+12.15%
6.57%€189.30€140.08€135.0616
Nov ’25€141.82
€166.28
+17.25%
6.81%€184.56€136.57€126.6016
Oct ’25€143.62
€154.47
+7.56%
7.64%€179.62€132.92€138.8016
Sep ’25€145.62
€148.19
+1.77%
5.75%€160.83€132.24€151.3014
Aug ’25€140.08
€148.07
+5.71%
5.40%€161.25€129.74€160.3814
Jul ’25€126.70
€143.67
+13.39%
5.70%€155.53€129.45€154.2215
Jun ’25€122.38
€140.56
+14.86%
5.57%€153.76€127.98€158.5615
May ’25€120.86
€143.74
+18.93%
5.00%€155.51€131.15€147.6416
€172.05
Fair Value
23.3% undervalued intrinsic discount
15
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/25 17:18
End of Day Share Price 2026/05/22 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Intercontinental Exchange, Inc. is covered by 33 analysts. 12 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Stephen BiggarArgus Research Company
Roger FreemanBarclays
Benjamin BudishBarclays