Intercontinental Exchange, Inc.

DB:IC2 Stock Report

Market Cap: €83.5b

Intercontinental Exchange Valuation

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

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair 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.

Below Fair Value: IC2 (€144.54) is trading above our estimate of fair value (€137.92)

Significantly Below Fair Value: IC2 is trading above our estimate of fair value.

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 Ratio35.4x
EarningsUS$2.43b
Market CapUS$86.03b

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 Average24.6x
DB1 Deutsche Börse
22x5.3%€40.7b
DBK Deutsche Bank
8.5x12.6%€33.0b
CME CME Group
24.5x3.2%US$83.8b
MCO Moody's
43.4x9.4%US$86.8b
IC2 Intercontinental Exchange
35.4x11.4%€86.0b

Price-To-Earnings vs Peers: IC2 is expensive based on its Price-To-Earnings Ratio (35.4x) compared to the peer average (24.6x).

Price to Earnings Ratio vs Industry

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

3 CompaniesPrice / EarningsEstimated GrowthMarket Cap
HXCK Ernst Russ
3.8x-19.3%US$208.30m
SPT6 Sparta
2.5xn/aUS$171.96m
XE8 Black Sea Property
0.7xn/aUS$7.60m
No more companies available in this PE range
IC2 35.4xIndustry Avg. 20.4xNo. of Companies7PE01632486480+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: IC2 is expensive based on its Price-To-Earnings Ratio (35.4x) compared to the German Capital Markets industry average (20.4x).

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 Ratio35.4x
Fair PE Ratio22.2x

Price-To-Earnings vs Fair Ratio: IC2 is expensive based on its Price-To-Earnings Ratio (35.4x) compared to the estimated Fair Price-To-Earnings Ratio (22.2x).

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€144.54
€175.87
+21.7%
8.2%€210.85€141.84n/a16
Dec ’25€151.86
€170.31
+12.1%
6.6%€189.30€140.08n/a16
Nov ’25€141.82
€166.28
+17.2%
6.8%€184.56€136.57n/a16
Oct ’25€143.62
€154.47
+7.6%
7.6%€179.62€132.92n/a16
Sep ’25€145.62
€148.19
+1.8%
5.8%€160.83€132.24n/a14
Aug ’25€140.08
€148.07
+5.7%
5.4%€161.25€129.74n/a14
Jul ’25€126.70
€143.67
+13.4%
5.7%€155.53€129.45n/a15
Jun ’25€122.38
€140.56
+14.9%
5.6%€153.76€127.98n/a15
May ’25€120.86
€143.74
+18.9%
5.0%€155.51€131.15n/a16
Apr ’25€127.20
€141.10
+10.9%
5.1%€154.55€129.41n/a16
Mar ’25€127.80
€139.54
+9.2%
5.4%€153.40€125.68n/a16
Feb ’25€119.20
€128.95
+8.2%
6.1%€140.60€113.03n/a16
Jan ’25€115.80
€121.93
+5.3%
6.9%€141.06€104.42€143.0016
Dec ’24€104.20
€119.56
+14.7%
7.1%€140.36€103.90€151.8615
Nov ’24€101.80
€126.49
+24.3%
8.4%€158.29€112.12€141.8215
Oct ’24€103.80
€127.30
+22.6%
8.2%€158.91€111.62€143.6215
Sep ’24€108.40
€124.57
+14.9%
8.2%€155.95€112.97€145.6214
Aug ’24€104.80
€118.58
+13.2%
9.0%€149.65€104.22€140.0814
Jul ’24€103.60
€118.89
+14.8%
9.5%€153.92€107.20€126.7014
Jun ’24€98.60
€120.76
+22.5%
9.8%€155.97€108.62€122.3813
May ’24€98.40
€117.45
+19.4%
9.5%€152.06€105.90€120.8613
Apr ’24€93.58
€119.60
+27.8%
9.9%€157.35€109.58€127.2013
Mar ’24€94.57
€119.05
+25.9%
10.1%€157.10€107.54€127.8013
Feb ’24€99.08
€117.44
+18.5%
9.8%€150.93€101.23€119.2013
Jan ’24€96.39
€119.47
+23.9%
11.1%€154.75€96.25€115.8013

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 Analysis2025/01/05 03:49
End of Day Share Price 2025/01/03 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

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 here.

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 .

Analyst Sources

Intercontinental Exchange, Inc. is covered by 42 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
Ishan MajumdarBaptista Research
Benjamin BudishBarclays