What moat does Intercontinental Exchange have?

The advantage is the contract that already concentrates the liquidity and the listing the issuer already has. The trader goes where the volume is, until the volume moves. It is not an unbreakable network effect. The mortgage moat is the software already inside the lender's process, and it narrows if that lender changes system.

How do you read the Intercontinental Exchange radar?

Health has to be read by leg: exchange, energy and mortgage. A quiet Brent year says nothing about listings. Quality separates the trading commission, which rises with volume, from the licence and the software. Energy growth is not mortgage growth. P/E valuation mixes the three. Do not average it with CME, which does not have this mortgage book. Shareholder return is the dividend, crossed with the cash of a weak volume year.

Which multiples matter for Intercontinental Exchange?

The P/E of a year of heavy volatility is not normal earnings: energy collects when the market moves. Mortgage software is not read on the Brent multiple. Do not use CME's as if both had the same contracts. A dash means the ICE cache is cold.

What does this Intercontinental Exchange analysis leave out?

Not advice on ICE. Vaultflake does not split exchange, energy and mortgage and does not state a mortgage share. Read the filings. A past dividend is not a right. The table is a snapshot, not a target price.

Intercontinental Exchange (ICE) analysis

Intercontinental Exchange, Inc.

Sector:Financials · NYSE, Energy Futures and Mortgages

Country:United States

Profile and moat

Intercontinental Exchange puts three trades together. It is the parent of the New York Stock Exchange. It has energy futures, Brent among them. And it has mortgage technology, enlarged by Black Knight. It is not the world's largest derivatives market: the rates and index complex sits more at CME. This report does not state 50% of the mortgage market.

Liquidity stays where the contract is already traded. It has also left some markets for others. A NYSE listing is a toll for being listed, not for every share that changes hands somewhere else. Mortgage software is another customer, the lender, and its share is in the accounts.

The dividend has to fit in the cash of the three legs. This report does not melt them into one margin.

Intercontinental Exchange (ICE) analysis

Intercontinental Exchange, Inc.

Sector:Financials · NYSE, Energy Futures and Mortgages

Country:United States

Profile and moat

The dividend has to fit in the cash of the three legs. This report does not melt them into one margin.

Intercontinental Exchange (ICE) analysis

Profile and moat

Intercontinental Exchange (ICE) analysis

Profile and moat

Radar axes

Limits of this report

Questions from this report

What moat does Intercontinental Exchange have?

How do you read the Intercontinental Exchange radar?

Which multiples matter for Intercontinental Exchange?

What does this Intercontinental Exchange analysis leave out?

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