Intercontinental Exchange Inc

ICE: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$748.00	Lzt	Hgmrbryb

Intercontinental Exchange Earnings: Energy Futures Continue to Deliver Impressive Results

Michael Miller

Feb 8, 2024

Wide-moat-rated Intercontinental Exchange reported decent fourth-quarter earnings that were in line with our expectations. Net revenue increased 24% from last year to $2.2 billion, or 7% when adjusted for the firm's acquisition of Black Knight. Meanwhile, net income fell 11.4% to $390 million, mostly due to acquisition-related expenses. As we incorporate these results, we do not plan to materially alter our $136 per share fair value estimate.

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