Discounted Cash Flow

Intercontinental Exchange, Inc.

ICE · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $6.0b $1.4b $1.9b 23.9% $2.39
2017 $4.6b (-22.3%) $2.5b (76.8%) $1.9b (-1.8%) 54.3% (127.6%) $4.27 (78.7%)
2018 $6.3b (35.6%) $2.0b (-20.9%) $2.4b (28.6%) 31.7% (-41.7%) $3.46 (-19.0%)
2019 $6.5b (4.3%) $1.9b (-2.8%) $2.5b (4.5%) 29.5% (-6.8%) $3.44 (-0.6%)
2020 $8.2b (25.9%) $2.1b (8.1%) $2.7b (6.7%) 25.3% (-14.2%) $3.79 (10.2%)
2021 $9.2b (11.2%) $4.1b (94.3%) $2.9b (10.1%) 44.3% (74.7%) $7.22 (90.5%)
2022 $9.6b (5.1%) $1.4b (-64.4%) $3.3b (13.1%) 15.0% (-66.1%) $2.59 (-64.1%)
2023 $9.9b (2.8%) $2.4b (63.8%) $3.4b (0.7%) 23.9% (59.3%) $4.20 (62.2%)
2024 $11.8b (18.8%) $2.8b (16.3%) $4.2b (25.4%) 23.4% (-2.1%) $4.80 (14.3%)
2025 $12.6b (7.5%) $3.3b (20.4%) $4.3b (2.0%) 26.2% (12.0%) $5.79 (20.6%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model