ICE · NYQ · Financial Services
Intercontinental Exchange, Inc.
Also onShortfallConsensus DriftCrosscheck
Implied value per share
USD 69.41
Market price
USD 172.28
Implied upside
-59.7%
10-year forecast · Excess returns over book equity · Base case · Price 2026-11-02 · Accounts to 2025-12-31
NoteA financial, valued on excess returns over book equity.
Excess Returns
- Return on equity
- 10.7%
- Payout
- 38%
- Cost of equity
- 8.68%
| Line | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 | FY32 | FY33 | FY34 | FY35 |
|---|---|---|---|---|---|---|---|---|---|---|
| Opening book equity | USD 28.9bn | USD 30.7bn | USD 32.5bn | USD 34.3bn | USD 36.0bn | USD 37.6bn | USD 39.2bn | USD 40.7bn | USD 42.0bn | USD 43.3bn |
| Return on equity | 10.7% | 10.7% | 10.7% | 10.7% | 10.7% | 10.7% | 10.7% | 10.7% | 10.7% | 10.7% |
| Excess return | USD 586.1m | USD 622.7m | USD 659.1m | USD 694.8m | USD 729.5m | USD 763.0m | USD 794.8m | USD 824.6m | USD 852.1m | USD 876.9m |
| Present value | USD 539.3m | USD 527.2m | USD 513.4m | USD 498.0m | USD 481.1m | USD 463.0m | USD 443.8m | USD 423.6m | USD 402.8m | USD 381.4m |
| Book equity | USD 28.9bn |
| Present value of excess returns | USD 4.7bn |
| Terminal, growing at 2.50% | USD 6.3bn |
| Equity value | USD 39.9bn |
| Per share | USD 69.41 |
Discount Rate
| Risk-free rate | 4.89% | US 10-year Treasury (^TNX), 2026-11-02 |
| Equity risk premium | 4.23% | Damodaran, January 2026 |
| Beta | 0.895 | Reported 0.844, pulled toward 1.0 (Blume) |
| Cost of equity | 8.68% | Risk-free + beta x equity risk premium |
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Yahoo Finance and RBA data. General information, not advice. Methodology.