Discounted Cash Flow (DCF) Analysis Levered

Intercontinental Exchange, Inc. (ICE)

$109.2895

-0.06 (-0.06%)
All numbers are in Millions, Currency in USD
Stock DCF: 155.76 | 109.2895 | undervalue

Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 6,2766,5478,2449,1689,63610,757.4212,009.3413,406.9714,967.2416,709.10
Revenue (%)
Operating Cash Flow 2,5332,6592,8813,1233,5544,020.424,488.315,010.655,593.786,244.77
Operating Cash Flow (%)
Capital Expenditure -280-305-410-452-225-459.53-513-572.71-639.36-713.76
Capital Expenditure (%)
Free Cash Flow 2,2532,3542,4712,6713,3293,560.903,975.314,437.944,954.425,531.01

Weighted Average Cost Of Capital

Share price $ 109.2,895
Beta 0.917
Diluted Shares Outstanding 561
Cost of Debt
Tax Rate 20.02
After-tax Cost of Debt 2.68%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.968
Total Debt 18,376
Total Equity 61,311.41
Total Capital 79,687.41
Debt Weighting 23.06
Equity Weighting 76.94
Wacc

Build Up Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 6,2766,5478,2449,1689,63610,757.4212,009.3413,406.9714,967.2416,709.10
Operating Cash Flow 2,5332,6592,8813,1233,5544,020.424,488.315,010.655,593.786,244.77
Capital Expenditure -280-305-410-452-225-459.53-513-572.71-639.36-713.76
Free Cash Flow 2,2532,3542,4712,6713,3293,560.903,975.314,437.944,954.425,531.01
WACC
PV LFCF 3,335.733,488.473,648.203,815.243,989.93
SUM PV LFCF 18,277.56

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.75
Free cash flow (t + 1) 5,641.63
Terminal Value 118,771.10
Present Value of Terminal Value 85,678.40

Intrinsic Value

Enterprise Value 103,955.96
Net Debt 16,577
Equity Value 87,378.96
Shares Outstanding 561
Equity Value Per Share 155.76