Mar 20, 2026, 11:42 PM ETIntercontinental Exchange, Inc. (ICE) StockGravenhurst Capital480 FollowersCommentsIntercontinental Exchange operates as a capital-light, natural single seller with dominant positions in exchanges, mortgage infrastructure, and fixed income data.ICE reported record FY25 performance: net revenue up 7%, operating income up 14.4%, and diluted EPS up 20.7%, driven by surging derivatives activity.Management guides for mid-single-digit recurring revenue growth in exchanges, high-single-digit in fixed income/data, and low-to-mid-single-digit in mortgage for 2026.My DCF analysis yields a base-case price target of $197.1, reflecting ICE’s robust margin profile, recurring revenues, and leverage to market volatility.Dmitry Vinogradov/iStock Editorial via Getty ImagesWe have maintained a position in Intercontinental Exchange (ICE) for years, and it aligns with our investment philosophy perfectly. It has a wide moat and operates as a natural single seller in the financialThis article was written byGravenhurst Capital480 FollowersWe write about companies trading at attractive valuations with strong durable competitive advantages. Investment Principles- Invest in companies with consistent earning power and durable competitive advantages.- Invest in companies where we can get a sufficient margin of safety.- We prefer companies that generate substantial cash-flow and consistently earn above-average return on capital.- We prefer companies with conservative leverage. - Always hold an appropriate level of cash in order to be able to capitalize on market volatility.Analyst’s Disclosure: I/we have a beneficial long position in the shares of ICE either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.Comments