Intercontinental Exchange Inc.: SOTP Analysis Implies Healthy Upside to Shares

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Intercontinental Exchange Inc.: SOTP Analysis Implies Healthy Upside to Shares

Equity Research

U.S. Brokers, Asset Managers & Exchanges

13 May 2026

Intercontinental Exchange Inc.

SOTP Analysis Implies Healthy

Upside to Shares

A number of factors have been weighing on ICE (exchange ICE OVERWEIGHT

POSITIVEdecel, AI-related concerns), but our SOTP analysis suggests U.S.ManagersBrokers,& ExchangesAsset

healthy (~20%+) upside to shares. While AI fears are difficult Price Target USD 201.00

to disprove, we have more confidence on the exchange side Price (12-May-26) USD 155.81 Potential Upside/Downside +29.0%

Source: Bloomberg, Barclays Researchwhere we think the decel is likely transitory.

Overview: ICE has been trading meaningfully below its historical average multiple recently and U.S. Brokers, Asset Managers &

is currently trading at the lowest PE multiple among exchange peers (Figure 1 below). We Exchanges

Benjamin Budish, CFAbelieve the key culprits are the recent slowdown in Energy volumes, and AI-related concerns

+1 212 526 2418

elsewhere. While ADV slowed meaningfully through April off of a very volatile March, open

benjamin.budish@barclays.com

interest – the key indicator of levels of engagement on the exchange – has generally continued BCI, US

to grow. Additionally, while AI-related fears are likely a bit of an overhang on the stock, we think

Chris O'Brienthese risks are relatively small across the business, particularly on the exchange side, which

+1 212 526 9284

drives the vast majority of per-share value, and our sum of the parts valuation on both our

chris.obrien@barclays.com

estimates and consensus implies healthy ~20%+ upside to shares (see Figure 8 and Figure 9 for BCI, US

more detail).

Mason Fleming

FIGURE 1. ICE FY2 P/E vs. Peers +1 212 526 7025