DCF Tool

ICE

Intercontinental Exchange Inc – Securities and Commodity Exchanges
ICE Mortgage Technology, a division of Intercontinental Exchange, Inc., combines the innovation and expertise of Ellie Mae, Simplifile and MERS to automate the entire mortgage process from consumer engagement through loan registration and every step and task in between. Ellie Mae, as part of ICE Mortgage Technology, is the leading cloud-based loan origination platform provider for the mortgage industry with solutions that enable lenders to originate more loans, lower origination costs and reduce the time to close, all while ensuring the highest levels of compliance, quality and efficiency.
Analysis Results
Intrinsic Value $1,789.34
Latest Price $91.50
Relative Value 95% undervalued
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Cash Flow (Billions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 43.0%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 5.8%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 43.0%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2022 11.3 10.7
2023 16.2 14.5
2024 23.2 19.5
2025 33.1 26.4
2026 47.3 35.6
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 1260 billion. This corresponds to a present value of 893 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 107 billion. Adding in the terminal value gives a total present value of 999 billion.

There are presently 558.0 million outstanding shares, so the intrinsic value per share is 1789.34.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 308,600,000,000
Current Cash 1,214,000,000
Current Liabilities 306,822,000,000
Current Debt 3,042,000,000
Non-Cash Working Capital (NCWC) 3,606,000,000
Change in NCWC 2,558,000,000
EBIT 7,102,000,000
Tax Provision 3,258,000,000
Depreciation and Amortization 2,018,000,000
Capital Expenditure -904,000,000
Unlevered Free Cash Flow 8,743,610,740
Current Assets 87,219,000,000
Current Cash 583,000,000
Current Liabilities 87,999,000,000
Current Debt 2,411,000,000
Non-Cash Working Capital (NCWC) 1,048,000,000
Change in NCWC 157,000,000
EBIT 3,209,000,000
Tax Provision 658,000,000
Depreciation and Amortization 751,000,000
Capital Expenditure -410,000,000
Unlevered Free Cash Flow 2,943,615,328
Current Assets 67,979,000,000
Current Cash 841,000,000
Current Liabilities 68,816,000,000
Current Debt 2,569,000,000
Non-Cash Working Capital (NCWC) 891,000,000
Change in NCWC 80,000,000
EBIT 2,737,000,000
Tax Provision 521,000,000
Depreciation and Amortization 662,000,000
Capital Expenditure -305,000,000
Unlevered Free Cash Flow 2,599,241,031
Current Assets 66,692,000,000
Current Cash 724,000,000
Current Liabilities 66,108,000,000
Current Debt 951,000,000
Non-Cash Working Capital (NCWC) 811,000,000
Change in NCWC 138,000,000
EBIT 2,663,000,000
Tax Provision 500,000,000
Depreciation and Amortization 586,000,000
Capital Expenditure -280,000,000
Unlevered Free Cash Flow 2,578,626,984
Current Assets 53,562,000,000
Current Cash 551,000,000
Current Liabilities 54,171,000,000
Current Debt 1,833,000,000
Non-Cash Working Capital (NCWC) 673,000,000
Change in NCWC 94,000,000
EBIT 2,451,000,000
Tax Provision -25,000,000
Depreciation and Amortization 535,000,000
Capital Expenditure -357,000,000
Unlevered Free Cash Flow 2,723,000,000
Current Assets 57,133,000,000
Current Cash 430,000,000
Current Liabilities 58,617,000,000
Current Debt 2,493,000,000
Non-Cash Working Capital (NCWC) 579,000,000
Change in NCWC 74,000,000
EBIT 2,272,000,000
Tax Provision 580,000,000
Depreciation and Amortization 610,000,000
Capital Expenditure -365,000,000
Unlevered Free Cash Flow 1,941,537,210
Current Assets 53,313,000,000
Current Cash 656,000,000
Current Liabilities 54,743,000,000
Current Debt 2,591,000,000
Non-Cash Working Capital (NCWC) 505,000,000
Change in NCWC 609,000,000
EBIT 1,838,000,000
Tax Provision 358,000,000
Depreciation and Amortization 374,000,000
Capital Expenditure -277,000,000
Unlevered Free Cash Flow 2,145,933,454
Current Assets 50,245,000,000
Current Cash 1,852,000,000
Current Liabilities 50,539,000,000
Current Debt 2,042,000,000
Non-Cash Working Capital (NCWC) -104,000,000
Change in NCWC -121,000,000
EBIT 1,577,000,000
Tax Provision 402,000,000
Depreciation and Amortization 333,000,000
Capital Expenditure -250,000,000
Unlevered Free Cash Flow 1,088,428,571
Current Assets 44,259,000,000
Current Cash 1,035,000,000
Current Liabilities 44,342,000,000
Current Debt 1,135,000,000
Non-Cash Working Capital (NCWC) 17,000,000
Change in NCWC -38,195,000
EBIT 955,000,000
Tax Provision 230,000,000
Depreciation and Amortization 161,000,000
Capital Expenditure -181,000,000
Unlevered Free Cash Flow 457,505,000
Current Assets 33,750,087,000
Current Cash 1,612,195,000
Current Liabilities 32,245,697,000
Current Debt 163,000,000
Non-Cash Working Capital (NCWC) 55,195,000
Change in NCWC 23,067,000
EBIT 846,374,000
Tax Provision 227,955,000
Depreciation and Amortization 130,502,000
Capital Expenditure -67,809,000
Unlevered Free Cash Flow 687,816,993

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