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 $1,104.96
Latest Price $99.72
Relative Value 91% undervalued
Thoughts on this result? Let us know.
Ad
Cash Flow (Billions)
Analysis Parameters
%
%
%
New Ticker
Ad
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 28.0%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 3.1%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 28.0%, 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)
2023 8.27 8.02
2024 10.6 9.95
2025 13.5 12.3
2026 17.3 15.3
2027 22.2 19.0
Terminal Value

Assuming the company was sold after the projection period at an exit multiple of 30, the terminal value of the company would be 665 billion. This corresponds to a present value of 553 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 64.6 billion. Adding in the terminal value gives a total present value of 618 billion.

There are presently 559.0 million outstanding shares, so the intrinsic value per share is 1104.96.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 156,947,000,000
Current Cash 1,799,000,000
Current Liabilities 149,171,000,000
Current Debt 4,000,000
Non-Cash Working Capital (NCWC) 5,981,000,000
Change in NCWC 4,178,000,000
EBIT 3,731,000,000
Tax Provision 310,000,000
Depreciation and Amortization 1,031,000,000
Capital Expenditure -482,000,000
Unlevered Free Cash Flow 7,818,282,079
Current Assets 154,300,000,000
Current Cash 607,000,000
Current Liabilities 153,411,000,000
Current Debt 1,521,000,000
Non-Cash Working Capital (NCWC) 1,803,000,000
Change in NCWC 755,000,000
EBIT 3,551,000,000
Tax Provision 1,629,000,000
Depreciation and Amortization 1,009,000,000
Capital Expenditure -452,000,000
Unlevered Free Cash Flow 3,847,805,370
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

This analysis is provided for informational purposes only and does not constitute financial or investing advice. For more information on the advantages and limitations of DCF analysis see background. This information is provided on an "as is" basis. No warranty, expressed or implied, is made regarding accuracy, adequacy, completeness, legality, reliability or usefulness of any information. By using this site you agree that under no circumstances shall Valuation Tools LLC be held liable for any loss or damage caused by information obtained from this website including any articles, data, videos, its social media accounts, or any other materials.