Intercontinental Exchange (ICE) Valuation Analysis by L1 Capital
L1 Capital International Fund's Q2 2026 investor letter discusses Intercontinental Exchange (ICE) as a high-quality business trading at a compelling valuation, with a forward P/E ratio of approximately 17x, a level not seen since the Global Financial Crisis. The fund notes ICE is not particularly AI-sensitive and views market concerns about AI impact on proprietary data usage as peripheral. A larger concern is the CFTC potentially authorizing 'perpetual' derivatives and encouraging competition in crypto markets, which could compete with established regulated exchanges. The CFTC currently has only one commissioner, Michael Selig, appointed by President Trump, with a background in crypto exchange law. ICE shares closed at $139.65 on July 17, 2026, with a market cap of $78.97 billion, down 22.76% over 52 weeks but up 6.33% in the past month. The fund returned +2.6% in Q2 2026 versus a 12.5% benchmark return.
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