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 around 17x, a level not seen since the Global Financial Crisis. The fund notes ICE is not particularly AI-sensitive and that market concerns about AI impacting proprietary data usage are peripheral. A larger concern is the CFTC's potential authorization of 'perpetual' derivatives and increased competition in crypto markets, especially given the unusual situation of only one commissioner, Michael Selig, remaining after resignations. ICE shares closed at $139.65 on July 17, 2026, with a market cap of $78.97 billion, down 22.76% over 52 weeks. The fund returned +2.6% in Q2 2026 versus a 12.5% benchmark return, with underperformance driven by holdings not in the portfolio.
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