Fairly Good 1Q for Intercontinental Exchange; Shares Fairly Valued
Wide-moat Intercontinental Exchange put up a fairly good first quarter of 2019, and we don’t anticipate making a material change to our $75 fair value estimate. The company reported net income of $484 million, or $0.85 per diluted share, on $1.27 billion of revenue net of transaction-based expenses. Net revenue increased 4% from the previous year with 60% of the revenue increase coming from the data business segment, which the company has been building up. Sequentially, net revenue declined 3% f...Intercontinental Exchange is a holding company. Through its subsidiaries, the company is a global operator of regulated exchanges, clearing houses and listings venues, and a provider of data services for commodity, financial, fixed income and equity markets. The company operates regulated marketplaces for listing, trading and clearing an array of derivatives contracts and securities across primary asset classes, including metals, equities, bonds and currencies, and also provides mortgage and technology services. In addition, the company provides data services to support the trading, investment, risk management and connectivity needs of customers. The company has two segments: Trading and Clearing and Data and Listings.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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