Exchanges
All research in Exchanges — 2 reports.
Nasdaq has evolved from an exchange into a three-layer platform spanning infrastructure, indexes, and regulatory software. Net revenue reached $5.2 billion in 2025, with Solutions contributing 76%, while the current price near $91 sits in the upper half of fair value and the ideal buy range is $65-75. Rating Watch: a high-quality compounder, but not yet cheap enough.
Intercontinental Exchange is a global financial market infrastructure group spanning NYSE exchanges, fixed-income data, and mortgage technology. The core thesis is that ICE is a high-quality compounder with durable cash generation, but at $152.97 its conservative Owner Earnings yield of 4.6% is already close to U.S. Treasuries and leaves an insufficient margin of safety. Rating Watch: wait for a better entry point around $120-135 rather than paying a full price for quality.