Analyst Note
| Michael Miller |Wide-moat Intercontinental Exchange reported decent earnings as volatile markets drove strong trading volume and its fixed-income execution and credit default swap businesses showed improved results. The company reported net revenue of $1.9 billion, effectively flat from a strong quarter last year and up 7.2% sequentially. EPS was also flat year over year and up 54% from last quarter at $1.17. As we incorporate these results, we do not plan to materially alter our $131 fair value estimate.