Intercontinental Exchange Poised For Breakout, Goldman Sachs Says: What's Behind 22% Upside Projection?
Intercontinental Exchange Poised For Breakout, Goldman Sachs Says: What's Behind 22% Upside Projection?
Intercontinental Exchange Inc. (NYSE:ICE) is ready to sizzle, riding a wave of structural tailwinds and cyclical recoveries that promise substantial gains. As a key player in the financial and commodities markets, the exchange promises an exciting growth trajectory that investors won't want to miss.
作为金融和商品市场的重要参与者，纽交所Intercontinental Exchange Inc. （NYSE:ICE）已准备好在结构助推力和周期复苏的浪潮中蓬勃发展，为投资者带来可观的收益。交易所承诺一条令人兴奋的增长轨迹。
Goldman Sachs Upgrade: A Strong Buy
高盛升级：强烈买入
Goldman Sachs' analyst Alexander Blostein has upgraded Intercontinental stock to a Buy from Neutral, setting a 12-month price target of $167, indicating a potential 22% upside from a price of $136.89.
高盛分析师Alexander Blostein将洲际交易所股票的评级从中立升级为买入，并设定了一个为期12个月的价格目标，为167美元，表明从136.89美元的价格来看将会出现22%的上涨潜力。
Anticipated earnings per share (EPS) growth backs this optimistic forecast. After experiencing less than 10% EPS growth over the past three years, Blostein expects Intercontinental's EPS to climb into the low teens by 2025 and beyond.
期望的每股收益（EPS）增长支持这个乐观的预测。在过去三年中，eps增长不到10%，但Blostein预计到2025年及以后，Intercontinental的每股收益将会上升到低个位数。
Energy Markets: Driving Force Behind Growth
能源市场是增长的驱动力
Blostein expects the energy market to fuel over 25% revenue growth for the exchange in 2024, with an estimated 8%-10% growth in subsequent years. The market alone, account for about 30% of Intercontinental's earnings.
Blostein预计，能源市场将在2024年推动交易所超过25%的营业收入增长，并在随后的几年里增长8%至10%。市场的份额占Intercontinental收益的30%左右。
Intercontinental's robust performance in energy is driven by the globalization of natural gas and LNG and a broadening customer base. The firm's success with new products and a favorable revenue per contract (RPC) mix shift are further enhancing its growth.
洲际交易所在能源方面表现强劲，原因是天然气和液化天然气的全球化以及客户群的扩大。公司新产品的成功和有利的收入合同混合也进一步增强了其增长。
A 30% increase in open interest across oil and natural gas has driven Intercontinental stock's recent gains, noted Blostein. This indicates strong product adoption even amid lower energy volatility.
Blostein指出，油气的持仓增加了30%，推动Intercontinental的股票最近出现了涨势，这表明即便在能源波动降低的情况下，产品仍得到了强劲的认可。
AI-driven demand for power should provide additional tailwinds over the long-term to the exchange's natural gas growth strategy.
以人工智能为驱动的需求应为该交易所的天然气增长策略提供额外动力。
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Promising Signs – Fixed Income, Mortgage Segments
前景广阔——固收券、抵押贷款领域的迹象
Blostein also highlights promising developments in the company's fixed-income data and analytics segment, which makes up about 22% of its earnings. The firm's annual subscription value (ASV) is recovering and flows into fixed-income funds are rebounding year-to-date, signaling accelerated growth in this area.
Blostein还强调了该公司固收数据和分析领域的良好发展前景，该领域占其收入的22%。 固收数据是正在恢复中，流入固定收益基金的资金在今年迄今为止已反弹，提示这个领域的增长得到了加速。
The mortgage technology segment, accounting for 16% of earnings, is emerging from a "cyclical trough". With origination activity stabilizing and Intercontinental's organic initiatives gaining momentum, Blostein anticipates high single-digit to low double-digit revenue growth in 2025 and 2026.
抵押贷款技术领域占收入的16%，正在从“周期低谷”中逐步走出。 随着原始贷款活动稳定和Intercontinental的有机倡议不断取得进展，Blostein预计到2025年和2026年，该领域的营收增长将会高个位数到低两位数。
Up Ahead – Margin Expansion, Share Repurchases
未来——利润率扩张，股票回购
Bolstein expects Intercontinental's high-margin exchange revenues to support an approximate 100 basis point annual expansion in operating margins.
Bolstein期望高利润率的交易所收入将支持约每年扩张100个基点的运营利润率。伴随着强劲的自由现金流，这可能加速去杠杆化并在2024年底之前支持股票回购。
Coupled with strong free cash flow conversion, this is likely to speed up de-leveraging and bolster share repurchases by the end of 2024.
一个引人注目的投资机会
A Compelling Investment Opportunity
Intercontinental交易所的战略地位和增长前景使其成为寻求资本利用即将到来的发展浪潮的投资者的必要之选。
Intercontinental's strategic position and growth prospects make it a compelling buy for investors looking to capitalize on the upcoming surge.
总的来说，洲际交易所怀抱着结构性推动要素，未来发展前景广阔。
Overall, Intercontinental Exchange appears set to deliver substantial returns, on the back of:
总体而言，洲际交易所看来注定会带来可观的回报，依靠以下因素： 1. 能源行业的结构性推动要素，
- Structural tailwinds in energy,
- Recovery in fixed income and
- Stabilization in mortgage technology.
- Driving Force Behind Growth
- 固收市场复苏和
- 房贷科技稳定。
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