Intercontinental Exchange Inc (ICE) is slightly overvalued and MSCI Inc (MSCI) is overvalued.
Both trade above our estimate of their intrinsic value. ICE is the closer of the two: -8%, against -53% for MSCI.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 8.9% (average of 3 methods) values the shares at $141.52; the price of $152.93 is 8% above that value, and 76% of that value comes from beyond year five.
Leak Score 54/100 on 10 of 12 signals
Discounting its cash flows at 10.1% (average of 3 methods) values the shares at $357.60; the price of $548.88 is 53% above that value, and 73% of that value comes from beyond year five.
Leak Score 72/100 on 8 of 12 signals
| Metric | ICE | MSCI |
|---|---|---|
| Verdict | Slightly overvalued | Overvalued |
| Price | $152.93 | $548.88 |
| Intrinsic value | $141.52 | $357.60 |
| Margin of safety | -8% | -53% |
| Leak Score | 54/100 (10/12) | 72/100 (8/12) |
| Market cap | $85.9B | $39.9B |
| Revenue growth, 5 years | 9.9% | 13.1% |
| Operating margin | 46.1% | 55.7% |
| Net margin | 30.7% | 40.7% |
| Return on equity | 13.9% | — |
| Debt to equity | 0.69 | — |
| P/E | 21.6x | 30.0x |
| Forward P/E | 17.4x | 24.4x |
| P/B | 2.9x | — |
| Dividend yield | 1.4% | 1.5% |