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.
作爲金融和商品市場的重要參與者，紐交所Intercontinental Exchange Inc. （NYSE:ICE）已準備好在結構助推力和週期復甦的浪潮中蓬勃發展，爲投資者帶來可觀的收益。交易所承諾一條令人興奮的增長軌跡。
Goldman Sachs Upgrade: A Strong Buy
高盛升級：強烈買入
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.
高盛分析師Alexander Blostein將洲際交易所股票的評級從中立升級爲買入，並設定了一個爲期12個月的價格目標，爲167美元，表明從136.89美元的價格來看將會出現22%的上漲潛力。
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）增長支持這個樂觀的預測。在過去三年中，eps增長不到10%，但Blostein預計到2025年及以後，Intercontinental的每股收益將會上升到低個位數。
Energy Markets: Driving Force Behind Growth
能源市場是增長的驅動力
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預計，能源市場將在2024年推動交易所超過25%的營業收入增長，並在隨後的幾年裏增長8%至10%。市場的份額佔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.
洲際交易所在能源方面表現強勁，原因是天然氣和液化天然氣的全球化以及客戶群的擴大。公司新產品的成功和有利的收入合同混合也進一步增強了其增長。
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，油氣的持倉增加了30%，推動Intercontinental的股票最近出現了漲勢，這表明即便在能源波動降低的情況下，產品仍得到了強勁的認可。
AI-driven demand for power should provide additional tailwinds over the long-term to the exchange's natural gas growth strategy.
以人工智能爲驅動的需求應爲該交易所的天然氣增長策略提供額外動力。
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Promising Signs – Fixed Income, Mortgage Segments
前景廣闊——固收券、抵押貸款領域的跡象
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還強調了該公司固收數據和分析領域的良好發展前景，該領域佔其收入的22%。 固收數據是正在恢復中，流入固定收益基金的資金在今年迄今爲止已反彈，提示這個領域的增長得到了加速。
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.
抵押貸款技術領域佔收入的16%，正在從“週期低谷”中逐步走出。 隨着原始貸款活動穩定和Intercontinental的有機倡議不斷取得進展，Blostein預計到2025年和2026年，該領域的營收增長將會高個位數到低兩位數。
Up Ahead – Margin Expansion, Share Repurchases
未來——利潤率擴張，股票回購
Bolstein expects Intercontinental's high-margin exchange revenues to support an approximate 100 basis point annual expansion in operating margins.
Bolstein期望高利潤率的交易所收入將支持約每年擴張100個點子的運營利潤率。伴隨着強勁的自由現金流，這可能加速去槓桿化並在2024年底之前支持股票回購。
Coupled with strong free cash flow conversion, this is likely to speed up de-leveraging and bolster share repurchases by the end of 2024.
一個引人注目的投資機會
A Compelling Investment Opportunity
Intercontinental交易所的戰略地位和增長前景使其成爲尋求資本利用即將到來的發展浪潮的投資者的必要之選。
Intercontinental's strategic position and growth prospects make it a compelling buy for investors looking to capitalize on the upcoming surge.
總的來說，洲際交易所懷抱着結構性推動要素，未來發展前景廣闊。
Overall, Intercontinental Exchange appears set to deliver substantial returns, on the back of:
總體而言，洲際交易所看來註定會帶來可觀的回報，依靠以下因素： 1. 能源行業的結構性推動要素，
- Structural tailwinds in energy,
- Recovery in fixed income and
- Stabilization in mortgage technology.
- Driving Force Behind Growth
- 固收市場復甦和
- 房貸科技穩定。
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譯文內容由第三人軟體翻譯。