Intercontinental Exchange, Inc.

Intercontinental Exchange operates the New York Stock Exchange, ICE Futures, and one of the two big US mortgage-data platforms — a wide-moat exchange-and-data business that Terry Smith's Fundsmith holds alongside SPGI, V, CME, and MA as a quality compounder. The stock is down 22% over the past year, which is the entry the value-quality crowd has been waiting for.

• Revenue grew 14% YoY to $2.9B last quarter with a 45% operating margin — the exchange and clearing businesses continue compounding at rates that map to global-market volume; the mortgage-data business is finally recovering as housing activity picks up.
• Trades at 20x TTM earnings and a 5.7% FCF yield — this is the cheapest ICE has been in years, and the multiple compression is entirely a rerate story, not a fundamentals problem.
• Record open interest in North American natural-gas futures (July 14) — ICE's derivatives franchise is directly benefiting from energy volatility, and this is the kind of secular tailwind the sell-side underweights until it shows up in the print.
• Zero insider transactions in the last 60 days — no distributing signal at 52-week 27th percentile, which is meaningful for a stock the market has been de-rating.
• 52-week position 27th percentile with position vs 200-day MA -10% — the tape has been sold, but the fundamental business is doing better than the price implies; this is the classic quality-value setup.

July 30 Q2 earnings is the reset moment: revenue growth held above 10% plus a raised mortgage-tech contribution guide is what restarts the multiple; a modest print with unchanged guide is where the tape stays coiled at $140. Real compounder, cheap for once — the Fundsmith comparison sets the bar for how the market should eventually re-rate this.