The ICE Conundrum: Separating Speculation from Substance L1 Capital's recent investor letter highlights an intriguing aspect of Intercontinental Exchange, Inc. 's valuation.
At face value, ICE's trading at a forward price to earnings ratio of around 17x may seem compelling, given it has not seen such levels since the Global Financial Crisis (GFC).
However, this narrative raises more questions than answers. A Company in Transition Intercontinental Exchange, Inc.