Is Intercontinental Exchange (ICE) Priced Right for Its Returns?

Intercontinental Exchange has delivered solid returns in recent years, and with fresh product launches and trading initiatives in the headlines, the question now is whether the current share price fairly reflects the returns the business earns on its capital. Over the past 3 years the stock has returned 58.5%, which puts real weight on whether those gains are supported by the efficiency with which Intercontinental Exchange reinvests and compounds its capital base. Recent moves such as...