Industries
Exchanges
All research in Exchanges — 4 reports.
50/100
Nasdaq Investment Memo
Nasdaq has evolved from an exchange into a three-layer platform spanning infrastructure, indexes, and regulatory software. Net revenue reached $5.2 billion in 2025, with Solutions contributing 76%, while the current price near $91 sits in the upper half of fair value and the ideal buy range is $65-75. Rating Watch: a high-quality compounder, but not yet cheap enough.
49/100
Intercontinental Exchange from a Long-Term Business Owner's Perspective
Intercontinental Exchange is a global financial market infrastructure group spanning NYSE exchanges, fixed-income data, and mortgage technology. The core thesis is that ICE is a high-quality compounder with durable cash generation, but at $152.97 its conservative Owner Earnings yield of 4.6% is already close to U.S. Treasuries and leaves an insufficient margin of safety. Rating Watch: wait for a better entry point around $120-135 rather than paying a full price for quality.
47/100
CME Group Long-Term Value Investment Analysis
The world's largest derivatives exchange and clearinghouse, CME combines a 64.9% operating margin in 2025 with strong cash generation. At $291.23 and 25x P/FCF, its 4.0% earnings yield sits below the 10Y Treasury yield, leaving no obvious margin of safety. Research rating Watch: a high-quality compounder that deserves tracking, but the current price already reflects much of the strength.
47/100
Cboe Global Markets In-Depth Value Investment Analysis
A global exchange and derivatives platform. The Options segment contributes roughly 76% of operating income, while exclusive SPX/VIX authorizations run through 2032/2033. Research rating Watch: at $357.35, the stock is already near the upper end of the optimistic $320-360 range; on owner earnings of 33-36x, there is no margin of safety.