Industries
Exchanges
All research in Exchanges — 5 reports.
48/100
84Buffett
HKEX: H1 2026 Profit Rose 24% to HK$10.568bn on Record HK$283.0bn Daily Turnover, but HK$395.80 Is Nearly 30 Times Normalised EPS
Hong Kong Exchanges and Clearing runs Hong Kong's securities, derivatives and clearing infrastructure, the Hong Kong side of Stock Connect and the London Metal Exchange, earning trading, clearing, listing, data and investment income that rises and falls with market activity. In H1 2026 core business revenue rose 19% to HK$15.474 billion and profit attributable 24% to HK$10.568 billion as headline daily turnover reached HK$283.0 billion, but the report normalises turnover to HK$220 billion and EPS to about HK$13.3, and previous turnover peaks were followed by 19–37% declines. Rating Hold: at HK$395.80 the stock trades near 30 times normalised EPS with no margin of safety against the conservative case, and the ideal buy range is HK$220–240.
50/100
57Buffett
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
62Buffett
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
71Buffett
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
67Buffett
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.