The longer I think about it the more I realize this $ICE multiple is a joke. Fwd should be 25x at minimum. Three multiple turns to get there gets you to a 12.5% implied IRR, not bad for a blue-chip… but it’s historically traded as high as 30x which puts you at a 35% IRR on NTM earnings. Historically analysts have been dead-on with EPS targets.
You’re telling me the bull market is in full swing but this deeply entrenched, highly diversified, 52% recurring cash flow machine that has grown adj. EPS every single year since 2007 at 15% CAGR, is down 16% from recent highs? I have to call bullshit on that. Up to a 7% position, will keep buying if it’s down.
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