$ICE is solid, they surprised some people when they bought Ellie Mae and they kicked the tires on eBay too which was kind of weird. Surprised they didn’t buy a crypto exchange.
The curious case of $ICE in 2021:
- +10% dividend raise in Q1
- Debt paydown ahead of schedule
- Ellie Mae deal beating expectations
- Recurring data growth meeting guidance
Yet the stock is only +4% YTD, severely underperforming S&P 500 and peers.
Why?
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They were a seed investor in coin base. Sold their entire position day 1. Made 100x (I think)
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Very puzzling. The biz has outperformed my expectations and Coinbase divestment was a great use of capital. Expecting another solid quarter. Multiple has gotten smoked, sub 20x EBIT
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Mortgage biz should slow with lower interest rates fully making their way thru the ecosystem?
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Not really a good reason but after a good 2020 - might just take a breather - if underlying performance is good it will pick up again. And I feel investors appreciated capital allocation skills of ICE but some were somewhat puzzled by the Ebay news.
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It's crazy to me how much damage was done to ICE's brand value from the eBay saga. Took 2-3 days to play out and die and yet its been spooking some for over a year
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$ICE is on our watch list. Div yield:1.11% Q1'2021 revenue up: 15%Thanks. Twitter will use this to make your timeline better. UndoUndo
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Patience. Lots of rotation in the sector. Departure of Scott Hill urges caution for some, esp if Jeff heads out of the door soon aswell. Obviously he's irreplaceable but Ben Jackson is super high quality.
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I sold it and put it in do not invite to cocktail party list, as his wife anticipated in her public remarks ending up her career in the Senate.
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I was expecting a thread
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When I figure out why I'll append it to this tweet
did not mean to lead you on
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