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ICE - B3 Q1 2024: The Expected Recovery Has Not Yet Occurred
Intercontinental Exchange Inc.
2024-05-15 09:12:27 ET
Summary
B3's 1Q24 results were below market consensus, but revenue diversification offset the lower performance.
Despite all the risks, the P/E multiple is half the industry average, which doesn't seem to make sense.
The beginning of the US interest rate reduction cycle could improve B3's volumes and momentum.
Investment Thesis
I recommend buying B3 (NYSE: BOLSY ) shares. Despite the 1Q24 results coming in below market expectations, both in revenue and profit, they were offset by the company's revenue diversification....