The answer to your question is quite subjective. Sharing my view here (nothing new really. most of it is covered in the thread).
IEX has the overhang of market coupling. Till it is decided one way or the other, uncertainty exists. While it was oversold as a platform story in 2021, it still has advantages of network effect, provided market coupling is not implemented.
My view is that - there will be gradual shift in volumes to exchanges (which is already happening). Power consumption in India will go up at a steady phase and with renewables increasing in the mix, exchanges have a greater role to play. What will happen to stock price in short term is anyone’s guess, in long term - this is an asset light business, no debt, high free cash flow generating, good amount of continued innovation and first mover advantage that IEX has, would support this to be a compounder (subject to uncertainty of market coupling and pricing risk by regulator).
disc - invested from lower levels.
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