The analyst writes that Mortgage technology is poised for double-digit growth, driven by synergies from the BKI acquisition and a recovering market. The analyst adds that ICE Bonds are expected to benefit from digitization, while ICE Indices will gain from the shift to passive fixed-income investing. Sabadra says that the business model is recession-resilient, capitalizing on increased volatility and strong franchises in mortgage origination and servicing, energy benchmarks, the NYSE, and fixed-income indices.