Japan Exchange Group Inc

8697: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Japan Exchange Earnings: Yen Depreciation Feeding Through to Cost Inflation

Roy Van Keulen

Jan 30, 2025

We raise our fair value estimate for wide-moat Japan Exchange Group to JPY 1,410 per share, from JPY 1,390 previously. December quarter operating revenue grew 9% on a year ago, supported by strong listing activity, especially in ETFs.

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Japan Exchange Group Inc

Japan Exchange Earnings: Yen Depreciation Feeding Through to Cost Inflation

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