ASX Ltd ASX

Morningstar Rating
A$58.65 +0.54 (0.93%)
View Full Chart

Company Report

ASX Finally Sees an End to a Long Series of Cost Escalations

We expect the Australian Securities Exchange's near- and medium-term strategic focus to be on protecting its economic moat in cash equity clearing and settlement. ASX has long been protected from competition through various exclusive licenses to clearing and settlement, which we consider a source of its economic moat, based on intangibles. However, over the past decade, ASX has faced increasing calls from the federal government, regulators, and industry bodies for more competition.

Price vs Fair Value

ASX is trading at a LOCK|s^Vr?g# premium.
Price
A$58.65
Fair Value
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Uncertainty
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1-Star Price
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5-Star Price
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Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

ASX is a vertically integrated exchange with a wide moat based on network effects and intangibles.

Bears

ASX has failed to adequately secure its economic moat based on regulation and now risks increased competition and costs.

News

Trading Information

Previous Close Price
A$58.11
Day Range
A$58.02–58.79
52-Week Range
A$44.30–62.90
Bid/Ask
A$58.00 / A$58.78
Shares Outstanding
197.35M
Market Cap
A$11.57B
Volume/Avg
695,632 / 805,579

Key Statistics

Price/Earnings (Normalized)
22.76
Price/Sales
8.98
Dividend Yield (Trailing)
3.52%
Dividend Yield (Forward)
3.57%
Dividend Payment Schedule
Mar, Sep
Total Yield
3.57%

Company Profile

Australian Securities Exchange is a vertically integrated securities exchange business offering listing, data, trading, clearing, and settlement services across equities, debt, and derivatives. ASX benefits from various effective monopolies across its business and a disproportionately large listings business from Australia’s outsize natural resources sector.
Sector
Financial Services
Industry
Financial Data & Stock Exchanges
Stock Style Box
Mid Core
Total Number of Employees
546

Competitors

Valuation

Metric
ASX
8697
S68
Price/Earnings (Normalized)
22.7630.3031.20
Price/Book Value
2.877.399.66
Price/Sales
8.9814.7514.48
Price/Cash Flow
43.5421.8826.56
Price/Earnings
ASX
8697
S68

Financial Strength

Metric
ASX
8697
S68
Quick Ratio
1.120.001.62
Current Ratio
1.131.001.62
Interest Coverage
1.53520.9450.31
Quick Ratio
ASX
8697
S68

Profitability

Metric
ASX
8697
S68
Return on Assets (Normalized)
3.35%—17.73%
Return on Equity (Normalized)
13.68%—33.77%
Return on Invested Capital (Normalized)
11.22%—24.93%
Return on Assets
ASX
8697
S68

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Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
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LOCK|V@RJL!x&LOCK|qXK$114B
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LOCK|>BvC$wwLOCK|!z@$95B
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LOCK|!p@Z$!!sLOCK|n>h$84B
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LOCK|&P$>K&@LOCK|n^&$76B
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LOCK|<Xj&?wLOCK|#b!$$$50B
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COIN
LOCK|c%w@@SLOCK|%@$48B
MSCI Inc
MSCI
LOCK|!rQ<CxxLOCK|y?$39B
Cboe Global Markets Inc
CBOE
LOCK|L<r!>lZLOCK|?&!@N$28B
TransUnion
TRU
LOCK|Mz&NZ>gLOCK|N@%^$12B
FactSet Research Systems Inc
FDS
LOCK|LnbmpdLOCK|n$#$9B

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