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Morningstar’s Analysis

Currency in AUD
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1-Star Price


5-Star Price


Economic Moat


Capital Allocation


ASX Still Looks Expensive Despite Strong Primary Market Activity

Analyst Note

| Gareth James, CFA |

Wide moat rated ASX Limited has benefitted from an increase in primary capital market activity in recent months. However, the recent upswing in activity has no bearing on our long-term earnings forecasts for ASX as we don’t believe it’s sustainable. At the current market price of AUD 75.52, we continue to believe ASX shares are expensive relative to our unchanged fair value estimate of AUD 60.00 per share.

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Company Profile

Business Description

ASX is the largest securities exchange in Australia with an effective monopoly in listing, trading, clearing, and settlement of Australian cash equities, debt securities, investment funds, and derivatives. Other activities include the technology services, enforcing exchange rules, and exchange-related data. The ASX demutualised and listed on its own exchange in 1998 and subsequently acquired the Sydney Futures Exchange in 2006.

20 Bridge Street, Exchange Centre
Sydney, NSW, 2000, Australia
T +61 292270000
Sector Financial Services
Industry Financial Data & Stock Exchanges
Most Recent Earnings
Fiscal Year End Jun 30, 2021
Stock Type
Employees 546

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