Stock Spotlight: ASX Limited (ASX:ASX)
This week's Stock Spotlight is ASX-listed ASX Limited.
About ASX Limited.
ASX Limited operates as a multi-asset class and integrated exchange company in Australia and internationally. The company provides education programs, research and insights, investor access and peer group networking; distribution facility for quoted exchange traded funds (ETFs) and debt securities. It is also involved in the trading of futures and options on interest rate, equity index, agricultural and energy products, and options over individual securities; cash market trading of equities, warrants, exchange-traded funds, and debt securities; and clearing of exchange-traded derivatives and over-the-counter interest rate and equity derivatives. In addition, it offers information services, including pricing and trading data; technical services, such as s market access, connectivity, hosting and co-location services; central counterparty clearing and settlement services for equities; settlement, depository, and registry services for debt securities; and payment platform for property transactions, high value payments and electricity providers. The company was incorporated in 1987 and is based in Sydney, Australia.
Source: Yahoo Finance
Key Stats
Key Stats
Source: Yahoo Finance, ASX. Data as of 19/09/24.
Price Performance
Growth Potential
- Value accretive M&A
- Product and service innovation (e.g. new trading products).
- Monopoly-like position and difficult to replicate infrastructure.
- Better than expected volume growth in IPO and secondary markets.
- High operating margins with attractive cash producing profile.
- Investment in technology could yield additional value and revenue opportunities.
- ASX benefits from higher interest rates – ASX benefits from higher income on own cash and on participants balances (earns a spread).
- Strong balance sheet with net cash and AA-credit rating.
- ASX stands to benefit from growth trends in superannuation and population.
- ASX stands to benefit from structural growth from global connectivity.
- Consolidation or M&A potential.
Key Risks
- Capex execution risks with ROIC falling short of expectations.
- Expenses growth ahead of expectations.
- Expectations of subdued volume growth and earnings outlook.
- Technological and product innovation by competitors or a new start-up could potentially threaten ASX’s market monopoly.
- Regulation risks.
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Disclaimer: This article does not constitute financial advice nor a recommendation to invest in the securities listed. The information presented is intended to be of a factual nature only. Past performance is not a reliable indicator of future performance. As always, do your own research and consider seeking financial, legal and taxation advice before investing.
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