ACF Financials

ASX Limited ASX Core Investment Case with Trading Valuation ACF Equity Research 02082022

ASX Limited (ASX: ASX) is Australia’s primary securities exchange and one of the world’s top 10 listed exchange groups by market capitalisation. Services include listings, trading, clearing and settlement, and other post-trade services. Trading products include interest rate derivatives, equities, fixed income, commodities and energy. ASX has a local monopoly in the Australian financial markets delivering attractive operating margins (EBIT adj. 1H22 64%). ASX’s balance sheet is strong - gross cash position of A$5.3bn. ASX is enjoying a significant boom period underpinned by new listings and the global growth trend of greater retail investor market participation – Nevertheless, we see hard coded reasons for valuation caution.

ASX Limited

ASX is a multi-asset class and exchange group. Co.'s principal activities are: providing securities exchange and ancillary services; derivatives exchange and ancillary services; central counterparty clearing services; and registry, depository, settlement and delivery-versus-payment clearing of financial products. Co. services companies and other issuers that list equity and debt securities on the exchange, as well as retail and institutional investors that invest in and trade those securities. While its operations are primarily based in Australia, Co. services both domestic and international customers, and some of its services are accessible from offshores.

ACF Equity Research
ACF Equity Research

ACF Equity Research is an independent research house specialising in the highest specification independent equity research for corporate clients.

We deliver premium independent corporate sponsored equity research characterised by its accuracy, clarity and foresight based upon a fundamental valuation approach.

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Our team of analysts are independently minded individuals who believe in thoroughness, technical competence and clear punchy communications.

ACF Financials

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