ASX 1H Result in Line With Expectations but Interest Income Surprisingly Strong
Wide-moat-rated ASX’s first-half result was broadly in line with our expectations, although net interest income was much stronger than we expected. However, we have maintained our fair value estimate at AUD 52.00 per share and, at the current price of AUD 68.82 per share, continue to believe the stock is overvalued.We continue to forecast mid-single-digit annual underlying EPS growth over the next decade, as was achieved over the past decade. The strong share price performance in recent years h...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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