ASX Remains Overvalued and at the Whim of Interest Rates
Wide-moat-rated ASX Limited’s share price continues to shoot higher and is up 55% over the past two years. However, we attribute share price growth more to falling interest rates than a material improvement in ASX’s earnings growth outlook. Over the past decade, ASX has generated an EPS CAGR of just 1.9% and we forecast an EPS CAGR of only 4.4% over the next decade. The combination of a rising share price and largely unchanged EPS forecasts has been an expansion in ASX’s one-year forward price/e...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.
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