ASX FVE Maintained Following Decision to Adopt Distributed Ledger Technology
We maintain our fair value estimate for wide-moat ASX at AUD 45.00 per share following the company’s decision to replace its cash equities clearing and settlement system, known as the clearing house sub register system, or CHESS, with a blockchain/distributed ledger technology, or DLT. At the current market price of AUD 57.71 we continue to believe the shares are overvalued. DLT technology is very much in vogue currently due to its wide range of potential applications and the rapid appreciation ...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.
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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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