ASX Remains Overvalued Following Solid First-Half Result
We maintain our fair value estimate for wide-moat-rated ASX at AUD 43.00 per share following a good first-half result that was in line with our expectations and management guidance. We maintain our forecast for fiscal 2017 underlying net profit after tax, or NPAT, at AUD 454 million, implying 6.5% growth, and our fully franked dividend forecast at AUD 2.16 per share, implying a dividend yield of 4.2%, or 6.0% including franking credits. Our dividend represents a 90% payout ratio, as per manageme...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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