ASX's capital-light business model and dominant market position underpin reliable dividends.
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 ...
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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