Initiating Coverage on Japan Exchange Group With a 3-Star Rating and FVE of JPY 1,570
We are initiating coverage of wide-moat Japan Exchange Group, or JPX, with a 3-star rating and a fair value estimate of JPY 1,570. Our fair value estimate represents a fiscal 2017 price/earnings ratio of 22.3 times, slightly above its historical average price/earnings of 20 times. We believe the exchange is slightly overvalued, with shares trading at a 10% premium to our fair value estimate.We believe JPX possesses moat traits in cost advantage, network effect, and intangible assets, underpinni...
Japan Exchange Group is a holding company engaged in the provision of financial instrument exchange services. Through its four major subsidiaries, Tokyo Stock Exchange, Osaka Exchange, Japan Exchange Regulation and Japan Securities Clearing, Co. provides market infrastructure for financial instruments including financial instrument exchange. Co. also offers traders and investors reliable venues for trading listed securities and derivative instruments, as well as clearing and settlement services through a central counterparty. Co. was established through the business combination between Tokyo Stock Exchange and Osaka Securities Exchange on Jan 1 2013.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.