A director at ASX Limited bought 1,500 shares at 68.000AUD and the significance rating of the trade was 71/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sh...
ASX Limited (ASX: ASX) is Australia’s primary securities exchange and one of the world’s top 10 listed exchange groups by market capitalisation. Services include listings, trading, clearing and settlement, and other post-trade services. Trading products include interest rate derivatives, equities, fixed income, commodities and energy. ASX has a local monopoly in the Australian financial markets delivering attractive operating margins (EBIT adj. 1H22 64%). ASX’s balance sheet is strong - gross ca...
ASX (AU), a company active in the Investment Services industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 1 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date February 22, 2022, the closing price was AUD ...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Favor EAFE over EM The U.S. dollar remains elevated and as long as this remains the case we believe developed international equities (EAFE) will continue to outperform relative to emerging markets (MSCI EM)... see charts below. Below we highlight attractive and actionable themes within developed international: • Australia. Australia's All Ordinaries index exhibits bullish price and RS trends, a rarity when it comes to global markets considering most country-specific indexes display neutral o...
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 p...
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 p...
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 p...
We expect wide-moat-rated ASX to use the AUD 385 million raised from the sale of its 18.6% stake in IRESS to pay a fully franked special dividend. This may enable franking credits to be distributed ahead of a potential change in legislation, should the Labor Party win the next federal election, which is likely to be held in May. However, the company has yet to clarify the intended use of the funds. Considering the strength of ASX’s balance sheet and cash flow generation, we don’t think the c...
We expect wide-moat-rated ASX to use the AUD 385 million raised from the sale of its 18.6% stake in IRESS to pay a fully franked special dividend. This may enable franking credits to be distributed ahead of a potential change in legislation, should the Labor Party win the next federal election, which is likely to be held in May. However, the company has yet to clarify the intended use of the funds. Considering the strength of ASX’s balance sheet and cash flow generation, we don’t think the c...
Wide-moat-rated ASX’s first-half result was broadly in line with our expectations, although net interest income was much stronger than we expected. However, we have maintained our fair value estimate at AUD 52.00 per share and, at the current price of AUD 68.82 per share, continue to believe the stock is overvalued. We continue to forecast mid-single-digit annual underlying EPS growth over the next decade, as was achieved over the past decade. The strong share price performance in recent year...
We expect ASX to deliver a mid-single-digit EPS compound annual growth rate over the next five years, with its wide economic moat protecting strong margins and enabling returns on invested capital to exceed the weighted average cost of capital. The capital-light business model, along with a lack of desire to undertake acquisitions, should enable strong cash conversion, a 90% dividend payout ratio, and a debt-free balance sheet. The yield nature of the stock means we expect the share price to be ...
Wide-moat-rated ASX’s first-half result was broadly in line with our expectations, although net interest income was much stronger than we expected. However, we have maintained our fair value estimate at AUD 52.00 per share and, at the current price of AUD 68.82 per share, continue to believe the stock is overvalued. We continue to forecast mid-single-digit annual underlying EPS growth over the next decade, as was achieved over the past decade. The strong share price performance in recent years...
Wide-moat-rated ASX continues to look expensive despite strong growth in equity capital raisings in the first half of fiscal 2019. ASX data for December 2018 indicates that AUD 62 billion in equity capital was raised in the first half, up 38% on the prior comparable period, most of it explained by the AUD 16 billion Coles demerger from Wesfarmers. However, since the local bull market peaked last August, capital-raising conditions have deteriorated, causing initial public offerings like PEXA to b...
Wide-moat-rated ASX continues to look expensive despite strong growth in equity capital raisings in the first half of fiscal 2019. ASX data for December 2018 indicates that AUD 62 billion in equity capital was raised in the first half, up 38% on the prior comparable period, most of it explained by the AUD 16 billion Coles demerger from Wesfarmers. However, since the local bull market peaked last August, capital-raising conditions have deteriorated, causing initial public offerings like PEXA to b...
Wide-moat-rated ASX continues to look expensive despite strong growth in equity capital raisings in the first half of fiscal 2019. ASX data for December 2018 indicates that AUD 62 billion in equity capital was raised in the first half, up 38% on the prior comparable period, most of it explained by the AUD 16 billion Coles demerger from Wesfarmers. However, since the local bull market peaked last August, capital-raising conditions have deteriorated, causing initial public offerings like PEXA to b...
Wide-moat-rated ASX continues to look expensive despite strong growth in equity capital raisings in the first half of fiscal 2019. ASX data for December 2018 indicates that AUD 62 billion in equity capital was raised in the first half, up 38% on the prior comparable period, most of it explained by the AUD 16 billion Coles demerger from Wesfarmers. However, since the local bull market peaked last August, capital-raising conditions have deteriorated, causing initial public offerings like PEXA to b...
FY18 reporting season was solid with 56% of stocks reporting either better-than-expected or in line underlying earnings. Growth has again outperformed Value in Line with our Expectations. Lean pickings for Value Hunters. Costs pressures on the Rise. Acquisitions driving earnings growth. Capital Management was delivered mostly via special dividends
Wide-moat-rated ASX’s fiscal 2018 result was a little stronger than we expected, with the 8% revenue growth rate ahead of our 6% forecast. We have increased our fair value estimate by 2% to AUD 49 per share; this mainly reflects an increase to our revenue forecasts for the information and technical services businesses, which are tracking ahead of our expectations. However, at the current market price of around AUD 68, we still believe the shares are overvalued. The key driver of the strong re...
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