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General Information

ASX Limited
ASX
http://www.asx.com.au
Specialized Finance
7,833
194

Current Price Data+

Current Price Open High Low Last Close Volume Price Movement
$41.03 $40.31 $41.09 $40.26 $40.46 278628 $0.57 ( 1.41% )
  • +Security prices are delayed by least 20 minutes and are indicative only.

Current Broker Consensus Recommendation

Sell
30/06/2015
4

Company Overview

Business Description
ASX Limited (ASX) operates Australia's primary national securities exchanges. These include the provision of securities exchange services, derivatives exchange services, central counterparty clearing services, and registry, settlement, and delivery-versus-payment clearing financial products and associated ancillary services. It also provides market data services and investor education courses.
Strategy Analysis
ASX is a strong cashflow generator given its strong operating leverage. With relatively low capital expenditure demands, ASX has been able to sustain a high dividend payout ratio of around 90%. We expect this to continue. ASX lacks an appetite for acquisitions--not a bad thing. The company seeks to drive growth organically through product innovation and cost efficiencies. We do not expect this strategy to change. ASX reported NPAT down 2.5% to $171.1m for the half-year ended 31 December 2012. Earnings were impacted by lower revenues resulting from reduced market activity, particularly in equity markets. Revenues from ordinary activities were $387.6m, down 5.6% from the same period last year. Basic and Diluted EPS was 97.7 cents compared to 100.2 cents last year. Net operating cash flow was $206.2m compared to $184.0m last year. The interim dividend declared was 87.9 cents compared with 92.8 cents last year.

Financial Summary

Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2016 F 415.4 214.6 4.8% 18.9 190.0 4.7% 100.0%
2015 F 396.2 204.7 3.1% 19.8 180.0 4.4% 100.0%
2014 A 383.2 198.5 1.5% 18.0 178.1 5.0% 100.0%

Peer Comparison

Company Mkt Cap EPS Growth (%) P/E (%) Dividend Yield (%)
2014 A 2015 F 2016 F 2014 A 2015 F 2016 F 2014 A 2015 F 2016 F
ASX (ASX) $7,724M -0.0005 0.0334 0.0466 20.0977 19.4473 18.5815 4.46% 4.61% 4.81%
IMF Bentham (IMF) $289M -0.3292 2.0747 0.1344 26.2195 8.5275 7.5175 5.81% 5.81% 5.81%
OzForex Group (OFX) $533M 0.1269 0.1296 0.1518 22.1336 19.5940 17.0115 3.19% 3.60% 4.50%

Financial Summary

Earnings P/E Ratio P/B Ratio P/E Growth
Company 1.34 19.70 2.13 4.93
Market 0.91 15.90 1.30 1.26
Sector 1.05 13.50 1.09 1.13

Directors

Name Position Start Date
Mr Elmer Funke Kupper Chief Executive Officer, Managing Director 06/10/2011
Mr Peter Hastings Warne Non-Executive Director 25/07/2006
Ms Yasmin Anita Allen Non-Executive Director 09/02/2015
Ms Jillian Shirley Segal Non-Executive Director 29/07/2003
Mr Dominic John Stevens Non-Executive Director 19/12/2013
Mr Peter Ralph Marriott Non-Executive Director 01/07/2009
Ms Heather M Ridout Non-Executive Director 29/08/2012
Dr Kenneth Ross Henry Non-Executive Director 22/01/2013
Mr Damian Roche Non-Executive Director 01/08/2014
Mr Roderic (Rick) Holliday-Smith Non-Executive Director, Non-Executive Chairman 25/07/2006

Management

Name Position
Kevin Lewis Chief Compliance Officer
Ramy Aziz Chief Financial Officer
Tim Thurman Chief Information Officer
Alan Bardwell Chief Risk Officer
Marcin Firek Company Secretary
Amanda Harkness Company Secretary,Group General Counsel
Peter Hiom Deputy Chief Executive Officer
Amanda Mostyn Group Executive Human Resources
Timothy Hogben Group Executive Operations
Daniel Csillag Senior Legal Counsel,Company Secretary

Calendar of Events

Date Event
07 March 2016 Report (Interim)
11 February 2016 Report (Interim)
20 August 2015 Report (Annual)
20 August 2015 Report (Prelim)
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