ASX: Result 2014

The first revenue rise in six years for its sharemarket business and the booming float market have delivered a slightly better than expected result for ASX.

In ASX: Competition cuts in – Part 3 on 28 Nov 12 (Long Term Buy – $29.32), we pencilled in an annual revenue decline of 8% a year for its traditional sharemarket business (aka the ‘cash market’) in our central scenario. After all, it had fallen at an average of 10% a year since its last rise in 2008 and was facing the insidious creep of competition. It was intended to be reasonably conservative and we were expecting it to bounce around a bit, but we certainly weren’t expecting too many rises – yet that’s what we got in 2014.

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