ASX Limited (AU:ASX)
ASX:ASX
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ASX
(Sydney:ASX)
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Rating:54Neutral
Price Target:
AU$53.00
▲(0.38% Upside)
Action:ReiteratedDate:03/26/26
Overall score reflects pressured financial performance (weak revenue and cash flow trends) and bearish technicals as the largest drags, partially offset by attractive valuation (low P/E and ~4.15% yield). Earnings call signals are mixed due to elevated cost guidance, regulatory remediation and leadership transition risks despite operational revenue growth and modernization progress.
Positive Factors
Primary market infrastructure
ASX’s role as Australia’s primary exchange creates durable network effects and high switching costs for participants. Fee-based revenue across trading, listings, clearing and post-trade services supports predictable, recurring cashflows and structural market positioning over the medium term.
Negative Factors
Regulatory inquiry & governance shortcomings
ASIC’s findings triggered a multiyear remediation program and governance overhaul. Regulatory scrutiny raises enduring compliance costs, oversight burdens and reputational risk that can constrain strategic flexibility and increase recurring operating expenses.
Read all positive and negative factors
Positive Factors
Negative Factors
Primary market infrastructure
ASX’s role as Australia’s primary exchange creates durable network effects and high switching costs for participants. Fee-based revenue across trading, listings, clearing and post-trade services supports predictable, recurring cashflows and structural market positioning over the medium term.
Read all positive factors
ASX (ASX) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$10.32B
Dividend Yield4.28%
Average Volume (3M)654.95K
Price to Earnings (P/E)9.5
Beta (1Y)0.61
Revenue Growth7.63%
EPS Growth5.81%
CountryAU
Employees1,140
SectorFinancial
Sector Strength70
IndustryFinancial - Data & Stock Exchanges
Share Statistics
EPS (TTM)1.36
Shares Outstanding195,409,850
10 Day Avg. Volume836,253
30 Day Avg. Volume654,953
Financial Highlights & Ratios
PEG Ratio4.71
Price to Book (P/B)3.49
Price to Sales (P/S)7.90
P/FCF Ratio44.68
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$58.29Price Target Upside10.40% Upside
Rating ConsensusHold
Number of Analyst Covering9
EPS Forecast (FY)2.64
Revenue Forecast (FY)AU$1.22B
ASX Business Overview & Revenue Model
Company Description
ASX Limited operates as a multi-asset class and integrated exchange company in Australia and internationally. It operates markets for a range of asset classes, including equities, fixed income, commodities, and energy. The company provides listing...
How the Company Makes Money
ASX makes money primarily by charging fees across the lifecycle of trading and investing activity on its markets. Key revenue streams include: (1) Trading and transaction-related fees: fees linked to on-exchange trading activity in cash equities a...
ASX Earnings Call Summary
Earnings Call Date:Feb 11, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Aug 19, 2026
Earnings Call Sentiment Neutral
The call presents a balanced picture: strong top-line revenue growth across Markets, Securities & Payments and Technology & Data and meaningful progress on modernization and regulatory commitments are positive. However, the ASIC inquiry's critical findings, a CEO transition, materially higher expense guidance (20% growth), one-off ASIC-related costs, reduced payout ratio and elevated project/operational delivery risks temper the outlook. Management has initiated tangible remediation and governance actions but faces multiyear work and cost impacts.Positive Updates
Strong Operating Revenue Growth
Operating revenue of $602.8 million, up 11.2% versus the prior corresponding period, reflecting diversified business strength.
Negative Updates
ASIC Inquiry Findings and Cultural/Governance Concerns
ASIC inquiry interim report contained serious findings about stewardship, culture and regulatory engagement; management acknowledged complacency/insularity and committed to multiyear remediation.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Operating Revenue Growth
Operating revenue of $602.8 million, up 11.2% versus the prior corresponding period, reflecting diversified business strength.
Read all positive updates
Company Guidance
ASX guided FY26 total expense growth of 20–23% (13–15% excluding ASIC‑response costs), expects ASIC‑inquiry related costs at the upper end of the prior $25–35m range (H1 ASIC costs $17.3m), and reiterated FY26 CapEx of $170–180m (FY27 CapEx $160–180m); it will accumulate an additional $150m above current NTA by 30 June 2027 funded by at least three dividends paid at a 75% underlying NPAT payout (interim dividend $1.018 per share) and a 2.5% DRP discount; medium‑term targets include underlying ROE of 12.5–14% and D&A rising ~$20m p.a. for the medium term; CHESS Release 1 is targeted for April 2026 (Release 2 primary build complete by end‑2027, go‑live targeted 2029), the new derivatives trading platform is now targeted for late FY28, the net interest spread on collateral is expected to stay around 18 bps for the remainder of FY26, and ASX will provide FY27 total expense growth and FY28 CapEx guidance by the end of the financial year.ASX Financial Statement Overview
Summary
Income Statement
45
Neutral
Balance Sheet
70
Positive
Cash Flow
40
Negative
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.50B | 1.71B | 1.59B | 1.42B | 1.10B | 1.02B |
| Gross Profit | 1.32B | 1.61B | 1.51B | 1.34B | 991.70M | 911.80M |
| EBITDA | 1.04B | 1.27B | 1.18B | 819.40M | 796.50M | 757.40M |
| Net Income | 522.70M | 502.60M | 474.20M | 317.30M | 508.50M | 480.90M |
Balance Sheet | ||||||
| Total Assets | 16.02B | 17.57B | 16.89B | 16.83B | 18.24B | 16.60B |
| Cash, Cash Equivalents and Short-Term Investments | 12.23B | 13.90B | 13.42B | 13.51B | 14.46B | 13.38B |
| Total Debt | 11.45B | 12.60B | 334.30M | 78.60M | 67.60M | 72.40M |
| Total Liabilities | 12.11B | 13.70B | 13.16B | 13.19B | 14.43B | 12.86B |
| Stockholders Equity | 3.90B | 3.87B | 3.72B | 3.64B | 3.81B | 3.74B |
Cash Flow | ||||||
| Free Cash Flow | -199.20M | 302.90M | 544.40M | -3.51B | 97.60M | 4.99B |
| Operating Cash Flow | -28.10M | 1.02B | 682.20M | -405.70M | 1.66B | 120.20M |
| Investing Cash Flow | -120.50M | -132.80M | -93.00M | -121.30M | -126.90M | -125.40M |
| Financing Cash Flow | -426.40M | -408.30M | -149.60M | -447.20M | -450.80M | -464.40M |
ASX Technical Analysis
Positive
52.80
Price Trends
52.53
Positive
53.28
Negative
57.55
Negative
Market Momentum
0.11
Negative
58.61
Neutral
75.97
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:ASX, the sentiment is Positive. The current price of 52.8 is above the 20-day moving average (MA) of 50.56, above the 50-day MA of 52.53, and below the 200-day MA of 57.55, indicating a neutral trend. The MACD of 0.11 indicates Negative momentum. The RSI at 58.61 is Neutral, neither overbought nor oversold. The STOCH value of 75.97 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:ASX.
ASX Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | AU$184.84M | 3.31 | 16.49% | 17.89% | 18.74% | 88.57% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | AU$16.49B | 11.54 | 21.78% | 2.69% | 6.44% | 22.38% | |
59 Neutral | AU$772.00M | 9.85 | 9.94% | 1.26% | 0.91% | -9.16% | |
56 Neutral | AU$77.56B | 12.15 | 10.75% | 3.27% | 3.65% | 1.58% | |
54 Neutral | AU$10.32B | 9.48 | 13.44% | 4.28% | 7.63% | 5.81% | |
42 Neutral | AU$2.80M | -0.52 | 236.32% | ― | -37.25% | 27.45% |
* Financial Sector Average
AU:ASX
ASX
52.80
-11.06
-17.32%
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28.51
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-18.22%
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212.19
46.72
28.23%
AU:EZL
Euroz Hartleys Group Limited
1.19
0.53
81.18%
AU:ABE
Australian Bond Exchange Holdings Ltd.
0.02
-0.01
-43.33%
AU:CCL
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4.03
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73.11%
ASX Corporate Events
ASX bolsters board with appointment of ex-Cboe Australia CEO Vic Jokovic
Mar 25, 2026
ASX Limited has strengthened its board with the appointment of Vic Jokovic as a non-executive director, effective 4 May 2026, drawing on his extensive leadership experience at Cboe Australia and Deutsche Bank across equities, derivatives and excha...
ASX Tightens Insider Trading Controls With Updated Group Dealing Rules Policy
Mar 25, 2026
ASX Limited has updated its Group Dealing Rules Policy, which sets out the principles, requirements and governance arrangements designed to mitigate insider trading risk across the organisation. The revised policy, now in effect and available via ...
ASX to Quote 1.1 Million New Shares Under Distribution Plan
Mar 19, 2026
ASX Limited has applied for quotation of 1,110,424 new fully paid ordinary shares on the Australian Securities Exchange, with the securities to be issued on 23 March 2026. The new shares are being issued under a dividend or distribution plan, mode...
ASX updates interim dividend and DRP details for December half
Mar 10, 2026
ASX Ltd has updated its previously announced interim dividend details for ordinary fully paid shares relating to the six months to 31 December 2025. The update, dated 10 March 2026, confirms additional information for investors holding securities ...
ASX Monthly Report Shows February Capital Raisings Slump but YTD Totals Remain Ahead
Mar 4, 2026
ASX Limited reported that total new capital quoted on its markets in February 2026 fell sharply to $4.1 billion from $33.9 billion a year earlier, with net new capital quoted dropping to $2.6 billion from $32.1 billion. Despite this weak monthly r...
UBS exits substantial holder status in ASX Limited
Feb 26, 2026
UBS Group AG and its related bodies corporate have notified ASX Limited that they have ceased to be a substantial holder in the exchange operator as of 24 February 2026. The change reflects a reduction in UBS’s relevant voting interests belo...
ASX Director Deidre McGrath Discloses First Equity Stake in Market Operator
Feb 20, 2026
ASX Limited has disclosed a change in director Deidre McGrath’s holdings, with the board member acquiring 4,890 fully paid ordinary shares in the company on 17 February 2026. The shares, valued at about $265,000, are held jointly with Mr McG...
ASX Director Anne Loveridge Increases Shareholding in Market Operator
Feb 20, 2026
ASX Limited has reported a change in the interests of non-executive director Anne Joan Loveridge, who has increased her direct holding in the company. On 16 February 2026, Loveridge acquired 1,950 fully paid ordinary shares for a consideration of ...
ASX updates market on director Wayne Byres’ revised shareholding structure
Feb 20, 2026
ASX Limited has reported a change in the securities interests of non-executive director Wayne Byres, following recent transactions involving fully paid ordinary shares in the company. The update, lodged under ASX listing rule obligations, reflects...
ASX CEO Helen Lofthouse to Exit After CHESS Milestone
Feb 10, 2026
ASX Limited has announced that Managing Director and CEO Helen Lofthouse will step down in May 2026, ending an 11-year tenure at the group and four years in the top job. Her planned departure coincides with final preparations for the first phase o...
ASX Reports Strong Year-to-Date Capital Raising Despite Softer January Headline Numbers
Feb 4, 2026
ASX Limited has released its January 2026 monthly activity report, showing total new capital quoted of $1.7 billion for the month, down from $2.3 billion a year earlier, while entities de‑listed represented $0.3 billion in quoted market capi...
ASX Lifts FY26 Expense Guidance as ASIC Inquiry Drives Investment in Market Infrastructure
Jan 27, 2026
ASX Limited has revised its FY26 expense growth guidance upward as it accelerates investment in risk management and technology modernisation in response to the Australian Securities and Investments Commission’s expert Inquiry Panel findings....
ASX Sets 2026 Schedule for Results, Dividends and AGM
Jan 13, 2026
ASX Limited has outlined its timetable for releasing financial results and key corporate events in 2026, including the announcement of half-year results for the period ended 31 December 2025 and associated interim dividend dates, as well as the sc...
ASX Reports Strong Rebound in Capital Raisings and New Listings for 2025
Jan 6, 2026
ASX Limited reported a strong uplift in capital markets activity in December 2025, with total new capital quoted rising to $9.6 billion from $7.2 billion a year earlier and net new capital quoted increasing to $8.0 billion from $6.1 billion. On a ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.