ASX Ltd
ASX: XASX (AUS)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
A$29.00 | Bkld | Drzd |
ASX Remains Overvalued Following Soft First-Half Result
Wide-moat-rated ASX Limited’s first-half financial result was relatively weak but broadly in line with our expectations. We’ve made minor adjustments to our short-term earnings forecasts, but our long-term forecasts are largely unchanged. We’ve increased our fair value estimate slightly, to AUD 60 per share, based on broadly similar earnings forecasts combined with the time-value-of-money uplift. However, at the current market price of AUD 70.05, ASX still looks overvalued, despite falling 23% since its record high last September.