company background image

ASX ASX:ASX Stock Report

Last Price


Market Cap







04 Jul, 2022


Company Financials +
ASX fundamental analysis
Snowflake Score
Future Growth1/6
Past Performance3/6
Financial Health6/6

ASX Stock Overview

ASX Limited operates as a multi-asset class and integrated exchange company in Australia and internationally.

ASX Competitors

Price History & Performance

Summary of all time highs, changes and price drops for ASX
Historical stock prices
Current Share PriceAU$82.42
52 Week HighAU$95.83
52 Week LowAU$71.22
1 Month Change1.50%
3 Month Change-0.33%
1 Year Change9.17%
3 Year Change-4.62%
5 Year Change56.45%
Change since IPO1,839.29%

Recent News & Updates

Shareholder Returns

ASXAU Capital MarketsAU Market

Return vs Industry: ASX exceeded the Australian Capital Markets industry which returned -10.5% over the past year.

Return vs Market: ASX exceeded the Australian Market which returned -12% over the past year.

Price Volatility

Is ASX's price volatile compared to industry and market?
ASX volatility
ASX Average Weekly Movement2.9%
Capital Markets Industry Average Movement5.6%
Market Average Movement10.0%
10% most volatile stocks in AU Market16.7%
10% least volatile stocks in AU Market4.5%

Stable Share Price: ASX is less volatile than 75% of Australian stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: ASX's weekly volatility (3%) has been stable over the past year.

About the Company

1987749Dominic Stevens

ASX Limited operates as a multi-asset class and integrated exchange company in Australia and internationally. The company provides listings, trading, clearing, settlement, technical and information services, and other post-trade services; securities and derivatives exchange, and ancillary services; and central counterparty clearing services. It also operates markets for a range of asset classes, including equities, fixed income, commodities, and energy; provides data and technology services to intermediaries, banks, information vendors, and software developers to enable them to make decisions, offer services to their clients, and connect with one another; and is involved in the registry, depository, and settlement activities, as well as delivery-versus-payment clearing of financial products.

ASX Fundamentals Summary

How do ASX's earnings and revenue compare to its market cap?
ASX fundamental statistics
Market CapAU$15.95b
Earnings (TTM)AU$489.40m
Revenue (TTM)AU$1.04b


P/E Ratio


P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
ASX income statement (TTM)
Cost of RevenueAU$48.10m
Gross ProfitAU$989.70m
Other ExpensesAU$500.30m

Last Reported Earnings

Dec 31, 2021

Next Earnings Date

Aug 18, 2022

Earnings per share (EPS)2.53
Gross Margin95.37%
Net Profit Margin47.16%
Debt/Equity Ratio0%

How did ASX perform over the long term?

See historical performance and comparison



Current Dividend Yield


Payout Ratio
We’ve recently updated our valuation analysis.


Is ASX undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score


Valuation Score 1/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for ASX?

Other financial metrics that can be useful for relative valuation.

ASX key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue8.4x
Enterprise Value/EBITDA11.9x
PEG Ratio6.9x

Price to Earnings Ratio vs Peers

How does ASX's PE Ratio compare to its peers?

ASX PE Ratio vs Peers
The above table shows the PE ratio for ASX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average33.8x
AFI Australian Foundation Investment
ARG Argo Investments
GQG GQG Partners
MQG Macquarie Group

Price-To-Earnings vs Peers: ASX is good value based on its Price-To-Earnings Ratio (32.6x) compared to the peer average (33.8x).

Price to Earnings Ratio vs Industry

How does ASX's PE Ratio compare vs other companies in the AU Capital Markets Industry?

Price-To-Earnings vs Industry: ASX is expensive based on its Price-To-Earnings Ratio (32.6x) compared to the Australian Capital Markets industry average (13.7x)

Price to Earnings Ratio vs Fair Ratio

What is ASX's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

ASX PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio32.6x
Fair PE Ratio20.2x

Price-To-Earnings vs Fair Ratio: ASX is expensive based on its Price-To-Earnings Ratio (32.6x) compared to the estimated Fair Price-To-Earnings Ratio (20.2x).

Share Price vs Fair Value

What is the Fair Price of ASX when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: ASX (A$82.42) is trading above our estimate of fair value (A$66.73)

Significantly Below Fair Value: ASX is trading above our estimate of fair value.

Price to Earnings Growth Ratio

PEG Ratio: ASX is poor value based on its PEG Ratio (6.9x)

Discover undervalued companies

Future Growth

How is ASX forecast to perform in the next 1 to 3 years based on estimates from 11 analysts?

Future Growth Score


Future Growth Score 1/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: ASX's forecast earnings growth (4.8% per year) is above the savings rate (1.8%).

Earnings vs Market: ASX's earnings (4.8% per year) are forecast to grow slower than the Australian market (5.6% per year).

High Growth Earnings: ASX's earnings are forecast to grow, but not significantly.

Revenue vs Market: ASX's revenue (3.9% per year) is forecast to grow slower than the Australian market (5.1% per year).

High Growth Revenue: ASX's revenue (3.9% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: ASX's Return on Equity is forecast to be low in 3 years time (14.4%).

Discover growth companies

Past Performance

How has ASX performed over the past 5 years?

Past Performance Score


Past Performance Score 3/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: ASX has high quality earnings.

Growing Profit Margin: ASX's current net profit margins (47.2%) are higher than last year (46.4%).

Past Earnings Growth Analysis

Earnings Trend: ASX's earnings have grown by 2.9% per year over the past 5 years.

Accelerating Growth: ASX's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: ASX had negative earnings growth (-0.1%) over the past year, making it difficult to compare to the Capital Markets industry average (42.7%).

Return on Equity

High ROE: ASX's Return on Equity (13%) is considered low.

Discover strong past performing companies

Financial Health

How is ASX's financial position?

Financial Health Score


Financial Health Score 6/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: ASX's short term assets (A$13.8B) exceed its short term liabilities (A$12.6B).

Long Term Liabilities: ASX's short term assets (A$13.8B) exceed its long term liabilities (A$373.3M).

Debt to Equity History and Analysis

Debt Level: ASX is debt free.

Reducing Debt: ASX had no debt 5 years ago.

Debt Coverage: ASX has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: ASX has no debt, therefore coverage of interest payments is not a concern.

Balance Sheet

Discover healthy companies


What is ASX current dividend yield, its reliability and sustainability?

Dividend Score


Dividend Score 4/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: ASX's dividend (2.76%) is higher than the bottom 25% of dividend payers in the Australian market (2.75%).

High Dividend: ASX's dividend (2.76%) is low compared to the top 25% of dividend payers in the Australian market (6.87%).

Stability and Growth of Payments

Stable Dividend: ASX's dividends per share have been stable in the past 10 years.

Growing Dividend: ASX's dividend payments have increased over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: With its high payout ratio (90%), ASX's dividend payments are not well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its low cash payout ratio (8.6%), ASX's dividend payments are thoroughly covered by cash flows.

Discover strong dividend paying companies


How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Dominic Stevens





Mr. Dominic John Stevens, BCom (Hons) has been the Chief Executive Officer and Managing Director of ASX Limited and Australian Securities Exchange Limited since August 1, 2016. Mr. Stevens has been an Exec...

CEO Compensation Analysis

Compensation vs Market: Dominic's total compensation ($USD2.92M) is about average for companies of similar size in the Australian market ($USD3.97M).

Compensation vs Earnings: Dominic's compensation has been consistent with company performance over the past year.

Leadership Team

Experienced Management: ASX's management team is seasoned and experienced (5.3 years average tenure).

Board Members

Experienced Board: ASX's board of directors are considered experienced (7.7 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Company Information

ASX Limited's employee growth, exchange listings and data sources

Key Information

  • Name: ASX Limited
  • Ticker: ASX
  • Exchange: ASX
  • Founded: 1987
  • Industry: Financial Exchanges and Data
  • Sector: Diversified Financials
  • Implied Market Cap: AU$15.955b
  • Shares outstanding: 193.58m
  • Website:

Number of Employees


  • ASX Limited
  • Exchange Centre
  • 20 Bridge Street
  • Sydney
  • New South Wales
  • 2000
  • Australia


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/07/04 00:00
End of Day Share Price2022/07/04 00:00
Annual Earnings2021/06/30

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.