ASX Limited: Clearing the decks; still attractive

研报英文原文证据摘录

ASX Limited: Clearing the decks; still attractive

iQprofile SM ASX Limited

Key Income Statement Data (Jun) 2024A 2025A 2026E 2027E 2028E Company Sector

(A$ Millions) Other Financials

Sales 1,034 1,107 1,239 1,303 1,373

Associates & Other Revenue 0 0 0 0 0

Operating Expenses (393) (412) (492) (581) (639) Company Description EBITDA 642 695 747 722 735

Depreciation & Amortization (37) (48) (70) (100) (130) The ASX is a multi-asset class, vertically-integrated

EBIT 605 647 677 622 605 exchange with activities spanning primary and secondary

Net Interest & Other income 77 87 77 78 75 market services, central counterparty risk transfer and

Pretax Income 682 734 753 701 680 securities settlement for both the equities and fixed

Tax (expense) / Benefit (207) (224) (226) (210) (204)

income markets.

Outside Equity interest in Npat NA NA NA NA NA

Preference dividends NA NA NA NA NA

Net Profit b/f Abnormals 474 510 527 490 476

Non-Recurring Items 0 (7) (27) 0 (11) Investment Rationale

Net Income (Reported) 474 503 501 490 465 We rate ASX at Buy. We believe current market valuations

Key Cash Flow Statement Data are now discounting ASX's defensive characteristics and we

EBITDA 642 695 747 722 735 see shares as oversold based on sentiment rather than

Change in Working Capital NA NA NA NA NA fundamentals. We see a defensive, low volatility earnings,

Other C'flow Items before int & tax (131) (144) (176) (132) (139) strong free cash flows and a strong balance sheet to

Net Interest Paid 0 0 0 0 0

support ASX in dealing with regulatory and competitive

Tax Paid NA NA NA NA NA

Other C'flow from Operations 0 0 0 0 0 headwinds, which we believe have been overestimated by

Cash Flow from Operations 511 551 571 590 595 the market.

Capital Expenditure (PP&E) (136) (176) (180) (200) (190)