ASX 1.74% $64.66 asx limited

Ann: Half-Year Results Presentation, page-5

  1. 5,227 Posts.
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    I have just listened to the webcast and had a good read of the financials. My takeaways are as follows
    1. ASX has a 57% NPAT margin and a 77% EBITDA margin. These are outstanding numbers. I am not aware of any other business in Aust with margins like this.
    2. Revenue grew more than expenses (widening jaws)
    3. Profit grew less than revenue due to increased D & A
    4. Revenue growth occurred in every revenue category PCP (OTC shrunk H2 last year verses H1 this year)
    5. Expenses growth is still forecast to be 4% as some labor costs get capitalised in H2.
    6. CAPEX guidance has not changed.
    7. Major upgrade of IT systems will be undertaken within the $40 to $50m per annum CAPEX spend.
    8. CFR (Council of Financial Regulators) will make a decision on clearing market structure and whether there should be competition to the ASX. The CEO said that with a 10 to 12% ROC in this business, there are no monopoly rents. CHI-X use the facility for free.

    My summary
    A good well run business that is well capitalised.

    HT1
 
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