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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Ann: Half-Year Results Presentation, page-5
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Open | High | Low | Value | Volume |
$62.42 | $63.70 | $62.30 | $15.27M | 240.7K |
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No. | Vol. | Price($) |
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No. | Vol. | Price($) |
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2 | 57 | 64.890 |
1 | 8 | 63.700 |
1 | 8 | 63.550 |
1 | 13 | 63.510 |
Price($) | Vol. | No. |
---|---|---|
60.380 | 233 | 1 |
61.110 | 29 | 5 |
62.800 | 1 | 1 |
63.700 | 150 | 1 |
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