ASX LIMITED (ASX)
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ASX

ASX - ASX LIMITED

FNArena Sector : Wealth Management & Investments
Year End: June
GICS Industry Group : Diversified Financials
Debt/EBITDA: 10
Index: ASX50 | ASX100 | ASX200 | ASX300 | ALL-ORDS

The Australian Securities Exchange is Australia's primary securities exchange. The ASX was formed in 1987 as an amalgamation of the six states securities exchanges. It oversees compliance with its operating rules and standards of corporate governance among its listed entities.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$57.54

18 Dec
2025

0.000

OPEN

$57.78

0.000

HIGH

$57.83

335,245

LOW

$57.24

TARGET
$59.758 3.9% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
AEF . AMP . BVS . CGF . CVW . DJW . ENN . GDG . GQG . HMC . HUB . IFL . IFT . IRE . KAM . KSL . MAF . MFG . MQG . NGI . NWL . PAC . PNI . PPS . PPT . QAL . RPL . RZI . WHF .
FNARENA'S MARKET CONSENSUS FORECASTS
ASX: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 259.1 255.9 xxx
DPS (cps) xxx 223.3 212.1 xxx
EPS Growth xxx 5.8% - 1.2% xxx
DPS Growth xxx 7.4% - 5.0% xxx
PE Ratio xxx N/A 20.4 xxx
Dividend Yield xxx N/A 4.1% xxx
Div Pay Ratio(%) xxx 86.2% 82.9% xxx

Dividend yield today if purchased 3 years ago: 3.32%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 3.88

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 21/08 - ex-div 106.80c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx259.1
DPS All xxxxxxxxxxxxxxx223.3
Sales/Revenue xxxxxxxxxxxxxxx1,712.1 M
Book Value Per Share xxxxxxxxxxxxxxx1,993.2
Net Operating Cash Flow xxxxxxxxxxxxxxx1,021.6 M
Net Profit Margin xxxxxxxxxxxxxxx29.36 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx13.23 %
Return on Invested Capital xxxxxxxxxxxxxxx11.66 %
Return on Assets xxxxxxxxxxxxxxx2.92 %
Return on Equity xxxxxxxxxxxxxxx13.23 %
Return on Total Capital xxxxxxxxxxxxxxx7.52 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx454.6 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx12,285 M
Long Term Debt xxxxxxxxxxxxxxx501 M
Total Debt xxxxxxxxxxxxxxx12,785 M
Goodwill - Gross xxxxxxxxxxxxxxx2,318 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx13,904 M
Price To Book Value xxxxxxxxxxxxxxx3.50

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx171.9 M
Capex % of Sales xxxxxxxxxxxxxxx10.04 %
Cost of Goods Sold xxxxxxxxxxxxxxx49 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx434 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx25 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

-0.2

No. Of Recommendations

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

UBS

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

5

xxxxxxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

3

xxxxxxxxx xx xxxx xxxx xxxxxxxxxx

$xx.xx

xx.xx%

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Macquarie

15/12/2025

1

Outperform

$64.00

11.23%

ASIC’s initial findings on ASX's governance/risk require the company to build an extra $150m of capital above NTA by June 2027.

Macquarie comments this will improve clearing/settlement board independence and reset its “Accelerate” transformation with clearer accountability.

Commentary notes ASX will fund this via a lower dividend payout of 75-85% plus a discounted DRP. The exchange trimmed its medium-term ROE target to 12.5-14.0% while keeping FY26 cost and capex guidance unchanged.

With the issue now more defined (final report due 31 March 2026) and volumes supportive, the broker retains its Outperform rating and sees valuation as attractive. Target unchanged at $64.

FORECAST
Macquarie forecasts a full year FY26 dividend of 222.30 cents and EPS of 261.80 cents.
Macquarie forecasts a full year FY27 dividend of 232.40 cents and EPS of 273.80 cents.

Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

15/08/2025

3

Neutral

$66.70

15.92%

ASX's FY25 earnings were a touch below Jarden's forecast. Listings & Market revenues missed while Technology & Data beat.

Opex growth was at the lower end of guidance despite a notable lift in technology expenses, reflecting increased usage from higher headcount, price changes from vendors, project costs and more cloud-based systems.

Jarden sees significant uncertainty stemming from ongoing regulatory investigations, delivery risk on multiple technology projects, and sustained technology inflation.

Coupled with impacts on revenues from a moderating interest rate environment, the earnings trajectory appears challenged, with scope for protracted cost growth beyond FY26.

On balance, Jarden views ASX's current discount to its historical trading level as justified given the risks, and therefore retains a Neutral rating. Target falls to $66.70 from $69.20.

FORECAST
Jarden forecasts a full year FY26 dividend of 216.00 cents and EPS of 254.00 cents.
Jarden forecasts a full year FY27 dividend of 229.00 cents and EPS of 269.00 cents.
Access Extra Coverage Research History >

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