ASX Ltd

ASX: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$79.00	Qcwn	Pkxk

ASX: Investor Day Shows Management Commitment To Retain Social License and Protect Moat (Corrected)

Roy Van Keulen

Jun 13, 2023

This note replaces the original, published June 6, 2023, which showed incorrect forecast data. Our dividend forecast is AUD 2.43 per share for fiscal 2023, corrected for a 90% payout ratio of underlying EPS of AUD 2.80 per share. Our forecast reflects a dividend yield of 3.3% based on our fair value estimate. Our dividend forecasts for fiscal 2024 and 2025 are AUD 2.37 per share and AUD 2.53 per share, respectively, representing an 85% payout ratio of underlying EPS of AUD 2.79 per share and AUD 2.98 per share, respectively.

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