Japan Exchange Group Inc

8697: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥‎6,182.00	Yht	Dlgjsxzyvk

Japan Exchange Group Valuation Raised by 5% on Continued Stock Market Strength

Roy Van Keulen

Sep 26, 2023

We raise the fair value estimate for wide-moat-rated Japan Exchange Group, or JPX, by 5% to JPY 2,420 per share, to reflect the upward revision of earnings guidance released on Sept. 25, 2023. Given the continuing strength in Japan’s stock market and trading activity through to the second quarter of fiscal 2023, JPX has upgraded the assumptions for average daily trading values and volumes for fiscal 2023 ending March 2024. Revenue is forecast to grow by 6% to JPY 143 billion and underlying EBIT is forecast to lift 12% to JPY 77 billion, equating to a 300-basis-point improvement in operating margin to 54%.

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