ASX: Focus Remains on Retaining and Securing Social and Regulatory Licenses

We maintain our AUD 72.50 per share fair value estimate for wide-moat ASX following its annual general meeting. As expected, ASX leadership reiterated its focus on retaining and securing its social and regulatory licenses, with CEO Helen Lofthouse describing ASX’s licenses as some of their “most important assets.” ASX shares continue to trade materially below our fair value estimate as the market remains concerned with near-term expenses and capital expenditure growth. We believe these near-term expenses do not impede ASX’s long-term earnings potential.