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ASX Limited
Financial Services · Financial Data & Stock Exchanges
Updated just now
$46.80
ASX Limited operates as a multi-asset class and integrated exchange company in Australia and internationally. The company provides regulated framework for entities to raise capital and source liquidity; education programs, research and insights, investor access and peer group networking; distribution facility for quoted exchange traded funds (ETFs) and debt securities.
View full descriptionThe Warsi Rating combines two proven approaches: value investing principles and dividend strategy. A stock must score 70+ on both to be rated Solid or higher.
MARKET CAP
$9.15B
P/E RATIO
18.1
DIV. YIELD
4.5%
FRANKING
100%
$33.93
For 6% dividend yield
Business quality and balance-sheet durability.
How much the company owes vs. what it owns
Annual dividends as percentage of stock price
ASX Limited operates as a multi-asset class and integrated exchange company in Australia and internationally. The company provides regulated framework for entities to raise capital and source liquidity; education programs, research and insights, investor access and peer group networking; distribution facility for quoted exchange traded funds (ETFs) and debt securities. It is also involved in the trading of futures and options on interest rate, equity index, agricultural and energy products, and options over individual securities; cash market trading of equities, warrants, ETFs, and debt securities; and clearing of exchange-traded derivatives, and over-the-counter interest rate and equity derivatives. In addition, it offers information services, including pricing and trading data; technical services, such as market access, connectivity, hosting and co-location services; central counterparty clearing and settlement services for equities; settlement, depository, and registry services for debt securities; and payment platform for high value payments, electricity providers, and property transactions.
The company was incorporated in 1987 and is based in Sydney, Australia.
Who owns the company's shares and how much leadership has at stake
Leadership has very little personal money riding on the stock price
Professional fund managers have done their homework and chosen to own this
Shares freely traded on the ASX by individual investors like you
Professional fund managers hold a solid 55.1% — they see value in the business. However, company leadership owns very little (0.2%). While low insider ownership is common in large companies, it means management’s financial interests aren’t strongly tied to yours as a shareholder.
Current Snapshot
Insider %
0.2%
Institutional %
55.1%
Float %
44.6%
Why It Matters
Ownership mix affects governance incentives, liquidity, and share-price behaviour under large portfolio rebalancing flows.
Formula
Public Float (%) = 100 - Insider Ownership (%) - Institutional Ownership (%)Method
Use reported ownership percentages, convert to percentage terms, and compute remaining public float as the residual.
Worked Example
If insiders own 0.2% and institutions own 55.1%, public float is 44.6%.
How to Interpret
Higher insider ownership can improve alignment of incentives, while dominant institutional concentration can amplify short-term price moves.
Professional fund managers hold a solid 55.1% — they see value in the business. However, company leadership owns very little (0.2%). While low insider ownership is common in large companies, it means management’s financial interests aren’t strongly tied to yours as a shareholder.
Sources
| Date | Insider | Type | Shares | Value |
|---|---|---|---|---|
| 23 Mar 2026 | Curran (David) Independent Non-Executive Director | Acquisition at price 35.92 per share. | 73 | $3K |
| 23 Mar 2026 | Loveridge (Anne Joan) Director (Non-Executive) | Acquisition at price 35.92 per share. | 92 | $3K |
| 23 Mar 2026 | Smith (Heather) Independent Non-Executive Director | Acquisition at price 35.92 per share. | 78 | $3K |
| 17 Feb 2026 | McGrath (Dee) Director (Non-Executive) | Purchase at price 38.40 per share. | 5K | $188K |
| 16 Feb 2026 | Byres (Wayne Stephen) Independent Non-Executive Director | Purchase at price 38.41 per share. | 920 | $35K |
Company insiders have been net buyers of shares over the past 12 months. This may indicate management confidence in future prospects.
Value analysis may be affected by missing data.
Market data sourced from third-party financial data providers. Analysis generated using Warsi Criteria — proprietary scoring algorithms for value investing and dividend income analysis. Not financial advice. Learn how we analyse stocks →
Excellent. Very low debt (0.08) means strong financial flexibility and minimal bankruptcy risk.
Current Snapshot
Current D/E
0.08x
Industry Limit
2.00x
Headroom
+1.92x
Why It Matters
Debt-to-equity shows balance-sheet risk. Lower leverage usually means more flexibility when earnings soften.
Formula
Total Debt / Shareholders' EquityMethod
Compare current D/E against the industry threshold used in the scoring framework, then assess remaining headroom.
Worked Example
This company's D/E is 0.08, meaning it carries 8 cents of debt for every $1 of equity. The capital markets & exchanges limit is 2.00, leaving 1.92 of headroom.
How to Interpret
Lower values generally imply lower refinancing pressure and lower dividend stress in downturns.
Very low debt means this company has maximum flexibility. They won't need to cut dividends to service loans during downturns - your income stream is protected by a fortress balance sheet.
Sources
Real cash left after running the business
Positive cash generation. Company produces real cash after capital expenditures - can fund dividends, buybacks, or growth.
Current Snapshot
Current FCF
$303M
Pass Rule
> $0
Status
Positive
Why It Matters
Free cash flow is the cash available after core operating and capital needs. It is central to dividend capacity.
Formula
Operating Cash Flow - Capital ExpendituresMethod
Review whether free cash flow is consistently positive and whether it is sufficient relative to dividends and debt needs.
Worked Example
This company generated $303M in free cash flow — cash left after operating costs and capital expenditure. Positive FCF means dividends are funded by real cash generation.
How to Interpret
Persistently negative free cash flow can force reliance on borrowing or equity issuance to maintain payouts.
Positive cash flow means dividends are funded by actual money, not accounting profits. As Buffett says, "Cash is fact, profit is opinion." Your income is backed by real cash generation.
Sources
Profit generated per $1 of shareholder investment
12.1% average ROE meets the threshold, but dropped to 8.7% in a weak year. Consistency matters in this framework.
Current Snapshot
10Y Avg
12.1%
Threshold
12.0%
Worst Year
8.7%
Why It Matters
ROE shows how effectively management turns shareholder capital into profit. High and stable ROE can signal pricing power, cost discipline, or both.
Formula
Net Income / Shareholders' Equity x 100Method
Use the 10-year average ROE and review the weakest year to check whether returns stayed resilient across cycles.
Worked Example
This company's 10-year average ROE is 12.1%, meaning each $1 of shareholder equity generates $0.12 in annual profit. The threshold is 12%, and the worst single year was 8.7%.
How to Interpret
Higher and steadier ROE generally supports stronger long-term compounding. Large drawdowns in weak years can point to fragility.
The average is solid, but the dip shows some vulnerability. At 12.1% ROE, every $1 retained generates $0.12 in annual profit — monitor whether the weak year was a one-off or a recurring pattern.
Sources
Price versus estimated intrinsic value and required return thresholds.
What percentage of the stock price comes back as earnings each year
5.5% earnings yield is below the 7.0% threshold. You'd earn nearly as much from safer government bonds, which means the extra risk of owning shares isn't being compensated.
Current Snapshot
Current Yield
5.5%
Required Yield
7.0%
Spread
-1.5pp
Why It Matters
Earnings yield reframes valuation as return on price paid. It helps compare equity earnings power against lower-risk alternatives.
Formula
(Earnings per Share / Stock Price) x 100Method
Calculate current earnings yield, then compare it to the required yield for the stock's industry setting.
Worked Example
With EPS of $2.59 and a share price of $46.80, earnings yield is 5.5%. The required yield for this industry is 7.0% (based on 4.5% government bond rate plus a risk premium).
How to Interpret
A yield above the required level suggests better valuation support; below it indicates thinner compensation for equity risk.
Returns don't justify the added risk compared to safe bonds. Consider whether the dividend yield alone compensates, or wait for a better price.
Sources
Percentage of revenue that becomes profit after all expenses
Exceptional 44.6% net margin signals a strong and durable competitive advantage.
Current Snapshot
Current Margin
44.6%
Threshold
15.0%
Relative Position
+29.6%
Why It Matters
Net income margin shows how much profit the business keeps from each dollar of revenue after all costs.
Formula
Net Income / Total Revenue x 100Method
Compare current margin with the industry-specific threshold to avoid cross-sector distortions.
Worked Example
This company's net income margin is 44.6% — it keeps 45 cents of every revenue dollar as profit after all expenses. The capital markets & exchanges threshold is 15%, putting it 29.6% above the requirement.
How to Interpret
Margins that are both strong and stable can indicate competitive strength; persistent weakness may limit reinvestment and payout capacity.
Outstanding profitability means this company converts a large share of every dollar earned into profit. This buffer protects dividends even if revenue dips — the hallmark of a moat.
Sources
Consistency of profits over time
Is the business growing or shrinking over time?
Revenue has been largely flat over 4 years. For a mature financial institution, look at ROE and dividend consistency for a clearer picture.
Current Snapshot
Revenue Change
+8.3%
Debt Change
N/A (financials)
Trend State
Mixed
Why It Matters
Revenue trend shows whether the business is expanding or contracting. Debt trend adds context on whether growth is being funded conservatively.
Formula
Revenue Change (%) = (Latest Revenue - Earliest Revenue) / |Earliest Revenue| x 100; Debt Change (%) = (Latest Debt - Earliest Debt) / |Earliest Debt| x 100Method
Map annual revenue history and, where relevant, annual debt history. For financial companies, debt is excluded because deposits and reserves distort this signal.
Worked Example
Revenue changed by +8.3% across the displayed period.
How to Interpret
Rising revenue with stable or falling debt is typically stronger than rising revenue funded by rapidly rising leverage.
Revenue has been largely flat over 4 years. For a mature financial institution, look at ROE and dividend consistency for a clearer picture.
Sources
4.35% yield is well below the 6% target. Not suitable for Barsi's income strategy.
Current Snapshot
6Y Avg Yield
4.3%
6% Requirement
6.0%
Gross Yield
6.2%
Why It Matters
Yield translates dividend income into a percentage of the price paid, which is central to income-first screening.
Formula
Annual Dividends per Share / Stock Price x 100Method
Use the 6-year average annual dividend for consistency and compare the result with the 6% framework requirement.
Worked Example
With a 6-year average annual dividend of $2.04 and a share price of $46.80, the Barsi yield is 4.3%. The minimum requirement is 6%. Including franking credits, the gross yield is 6.2%.
How to Interpret
Higher sustainable yield improves upfront income, but unusually high yields may reflect elevated risk or weak coverage.
Low yield means you need significant capital to generate meaningful income. Barsi's strategy focuses on stocks that provide substantial cash flow from day one.
Sources
Track record of consistent dividend payments
| Ex-Date | Pay Date | Gross | Franking | Net | Credit |
|---|---|---|---|---|---|
| ~18 Aug 2026Est | ~21 Sept 2026 | ~$1.52 | 100% | ~$1.06 | $0.46 |
| ~15 Feb 2027Est | ~23 Mar 2027 | ~$1.39 | 100% | ~$0.97 | $0.42 |
| Ex-Date | Pay Date | Gross | Franking | Net | Credit |
|---|---|---|---|---|---|
| 20 Feb 2026Interim | 23 Mar 2026 | $1.45 | 100% | $1.02 | $0.44 |
| 22 Aug 2025Final | 19 Sept 2025 | $1.12 | 0% | $1.12 | $0.00 |
| 21 Feb 2025Interim | 21 Mar 2025 | $1.11 | 0% | $1.11 | $0.00 |
| 21 Aug 2024Final | 18 Sept 2024 | $1.07 | 0% | $1.07 | $0.00 |
| 1 Mar 2024Interim | 29 Mar 2024 | $1.01 | 0% | $1.01 | $0.00 |
| 7 Sept 2023Final | 5 Oct 2023 | $1.12 | 0% | $1.12 | $0.00 |
| 9 Mar 2023Interim | 6 Apr 2023 | $1.16 | 0% | $1.16 | $0.00 |
| 8 Sept 2022Final | 6 Oct 2022 | $1.20 | 0% | $1.20 | $0.00 |
| 3 Mar 2022Interim | 31 Mar 2022 | $1.16 | 0% | $1.16 | $0.00 |
| 6 Sept 2021Final | 4 Oct 2021 | $1.11 | 0% | $1.11 | $0.00 |
Excellent track record. 11 years of consistent dividends through multiple market cycles.
Current Snapshot
History
11yr
Predictability
Moderate
Payout Health
High risk
Why It Matters
Payment consistency is a direct test of dividend reliability. Large cuts or skips often appear before confidence recovers.
Formula
Consecutive Years = count of years with dividend payments and no disqualifying skip/cut eventsMethod
Require at least 6 years of history, then check for skipped years and large cuts, allowing approved systemic-event exceptions.
Worked Example
This company has 11 years of dividend history (2016–2026). No suspensions detected — 11 consecutive years of payments. Predictability: Moderate. Payout health: High risk. The minimum requirement is 6 years.
How to Interpret
Longer uninterrupted records generally signal stronger income reliability than high yield alone.
A 11-year track record through multiple economic cycles gives confidence your income will continue. This company has proven it prioritises shareholder returns.
Sources
Highest price to lock in 6% yield
Current price ($46.80) is 38% above the ceiling. Wait for a drop to lock in 6% yield.
Current Snapshot
Current Price
$46.80
Max Buy Price
$33.93
Delta
-37.9%
Why It Matters
The price ceiling links valuation discipline to income targets by defining the price that aligns with a 6% yield target.
Formula
6-Year Average Annual Dividend / 0.06Method
Use the 6-year average dividend (not one year) and divide by 0.06 to estimate the maximum entry price for target yield.
Worked Example
With a current price of $46.80 and a ceiling of $33.93, the entry is 37.9% above the ceiling.
How to Interpret
Prices below the ceiling imply a historical yield above 6%; prices above it imply a lower historical yield at entry.
At this price, you won't achieve Barsi's target 6% yield. Consider waiting for a pullback — market volatility often creates more favourable valuations for patient investors.
Sources
Industry category of the business
Financial Services is not a BESST sector. Non-BESST stocks receive a lower base score but can still qualify with exceptional dividend metrics.
Current Snapshot
Industry
Financial Data & Stock Exchanges
BESST Match
No
Score Impact
No bonus
Why It Matters
Sector classification helps contextualise risk and demand durability, which can materially affect dividend stability.
Formula
BESST Match = Sector in {Banks, Energy, Sanitation, Insurance, Telecom}Method
Match company sector or industry against BESST categories. A match adds scoring support but does not replace core dividend checks.
Worked Example
This company operates in Financial Data & Stock Exchanges (Financial Services sector). It does not match a BESST sector, so it receives the standard base score. Non-BESST stocks can still qualify with strong dividend metrics.
How to Interpret
BESST alignment is a positive context signal. Non-BESST stocks can still qualify with strong yield and dividend consistency.
Non-essential businesses face demand drops during recessions — discretionary spending is first to be cut. This increases cyclical risk for dividends, but companies with decades of consistent payments can still demonstrate durability.
Sources
How much of a company's earnings are paid out as dividends
A 83% payout means the company distributes most of its earnings as dividends — more income per share now, but less room for growth. Around 67% is often considered “normal” for established companies. This level feeds directly into the price ceiling calculation.
Current Snapshot
Latest Ratio
83.0%
Healthy Range
30%-75%
Zone
Elevated
Why It Matters
Payout ratio links dividends to earnings capacity and helps evaluate whether current distributions are likely to remain supportable.
Formula
Payout Ratio (%) = (Annual Dividend per Share / Earnings per Share) x 100Method
Calculate year-by-year payout ratios where EPS is positive, classify each year by sustainability zone, and compare with the current TTM ratio.
Worked Example
$2.23 dividend / $2.59 EPS equals 86.2% payout ratio.
How to Interpret
Ratios in the middle range are usually more sustainable than very high ratios. Values above 100% indicate dividends exceeded earnings in that period.
A 83% payout means the company distributes most of its earnings as dividends — more income per share now, but less room for growth. Around 67% is often considered “normal” for established companies. This level feeds directly into the price ceiling calculation.
Sources
10/4 positive EPS years. Limited data - full evaluation requires 8+ years. Monitor closely for consistency.
Current Snapshot
Positive Years
10/4
Allowed Losses
0 (limited)
EPS CAGR
1.8%
Why It Matters
Consistency in EPS helps distinguish resilient earnings power from one-off performance spikes.
Formula
Positive EPS Years / Available EPS YearsMethod
For 8+ years of data, apply industry-specific loss tolerance. For limited data, every available year must be positive.
Worked Example
This company reported positive earnings in 10 of the last 4 years. With only 4 years of data, every year must be positive. EPS growth rate (CAGR) is 1.8%.
How to Interpret
Fewer loss years and stronger EPS continuity generally improve confidence in future dividend and valuation assumptions.
So far so good, but limited history means we haven't seen how this company handles a full economic cycle. Monitor closely for continued consistency.
Sources
Argo Investments Limited
Australian Foundation Investment Company Limited
Challenger Limited
Medibank Private Limited
Steadfast Group Limited
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