Monopoly position in the Australian equities, deriviatives and bond markets. Trading on around 15 times earnings (above average market multiple), paying out 6% ff and pretty much debt free.
Obviously equity volumes are down but the stock is about 50% of its highs and everyone has forgotten about the bond market side of what was the SFE (they merged). With the govt esitmated to increase the amount of govt debt on issue by between 10 to 20 times, volumes will rise helping to offset the fall in equity volumes.
Always attempts by third parties to set up rival exchanges or poach part of the business so this is a risk but tends to be a lever used by market participants to try and win a better deal. Rebate deal due by May which may contribute to turbulence in the share price.
May also look to have a go at IRESS, (IRE) as they already have around 19% and IRE is also pretty a monopolpy supplier of operating systems for brokers in Oz.
Not necessarily cheap and may be volatile as it has a high beta to the market but monopolies are always pretty good in the long term.
Obviously equity volumes are down but the stock is about 50% of its highs and everyone has forgotten about the bond market side of what was the SFE (they merged). With the govt esitmated to increase the amount of govt debt on issue by between 10 to 20 times, volumes will rise helping to offset the fall in equity volumes.
Always attempts by third parties to set up rival exchanges or poach part of the business so this is a risk but tends to be a lever used by market participants to try and win a better deal. Rebate deal due by May which may contribute to turbulence in the share price.
May also look to have a go at IRESS, (IRE) as they already have around 19% and IRE is also pretty a monopolpy supplier of operating systems for brokers in Oz.
Not necessarily cheap and may be volatile as it has a high beta to the market but monopolies are always pretty good in the long term.
Might as well ask an astrologer!
