Financial Services · Financial Data & Stock Exchanges · TSE · Japan
¥2218.50-0.29%
Market cap ¥2.26TNext earnings 2026-10-27Updated Oct 24, 2026 · valuation updating
Our verdict
No fair value
We are missing the financial data our models need for this company. It will appear once the data arrives.
Not valued: there are no financial statements on file yet.
ACCE opinionJapan Exchange Group, Inc. (8697.T)
Fair value
Not available
ACCE price target
¥2108
Rating
Not rated
Horizon
12 months
ACCE price target published on 22 Oct 2026, 16:00 CEST.
Price used: ¥2219 at the close on 23 Oct 2026, 08:30 CEST.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
61
out of 100
P/E
50.6x
forward 35.8x
1-year return
+26.3%
Dividend yield
3.69%
Japan Exchange Group, Inc. in four questions
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Overview
ACCE thesis
Japan Exchange Group runs the Tokyo Stock Exchange and Osaka Exchange, and earns its money from listing fees, trading and clearing fees on cash equities and derivatives, and market data sold to the investment industry. Its moat is structural: it is the dominant venue for Japanese equities and clearing, and the operating margin of 64.9% reflects how little incremental cost a trade adds once the infrastructure is built. The growth story rests on Tokyo Stock Exchange reforms that pushed listed companies to address low price-to-book ratios and improve governance, which lifts both trading volumes and the listing pipeline. At 50.8 times trailing earnings and 35.9 times forward earnings, the market is already paying for a sizeable earnings rise, so the forward multiple is the more useful starting point. The stock is worth a deeper look to test whether trading volumes and foreign investor flows can keep compounding at the pace the forward multiple implies.
⚠ Investor warnings · 1 flagAI-assisted·How I use AI
moderate
Valuation stretched vs target
Shares trade 5.2% above the ACCE price target of ¥2108.00, with a trailing P/E of 50.8 against a forward P/E of 35.9, so the market is already pricing in earnings growth.
AI research notes
AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-10-22 · prices to Oct 23, 2026
Why it could do well
Analysts' mean price target sits at JPY 2498.00, about 12.3% above the current share price.
Revenue has grown 73.6% a year on average over five years, a strong run for a stock exchange operator.
The company beat earnings expectations last quarter, with earnings per share of 28.81 against 27.70 expected.
Why it could disappoint
The stock trades at a trailing P/E of 50.8x, a rich price for a business with a 0.0% net margin.
Trading volume dependence is a key risk on file, and the analysts' target of JPY 2498.00 is only modestly above the price.
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Where 8697.T's valuation models land
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