ASX: Has the CHESS debacle undone their quality?

Continuing the theme of looking for stocks that are quality compounders, this week I looked for a stock that was both a quality compounder but also scored reasonably well on the value side. To find such a stock I had to relax my quality criteria slightly, but doing so led me to ASX (ASX:ASX).
The ASX is of course a household name, being the dominant stock exchange in Australia and the eighth largest securities exchange in the world. It derives its revenue from four main business lines:
Markets - 28%Securities amp; Payments - 27%Technology amp; Data - 24%Listings - 22%
In addition, their large cash balances contributed net interest income of $32 million in the first half of FY23.
This fairly even spread of revenue across different aspects of the business creates a fairly stable revenue base. Revenue actually grew quite strongly from $636 million in 2013 to $1,095 million in 2019, but has been flat since, coming in at $1,097 in FY22 and an expectation for $1,016 in FY23.

Source: ASX, Investor Day Presentation slides, 6/6/2023
Operating margin has been declining due...