Computershare Ltd

CPU: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Computershare: Signs of Continued Improvement in Core Business

Shaun Ler

Nov 14, 2024

We lift our fair value estimate for wide-moat Computershare to AUD 28.00 per share from AUD 26.50, driven by higher cash balances—which generate margin income—over our five-year forecast period and the time value of money. This is underpinned by likely stronger capital market activity over the medium term compared with present levels, contributing to higher cash balances. Our prior forecast, while allowing for a recovery in market activity, assumed minimal growth in cash balances, which was rather pessimistic. Shares of Computershare are presently fairly valued.

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Computershare Ltd

Computershare: Signs of Continued Improvement in Core Business

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