Company Reports

Computershare services more than 25,000 firms globally. Alongside its register maintenance services, the firm leverages its records management skills to service adjacent areas like corporate actions or annual general meetings. Acquisitions are pursued to bolster growth, such as the acquisition of Wells Fargo’s corporate trust arm in 2021 and Equatex, an employee share plan provider, in 2018. Its product variety supports cross-selling. Competition is fragmented, and peers struggle to compete with Computershare’s breadth of products, long-dated contracts, high retention, integration experience, and capability in servicing an increasingly transnational securities industry.

We recently cut our fair value estimates for EML Payments and GQG Partners after we self-identified a valuation error in our treatment of share-based compensation. We've now reviewed our diversified financials coverage for the same issue and identified 10 affected companies.

Computershare services more than 25,000 firms globally. Alongside its register maintenance services, the firm leverages its records management skills to service adjacent areas like corporate actions or annual general meetings. Acquisitions are pursued to bolster growth, such as the acquisition of Wells Fargo’s corporate trust arm in 2021 and Equatex, an employee share plan provider, in 2018. Its product variety supports cross-selling. Competition is fragmented, and peers struggle to compete with Computershare’s breadth of products, long-dated contracts, high retention, integration experience, and capability in servicing an increasingly transnational securities industry.

Computershare's underlying earnings per share grew 7% in fiscal 2026 on a constant-currency basis. The firm guided to 6% EPS growth in fiscal 2027, citing growth in core earnings, higher-margin income, and lower interest expense.

Computershare reaffirmed fiscal 2026 management EPS guidance of around USD 1.44 per share, up 6% on the prior year. It noted steady corporate activity, growing use of equity remuneration, higher recurring fees, and also slightly upgraded margin income guidance.

Computershare services more than 25,000 firms globally. Alongside its register maintenance services, the firm leverages its records management skills to service adjacent areas like corporate actions or annual general meetings. Acquisitions are pursued to bolster growth, such as the acquisition of Wells Fargo’s corporate trust arm in 2021 and Equatex, an employee share plan provider, in 2018. Its product variety supports cross-selling. Competition is fragmented, and peers struggle to compete with Computershare’s breadth of products, long-dated contracts, high retention, integration experience, and capability in servicing an increasingly transnational securities industry.

Computershare's underlying earnings per share for the first half of fiscal 2026 rose 4% on last year. Growth in core businesses, lower interest costs, and the benefit of prior share buybacks boosted management's optimism, leading to a 3% upgrade in full-year EPS guidance.

Computershare services more than 25,000 firms globally. Alongside its register maintenance services, the firm leverages its records management skills to service adjacent areas like corporate actions or annual general meetings. Acquisitions are pursued to bolster growth, such as the acquisition of Wells Fargo’s corporate trust arm in 2021 and Equatex, an employee share plan provider, in 2018. Its product variety supports cross-selling. Competition is fragmented, and peers struggle to compete with Computershare’s breadth of products, long-dated contracts, high retention, integration experience, and capability in servicing an increasingly transnational securities industry.

Computershare services more than 25,000 firms globally. Alongside its register maintenance services, the firm leverages its records management skills to service adjacent areas like corporate actions or annual general meetings. Acquisitions are pursued to bolster growth, such as the acquisition of Wells Fargo’s corporate trust arm in 2021 and Equatex, an employee share plan provider, in 2018. Its product variety supports cross-selling. Competition is fragmented, and peers struggle to compete with Computershare’s breadth of products, long-dated contracts, high retention, integration experience, and capability in servicing an increasingly transnational securities industry.

At its AGM, Computershare reaffirmed its earnings guidance for fiscal 2026, projecting a 4% increase in management earnings per share and a 5% increase in EBIT excluding margin income. Business performance is "tracking well to expectations."

Computershare services more than 25,000 firms globally. Alongside its register maintenance services, the firm leverages its records management skills to service adjacent areas like corporate actions or annual general meetings. Acquisitions are pursued to bolster growth, such as the acquisition of Wells Fargo’s corporate trust arm in 2021 and Equatex, an employee share plan provider, in 2018. Its product variety supports cross-selling. Competition is fragmented, and peers struggle to compete with Computershare’s breadth of products, long-dated contracts, high retention, integration experience, and capability in servicing an increasingly transnational securities industry.

Computershare reported a 15% rise in management earnings per share for fiscal 2025 from the prior year, excluding sold businesses. All core businesses delivered revenue and earnings growth. The firm guided toward a 4% increase in EPS and 5% increase in EBIT (excluding margin income) for fiscal 2026.

Computershare reaffirmed its fiscal 2025 earnings guidance for a 30% increase in EBIT, excluding margin income, and a 15% increase in earnings per share relative to fiscal 2024. Guided margin income was reduced to USD 750 million from USD 760 million due to slightly lower yields and balances.

Computershare services more than 25,000 firms globally. Alongside its register maintenance services, the firm leverages its records management skills to service adjacent areas like corporate actions or annual general meetings. Acquisitions are pursued to bolster growth, such as the acquisition of Wells Fargo’s corporate trust arm in 2021 and Equatex, an employee share plan provider, in 2018. Its product variety supports cross-selling. Competition is fragmented, and peers struggle to compete with Computershare’s breadth of products, long-dated contracts, high retention, integration experience, and capability in servicing an increasingly transnational securities industry.

Computershare's underlying earnings per share for first-half fiscal 2025 grew 20% from a year ago on a pro forma basis, excluding the recently sold US mortgage services business. Fiscal 2025's EPS growth guidance improves to 15% from 8%.

Computershare services more than 25,000 firms globally. Alongside its register maintenance services, the firm leverages its records management skills to service adjacent areas like corporate actions or annual general meetings. Acquisitions are pursued to bolster growth, such as the acquisition of Wells Fargo’s corporate trust arm in 2021 and Equatex, an employee share plan provider, in 2018. Its product variety supports cross-selling. Competition is fragmented, and peers struggle to compete with Computershare’s breadth of products, long-dated contracts, high retention, integration experience, and capability in servicing an increasingly transnational securities industry.

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.

Computershare services more than 25,000 firms globally. Alongside its register maintenance services, the firm leverages its records management skills to service adjacent areas like corporate actions or annual general meetings. Acquisitions are pursued to bolster growth, such as the acquisition of Wells Fargo’s corporate trust arm in 2021 and Equatex, an employee share plan provider, in 2018. Its product variety supports cross-selling. Competition is fragmented, and peers struggle to compete with Computershare’s breadth of products, long-dated contracts, high retention, integration experience, and capability in servicing an increasingly transnational securities industry.

Computershare services more than 25,000 firms globally. Alongside its register maintenance services, the firm leverages its records management skills to service adjacent areas like corporate actions or annual general meetings. Acquisitions are pursued to bolster growth, such as the acquisition of Wells Fargo’s corporate trust arm in 2021 and Equatex, an employee share plan provider, in 2018. Its product variety supports cross-selling. Competition is fragmented, and peers struggle to compete with Computershare’s breadth of products, long-dated contracts, high retention, integration experience, and capability in servicing an increasingly transnational securities industry.

Computershare’s fiscal 2024 underlying results were largely as expected, with core businesses performing a little better than expected. Underlying EBIT of USD 1.15 billion met our forecasts, with stronger operating income (excluding margin income) offset by slightly lower margin income than anticipated. Core segments such as issuer services, employee share plans, and communication services delivered better-than-expected volumes, leading us to marginally increase our fair value estimate to AUD 26.50 from AUD 26.00 per share. This adjustment reflects stronger revenue growth in Computershare’s core businesses, which we expect can be maintained. We make minimal changes to our medium-term margin income projections.