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Undervalued
Morningstar Quantitative Rating as of 23 OCT 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 0.51 Fair value 0.69 One-star price 0.91
Morningstar Quantitative Rating as of 23 OCT 2026.
Morningstar Quantitative Rating as of 23 OCT 2026. The slider runs from the five-star price (0.51) to the one-star price (0.91).
| Ratios |
|---|
| Currency (Price/reporting): AUD/AUD |
| Exchange Rate: 1.0000 |
| Price - closing or last bid | 0.56 |
| Price - 12 month high | 0.95 |
| Price - 12 month low | 0.53 |
| Pricing date | 22 OCT 2026 |
| Volume - avg. trading volume for the last ten days | 0.74 |
| Market capitalization | 270.55 |
| 12 Month High price date | 23 OCT 2025 |
| 12 Month Low price date | 28 SEP 2026 |
| Volume - avg. trading volume for the last 3 months | 1.22 |
| Price - 1 Day % Change | -2.63% |
| Price - 13 week price percent change | -21.83% |
| Price - 26 week price percent change | -26.49% |
| Price - 5 Day % Change | -5.13% |
| Price - 52 week price percent change | -40.64% |
| Price - YTD price percent change | -30.19% |
| Price % Change Month To Date | -4.31% |
| EPS excluding extraordinary items - most recent fiscal year | 0.013 |
| EPS excluding extraordinary items - trailing 12 month | 0.013 |
| EPS Normalized - most recent fiscal year | 0.031 |
| Revenue/share - most recent fiscal year | 0.220 |
| Revenue/share - trailing 12 month | 0.220 |
| Book value per share - most recent fiscal year | 0.225 |
| Book value per share - most recent half-year | 0.225 |
| Book value (tangible) per share - most recent fiscal year | 0.066 |
| Book value (tangible) per share - most recent half-year | 0.066 |
| Cash per share - most recent fiscal year | 0.062 |
| Cash per share - most recent half-year | 0.062 |
| Cash Flow per share - most recent fiscal year | 0.029 |
| Cash Flow per share - trailing 12 month | 0.029 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.025 |
| EBITD per share - trailing 12 month | 0.048 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 0.014 |
| EPS Basic excluding extraordinary items - trailing 12 month | 0.014 |
| EPS including extraordinary items - most recent fiscal year | 0.014 |
| EPS including extraordinary items - trailing 12 month | 0.014 |
| Free Cash Flow per share - trailing 12 month | 0.003 |
| P/E excluding extraordinary items, most recent fiscal year | 42.69 |
| P/E Normalized, most recent fiscal year | 18.10 |
| Price to sales - most recent fiscal year | 2.53 |
| Price to Tangible Book - most fiscal year | 8.42 |
| Price to Free Cash Flow per Share - most recent fiscal year | 170.93 |
| Price to Cash Flow per share - trailing 12 month | 18.84 |
| Price to Book - most recent fiscal year | 2.47 |
| P/E excluding extraordinary items high, trailing 12 months | 52.31 |
| P/E excluding extraordinary items low, trailing 12 months | 17.03 |
| Net Debt, LFI | -26.93 |
| Net Debt, LFY | -26.71 |
| Dividend Yield - 5 Year Average | — |
| Dividend Yield - indicated annual dividend divided by closing price | 4.35% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 4.50% |
| Free Cash Flow - most recent fiscal year | 1.63 |
| LT debt/equity - most recent fiscal year | 2.13% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 3.09% |
| LT debt/equity - most recent half-year | 2.35% |
| Total debt/total equity - most recent half-year | 3.13% |
| Free Cash Flow - trailing 12 month | 1.63 |
| Payout ratio - trailing 12 month | — |
| Revenue - most recent fiscal year | 110.46 |
| Revenue - trailing 12 month | 110.46 |
| EBITD - most recent fiscal year | 24.00 |
| EBITD - trailing 12 month | 24.00 |
| Earnings before taxes - most recent fiscal year | 8.96 |
| Earnings before taxes - trailing 12 month | 8.96 |
| Net Income available to common - most recent fiscal year | 6.54 |
| Net Income available to common - trailing 12 months | 6.54 |
| Earnings before taxes Normalized - most recent fiscal year | 17.11 |
| Net Income Available to Common, Normalized - most recent fiscal year | 15.43 |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 0.03 |
| Net Profit Margin % - 1st historical fiscal year | 5.92% |
| Net Profit Margin % - trailing 12 month | 5.92% |
| Operating margin - 1st historical fiscal year | 13.29% |
| Operating margin - trailing 12 month | 13.29% |
| Pretax margin - trailing 12 month | 8.12% |
| Pretax margin - 1st historical fiscal year | 8.12% |
| Operating Margin - 5 year average | 20.61% |
| Pretax Margin - 5 year average | 13.34% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 8.82% |
| Free Operating Cash Flow/Revenue, TTM | 1.48% |
| Net Profit Margin - 5 year average | 11.19% |
| Return on average assets - most recent fiscal year | 4.81% |
| Return on average assets - trailing 12 month | 4.81% |
| Return on average equity - most recent fiscal year | 5.81% |
| Return on average equity - trailing 12 month | 5.81% |
| Return on average assets - 5 year average | 7.37% |
| Return on average equity - 5 year average | 9.12% |
| Net Income/employee - most recent fiscal year | — |
| Revenue/employee - most recent fiscal year | — |
| Revenue growth rate, 5 year | 11.23% |
| EPS growth rate, 5 year | 32.36% |
| Growth rate% - dividend, 3 year | — |
| Revenue/share (5 yr growth) | 10.04% |
| Growth rate% - Revenue, 3 year | 14.14% |
| Growth rate% - EPS, 3 year | -24.33% |
| Book value per share growth rate, 5 year | 7.07% |
| Capital Spending growth rate, 5 year | 12.74% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | 15.33% |
Financial forecast (AUD, millions except per share)
| Actuals | Estimates | |||||||
| 2026 | 2027 | 2028 | ||||||
| Estimate breakdown | ||||||||
Financials (AUD, millions)
| Period end: | JUN 22 | JUN 23 | JUN 24 | JUN 25 | JUN 26 |
| Fiscal year: | 2022 | 2023 | 2024 | 2025 | 2026 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
PPS +11.84%: A good session for the minor in the platform space today delivering a positive quarter for net inflows with: 1) SMA net inflows above our expectations, 2) Spectrum producing maiden quarterly net inflows of ~$70 million, and 3) Powerwrap returning to positive net inflows following five consecutive quarters of net outflows.
PPS +25.3%: While its coming off a low base, the result today for Praemium showed some real progress and could well be the turning point for the investment platform provider;
PPS flat: We met with the PPS management team after they released 1H24 results this morning and announced the acquisition of OneVue from Iress (IRE).
We are making multiple changes to the Emerging Companies Portfolio
PPS -35.34%: a tough day for the investment platform business, tumbling on comments made at their AGM. The company has been working hard to right size their cost base but it is facing headwinds on both costs and revenues and today’s update sent the stock to 3-year lows. On the revenue front, lower trading volumes have weighed on income given Praemium clips the ticket on activity.
The investment platform business reported FY23 results yesterday that delivered slightly higher than expected overall revenue ($74.3m) while underlying EBITDA ($23.42m) was inline with our expectations due to rising costs, particularly in cybersecurity and a general increase in labour expenditure across the board. Growth remains slower than the other platforms, and PPS don’t have the same scale as HUB or NWL, with funds under administration (FUA) of $44.0b, up $1.4b for the year - (HUB have $80.3b).
PPS -1.65%: the investment platform dipped today despite what looked like a reasonable Funds Under Administration (FUA) update. FUA grew 9% for FY23 to $44b, split reasonably evenly between Platform inflows, portfolio administration inflows and overall positive market moves.
Shares in the investment platform company have struggled since the start of the financial year. The weakness coincides with a choppy market which tends to reduce investor confidence and subsequent flows into the investment platforms, however, this slide also comes as Praemium enters a blackout period and must pause its buyback.
PPS slipped -2.3% yesterday being dragged lower on overall negative sentiment toward platform providers. We felt PPS delivered a solid 3Q in April enjoying a steady turnaround after selling off its struggling International business. Unlike HUB & NWL we aren’t as concerned by PPS’s valuation of 24x Est FY23.
PPS unch: 3Q Funds Under Administration (FUA) update from Praemium showed a turnaround in momentum for flows as has been the case across the platforms in recent updates. Total FUA rose to $43.7b, up 8% FYTD, while $223m of net flows were garnered in the quarter.
MM remains bullish PPS
MM is bullish PPS ~52cps
MM is neutral PPS
MM is selling PPS in the Emerging Companies Portfolio, taking a loss around 38c
MM is now neutral PPS
MM remains patiently long PPS in the Emerging Companies Portfolio
MM is patiently/frustratingly long PPS
MM is bullish PPS
MM remains long and bullish toward PPS
MM is long and bullish PPS
Praemium Ltd operates an Australian-based, fully integrated wealth management platform that enables advisers and wealth managers to construct and administer a breadth of custody and non-custody solutions for their clients through a seamless digital platform experience. The Group is focused on the high-net-worth (HNW) segment, with sophisticated adviser-led solutions designed to meet the requirements of wealthy Australians and the advisers, stockbrokers, private wealth managers, family offices and institutions who serve them. Its custodial services comprise Spectrum, an Investor Directed Portfolio Services (IDPS) solution, the Praemium Separately Managed Account (SMA), and the Powerwrap IDPS-like service.
Pulse Check Webinar: Opportunities in the unloved parts of the market
Recorded Wednesday 27st September
Portfolio Manager Harry Watt discussing results from Aussie Broadband (ABB) & Praemium (PPS)
Recorded Monday 27th February
Video Update: Discussing 3 of our dud stocks & 3 of our winners
Recorded 10th November
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