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Overvalued
Morningstar Quantitative Rating as of 28 OCT 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 34.18 Fair value 39.88 One-star price 46.54
Morningstar Quantitative Rating as of 28 OCT 2026.
Morningstar Quantitative Rating as of 28 OCT 2026. The slider runs from the five-star price (34.18) to the one-star price (46.54).
| Ratios |
|---|
| Currency (Price/reporting): AUD/USD |
| Exchange Rate: 1.4255 |
| Price - closing or last bid | 42.59 |
| Price - 12 month high | 43.79 |
| Price - 12 month low | 26.73 |
| Pricing date | 28 OCT 2026 |
| Volume - avg. trading volume for the last ten days | 1.50 |
| Market capitalization | 24,633.51 |
| 12 Month High price date | 6 AUG 2026 |
| 12 Month Low price date | 25 MAR 2026 |
| Volume - avg. trading volume for the last 3 months | 1.61 |
| Price - 1 Day % Change | -0.77% |
| Price - 13 week price percent change | 5.03% |
| Price - 26 week price percent change | 45.41% |
| Price - 5 Day % Change | 0.47% |
| Price - 52 week price percent change | 14.49% |
| Price - YTD price percent change | 24.75% |
| Price % Change Month To Date | 5.08% |
| EPS excluding extraordinary items - most recent fiscal year | 1.067 |
| EPS excluding extraordinary items - trailing 12 month | 1.067 |
| EPS Normalized - most recent fiscal year | 1.466 |
| Revenue/share - most recent fiscal year | 5.619 |
| Revenue/share - trailing 12 month | 5.619 |
| Book value per share - most recent fiscal year | 3.916 |
| Book value per share - most recent half-year | 3.916 |
| Book value (tangible) per share - most recent fiscal year | -0.440 |
| Book value (tangible) per share - most recent half-year | -0.440 |
| Cash per share - most recent fiscal year | 1.822 |
| Cash per share - most recent half-year | 1.822 |
| Cash Flow per share - most recent fiscal year | 1.537 |
| Cash Flow per share - trailing 12 month | 1.537 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 1.200 |
| EBITD per share - trailing 12 month | 1.907 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 1.070 |
| EPS Basic excluding extraordinary items - trailing 12 month | 1.070 |
| EPS including extraordinary items - most recent fiscal year | 1.070 |
| EPS including extraordinary items - trailing 12 month | 1.070 |
| Free Cash Flow per share - trailing 12 month | 1.476 |
| P/E excluding extraordinary items, most recent fiscal year | 27.03 |
| P/E Normalized, most recent fiscal year | 19.68 |
| Price to sales - most recent fiscal year | 5.13 |
| Price to Tangible Book - most fiscal year | — |
| Price to Free Cash Flow per Share - most recent fiscal year | 19.55 |
| Price to Cash Flow per share - trailing 12 month | 18.77 |
| Price to Book - most recent fiscal year | 7.48 |
| P/E excluding extraordinary items high, trailing 12 months | 27.36 |
| P/E excluding extraordinary items low, trailing 12 months | 17.38 |
| Net Debt, LFI | 420.90 |
| Net Debt, LFY | 157.30 |
| Dividend Yield - 5 Year Average | 2.51% |
| Dividend Yield - indicated annual dividend divided by closing price | 2.79% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 2.82% |
| Free Cash Flow - most recent fiscal year | 855.70 |
| LT debt/equity - most recent fiscal year | 58.00% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 59.27% |
| LT debt/equity - most recent half-year | 72.33% |
| Total debt/total equity - most recent half-year | 73.50% |
| Free Cash Flow - trailing 12 month | 855.70 |
| Payout ratio - trailing 12 month | — |
| Revenue - most recent fiscal year | 3,257.50 |
| Revenue - trailing 12 month | 3,257.50 |
| EBITD - most recent fiscal year | 1,105.40 |
| EBITD - trailing 12 month | 1,105.40 |
| Earnings before taxes - most recent fiscal year | 848.40 |
| Earnings before taxes - trailing 12 month | 848.40 |
| Net Income available to common - most recent fiscal year | 618.70 |
| Net Income available to common - trailing 12 months | 618.70 |
| Earnings before taxes Normalized - most recent fiscal year | 1,070.10 |
| Net Income Available to Common, Normalized - most recent fiscal year | 849.80 |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 1.47 |
| Net Profit Margin % - 1st historical fiscal year | 19.01% |
| Net Profit Margin % - trailing 12 month | 19.01% |
| Operating margin - 1st historical fiscal year | 28.25% |
| Operating margin - trailing 12 month | 28.25% |
| Pretax margin - trailing 12 month | 26.04% |
| Pretax margin - 1st historical fiscal year | 26.04% |
| Operating Margin - 5 year average | 24.40% |
| Pretax Margin - 5 year average | 22.31% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 22.67% |
| Free Operating Cash Flow/Revenue, TTM | 26.27% |
| Net Profit Margin - 5 year average | 16.34% |
| Return on average assets - most recent fiscal year | 12.06% |
| Return on average assets - trailing 12 month | 12.06% |
| Return on average equity - most recent fiscal year | 28.13% |
| Return on average equity - trailing 12 month | 28.13% |
| Return on average assets - 5 year average | 8.34% |
| Return on average equity - 5 year average | 22.31% |
| Net Income/employee - most recent fiscal year | 56,290.91 |
| Revenue/employee - most recent fiscal year | 296,136.36 |
| Revenue growth rate, 5 year | 7.39% |
| EPS growth rate, 5 year | 25.88% |
| Growth rate% - dividend, 3 year | 17.99% |
| Revenue/share (5 yr growth) | 6.63% |
| Growth rate% - Revenue, 3 year | 5.45% |
| Growth rate% - EPS, 3 year | 13.24% |
| Book value per share growth rate, 5 year | 0.75% |
| Capital Spending growth rate, 5 year | -24.18% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | 13.02% |
Financial forecast (AUD, millions except per share)
| Actuals | Estimates | |||||||
| 2026 | 2027 | 2028 | ||||||
| Estimate breakdown | ||||||||
Financials (USD, 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 |
CPU is an almost 20bn business that makes money by charging companies fees to manage shareholder records and corporate actions, and by earning interest on large client cash balances it temporarily holds, hence making it a business that benefits from elevated interest rates.
CPU +15.49%: Broke through all-time-highs and posted its best one-day gain since 2016 as the share registry beat earnings expectations and lifted annual guidance.
CPU +0.04%: the share registry and employee services company announced the sale of their US Mortgage Services business following a strategic review. US-based asset manager Rithm is expected to pay $US720m for the book which is in line with their tangible asset value and with market expectations for the sale.
CPU provided a trading update in May with FY23 EPS growth of +90% reaffirmed but FY24 margin income guidance was reduced with lower average balances. At MM we’re still not huge fans of the registry and corporate services business especially with CPU being a beneficiary of higher interest rates this tailwind has come to an end in our opinion.
CPU -4.03%: registry and corporate services business struggled today on the back of a softer 1H result, though the company did maintain FY23 guidance. NPAT of $269m was 95% higher than last year, though it includes a full half contribution from CCT.
CPU actually looks fairly similar to the totally unrelated KAR from a chart perspective having fallen -9.54% in 2023 but that’s where the comparison should end. The company keeps delivering but it’s a business model MM is wary of believing it’s open to disruption in the years ahead – not a rewarding view since Covid!
The share registry released their earnings after market yesterday and were slightly ahead expectations. They had upgraded guidance for EPS of 51.77cps and they delivered 52.03cps. For FY22 they guided to EPS of 53cps which is inline with where the market was at and equates to earnings growth of 2%. Paying 22x for 2% earnings growth doesn’t excite us.
Reporting Calendar: Download here Companies reporting today on MM’s radar include: Commonwealth Bank (CBA) FY21 result – A very strong result today from CBA which we cover in details in the Income Portfolio Section of todays note
The registry and corporate administration business has agreed to pay $US750m for US listed Wells Fargo (WFC US) Corporate Trust Services (CTS) business.
MM is bullish towards CPU around $34
MM is cautiously bullish CPU
MM remains neutral CPU
MM is neutral on CPU
MM is neutral/negative CPU
MM is neutral towards CPU
MM has no interest in CPU
We like the deal, CPU looks interesting into a pull back
Founded in Australia in 1978, Computershare has grown via acquisitions to become the world's leading provider of issuer services. Employee share plans and communications services are commonly sold together with issuer services to corporations. The company also has a business services offering and a corporate trust business. Over the medium term, more than half of group EBITDA is expected to be generated from interest income on client cash balances, or margin income, which isexposed to interest-rate movements.
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