Shawn’s Trade Idea: Cancelled as stock opened below Stop following PPT’s rejection of EQT bid.
PPT is very much “in play” with below a summary of the EQT pursuit of the fund manager over the past 12 months:
Perpetual (PPT)
PPT $17.30
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Performance
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Share price activity
Displays share price activity. Volume = number of shares traded, Turnover = value of shares traded, VWAP = volume-weighted average price for the day, sourced from Morningstar.
- Last (Price)
- 17.30
- Change
- ▲ 0.04 (0.23)
- Bid / Ask
- 17.29 - 17.31
- Volume
- 178,245
- Turnover
- 3,095,436
- Open
- 17.37
- Day Range
- 17.27 - 17.52
- VWAP
- 17.37
- Prev Close
- 17.26
- Last Trade
- 30/10 2:19pm
Key information
Displays key information on the security, sourced from Morningstar.
- Sector
- Financial Services
- Shares Issued
- 115,800,801
- NTA/Share
- 0.39
- Last Dividend
- 0.63
- Dividend Ex Date
- 10 SEP 2026
- Dividend Pay Date
- 2 OCT 2026
Current (AUD) · FY2026
Displays key financial data for the most recent fiscal year, in millions. Note - Per share data is in local currency terms irrespective of reporting currency, and may be different to the stated currency, sourced from Morningstar.
- Revenue
- 1,109.50
- EBITDA
- 182.60
- Profit
- 88.90
- Earnings Per Share (EPS)
- 0.76
- Dividend Per Share (DPS)
- 1.13
- Yield %
- 7.14
- Market Cap
- 2,012.52
- Price to Earnings Ratio (P/E)
- 34.15
Estimates (AUD) · FY2027
Displays consensus analyst’s estimates for key measures for the next fiscal year, sourced from Morningstar.
- Revenue
- —
- EBITDA
- —
- Profit
- 186.62
- Earnings Per Share (EPS)
- 1.60
- Dividend Per Share (DPS)
- 1.20
Quantitative rating
Displays Morningstar’s Quantitative Equity Research Rating for the security: a star rating from 1 (overvalued) to 5 (undervalued) from the share price against a fair value estimated by a statistical model of Morningstar’s analyst ratings, with the model’s economic moat, financial health and fair value uncertainty, sourced from Morningstar.
Undervalued
- Economic Moat
- None
- Financial Health
- Moderate
- Uncertainty
- Medium
Morningstar Quantitative Rating as of 22 OCT 2026.
Quantitative Equity Rating Methodology – view here
Fair value estimate
Displays Morningstar’s quantitative fair value estimate for the security against the current share price, with the band around it: the five-star price below which the model would rate the stock five stars and the one-star price above which it would rate it one star, sourced from Morningstar.
Five-star price 18.54 Fair value 21.19 One-star price 24.21
Morningstar Quantitative Rating as of 22 OCT 2026.
Quantitative valuation
Displays where the share price sits in Morningstar’s quantitative fair value band, from the five-star price (undervalued) to the one-star price (overvalued), with the fair value estimate, the price to fair value ratio, the model’s valuation label and its uncertainty rating, sourced from Morningstar.
Buy
Sell
- Fair Value
- 21.19
- Price / Fair Value
- 0.78
- Valuation
- Undervalued
- Uncertainty
- Medium
Morningstar Quantitative Rating as of 22 OCT 2026. The slider runs from the five-star price (18.54) to the one-star price (24.21).
Displays useful ratios for the security, NB the pricing date used, sourced from Morningstar.
| Ratios |
|---|
| Currency (Price/reporting): AUD/AUD |
| Exchange Rate: 1.0000 |
Price, volume and trading statistics for the security, sourced from Morningstar.
| Price - closing or last bid | 17.08 |
| Price - 12 month high | 20.35 |
| Price - 12 month low | 15.10 |
| Pricing date | 22 OCT 2026 |
| Volume - avg. trading volume for the last ten days | 0.30 |
| Market capitalization | 1,986.93 |
| 12 Month High price date | 28 JUL 2026 |
| 12 Month Low price date | 29 JUN 2026 |
| Volume - avg. trading volume for the last 3 months | 0.39 |
| Price - 1 Day % Change | 2.95% |
| Price - 13 week price percent change | -12.59% |
| Price - 26 week price percent change | 4.34% |
| Price - 5 Day % Change | 0.06% |
| Price - 52 week price percent change | -15.32% |
| Price - YTD price percent change | -8.47% |
| Price % Change Month To Date | 2.71% |
Earnings, dividends, cash flow and book value per share, sourced from Morningstar.
| EPS excluding extraordinary items - most recent fiscal year | 0.507 |
| EPS excluding extraordinary items - trailing 12 month | 0.507 |
| EPS Normalized - most recent fiscal year | 1.597 |
| Revenue/share - most recent fiscal year | 9.509 |
| Revenue/share - trailing 12 month | 9.509 |
| Book value per share - most recent fiscal year | 13.329 |
| Book value per share - most recent half-year | 13.329 |
| Book value (tangible) per share - most recent fiscal year | 0.386 |
| Book value (tangible) per share - most recent half-year | 0.386 |
| Cash per share - most recent fiscal year | 2.854 |
| Cash per share - most recent half-year | 2.854 |
| Cash Flow per share - most recent fiscal year | 2.334 |
| Cash Flow per share - trailing 12 month | 2.334 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 1.220 |
| EBITD per share - trailing 12 month | 1.565 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 0.522 |
| EPS Basic excluding extraordinary items - trailing 12 month | 0.522 |
| EPS including extraordinary items - most recent fiscal year | 0.785 |
| EPS including extraordinary items - trailing 12 month | 0.785 |
| Free Cash Flow per share - trailing 12 month | 2.198 |
Valuation multiples such as P/E, price to sales, price to book and enterprise value ratios, sourced from Morningstar.
| P/E excluding extraordinary items, most recent fiscal year | 32.75 |
| P/E Normalized, most recent fiscal year | 10.39 |
| Price to sales - most recent fiscal year | 1.74 |
| Price to Tangible Book - most fiscal year | 62.93 |
| Price to Free Cash Flow per Share - most recent fiscal year | 7.55 |
| Price to Cash Flow per share - trailing 12 month | 7.11 |
| Price to Book - most recent fiscal year | 1.24 |
| P/E excluding extraordinary items high, trailing 12 months | 34.19 |
| P/E excluding extraordinary items low, trailing 12 months | 32.75 |
| Net Debt, LFI | 583.40 |
| Net Debt, LFY | 647.30 |
| Dividend Yield - 5 Year Average | 6.09% |
| Dividend Yield - indicated annual dividend divided by closing price | 7.16% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 7.14% |
Cash flow, liquidity and leverage measures, sourced from Morningstar.
| Free Cash Flow - most recent fiscal year | 256.50 |
| LT debt/equity - most recent fiscal year | 46.57% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 62.81% |
| LT debt/equity - most recent half-year | 55.12% |
| Total debt/total equity - most recent half-year | 56.41% |
| Free Cash Flow - trailing 12 month | 256.50 |
| Payout ratio - trailing 12 month | — |
Key income statement lines for the most recent fiscal year, in millions, sourced from Morningstar.
| Revenue - most recent fiscal year | 1,109.50 |
| Revenue - trailing 12 month | 1,109.50 |
| EBITD - most recent fiscal year | 182.60 |
| EBITD - trailing 12 month | 182.60 |
| Earnings before taxes - most recent fiscal year | 44.60 |
| Earnings before taxes - trailing 12 month | 44.60 |
| Net Income available to common - most recent fiscal year | 88.90 |
| Net Income available to common - trailing 12 months | 88.90 |
| Earnings before taxes Normalized - most recent fiscal year | 108.40 |
| Net Income Available to Common, Normalized - most recent fiscal year | 186.30 |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 1.60 |
Profitability margins for the most recent fiscal year, sourced from Morningstar.
| Net Profit Margin % - 1st historical fiscal year | 5.33% |
| Net Profit Margin % - trailing 12 month | 5.33% |
| Operating margin - 1st historical fiscal year | 10.05% |
| Operating margin - trailing 12 month | 10.05% |
| Pretax margin - trailing 12 month | 4.02% |
| Pretax margin - 1st historical fiscal year | 4.02% |
| Operating Margin - 5 year average | 11.10% |
| Pretax Margin - 5 year average | -1.58% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 16.92% |
| Free Operating Cash Flow/Revenue, TTM | 23.12% |
| Net Profit Margin - 5 year average | -3.17% |
Returns on average assets and equity for the fiscal year, the trailing 12 months and as 5 year averages, and net income and revenue per employee in whole currency, sourced from Morningstar.
| Return on average assets - most recent fiscal year | 1.77% |
| Return on average assets - trailing 12 month | 1.77% |
| Return on average equity - most recent fiscal year | 3.69% |
| Return on average equity - trailing 12 month | 3.69% |
| Return on average assets - 5 year average | -0.59% |
| Return on average equity - 5 year average | -1.06% |
| Net Income/employee - most recent fiscal year | — |
| Revenue/employee - most recent fiscal year | — |
Growth in revenue, earnings, dividends and book value over recent periods, sourced from Morningstar.
| Revenue growth rate, 5 year | 12.22% |
| EPS growth rate, 5 year | -10.57% |
| Growth rate% - dividend, 3 year | -9.41% |
| Revenue/share (5 yr growth) | -3.03% |
| Growth rate% - Revenue, 3 year | 3.68% |
| Growth rate% - EPS, 3 year | 2.34% |
| Book value per share growth rate, 5 year | -3.74% |
| Capital Spending growth rate, 5 year | -6.38% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | 3.52% |
Displays analyst’s forecasts for key measures. The estimates can be expanded to see the spread of the calls. Full lines = reported, and dotted lines are forward estimates. Click a measure to add or remove it from the chart, sourced from Morningstar.
Financial forecast (AUD, millions except per share)
| Actuals | Estimates | |||||||
| 2026 | 2027 | 2028 | ||||||
| Estimate breakdown | ||||||||
Financial metrics can be plotted on the graph to see trends. Multiple metrics from multiple statements can be plotted against each other, sourced from Morningstar.
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 |
Displays all company announcements released by the company to the exchange, sourced from Morningstar.
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
Opinion
Perpetual Ltd (ASX: PPT) $18.10
Wealth manager Perpetual (ASX: PPT) surged +16.8% on Wednesday, before announcing a takeover approach - lose lips sink ships!
Perpetual Ltd (PPT) $19.13
Perpetual is a stock that shows two of the three qualities we look for in income holdings: defensive earnings and a solid dividend.
Perpetual Ltd (PPT) $20.14
PPT soared 8.8% on Wednesday making it the best performing stock on the ASX200 although we must recognise it’s endured a tough few years, still trading more than 50% below its 2021 high.
Perpetual Ltd (PPT) $22.32
A lot has been written about PPT by both MM and the larger media in general; hence, we won't regurgitate the full story again, but below are a couple of salient points relevant to the current play.
Perpetual (PPT) $22.32
PPT -7.08%: the Perpetual brand along with the company’s Wealth Management and Trustee businesses have been sold off to KKR for $2.175b in a deal confirmed today. While the price looks reasonable, worth ~$20/sh and leaving the company with an asset manager with ~$227b under management, there remains a significant number of questions for shareholders in terms of how much of that price will be realized.
Perpetual (PPT) $24.36
PPT -2.29%: the fund manager and corporate trustee business posted a messy 1H result which included Pedal for the full 6 months for the first time. Revenue climbed 69% to $657.8m, though this was in line with expectations, however, Net Profit of $98.2m was a 4% miss on higher-than-expected costs.
Perpetual Ltd (PPT) $26.00
We remain unconvinced about the merits of the Pendal (PDL) acquisition by PPT, and It now looks increasingly like they overpaid, a good outcome for Market Matters at the time as holders of PDL however with critical fund flow weaker than hoped/expected, time has not been kind to the optics around this deal. Importantly, the subsequent financial leverage puts the dividend at risk which is one of the reasons many investors hold PPT.
Perpetual Ltd (PPT) $25.58
Last week saw SOL bid $27 for PPT as they looked to split up the business to deliver quick value to shareholders – very Gorden Gekko (Wall Street) and the 1980s. The SOL bid trumped the earlier news that PPT itself was considering a very similar value-unlocking strategy to appease disgruntled shareholders.
Perpetual Ltd (PPT) $23.76
Yesterday, we heard that investment house Washington Soul Patts (SOL) lobbed a $3bn bid for Perpetual (PPT) back on the 21st of November. It crossed the news wires after-market yesterday, and not surprisingly, the board has rejected the $27 scrip bid, only a few cents above its July high but a 21% premium to yesterdays close.
Action
Updated
21/09/2026
09:40
PPT
Updated 21/09/2026 09:40
Trade Idea: Buy Perpetual Ltd (PPT) using a limit of $19.75, with stops at $18.60, around 5% risk.
Updated
02/07/2026
09:41
PPT
Updated 02/07/2026 09:41
MM is cautiously bullish on PPT around $18
Updated
29/10/2025
10:19
PPT
Updated 29/10/2025 10:19
MM would get interested in PPT below $17
Updated
07/07/2025
09:33
PPT
Updated 07/07/2025 09:33
MM is cautiously bullish towards PPT
Updated
09/05/2024
09:49
PPT
Updated 09/05/2024 09:49
MM is neutral toward PPT
Updated
08/05/2024
16:54
PPT
Updated 08/05/2024 16:54
MM has PPT in the too hard basket
Updated
28/02/2024
17:09
PPT
Updated 28/02/2024 17:09
MM is neutral PPT
Updated
01/02/2024
16:11
PPT
Updated 01/02/2024 16:11
MM is neutral PPT ~$26, but does see value in their assets
Updated
12/12/2023
09:47
PPT
Updated 12/12/2023 09:47
MM likes PPT below $25
Updated
08/12/2023
12:39
PPT
Updated 08/12/2023 12:39
MM is bullish PPT around $24
Business Summary
Perpetual is one of Australia's oldest financial services firms, founded in 1886. It has three operating segments, with the investments business being the main earnings generator. It is an active manager of listed assets. Perpetual also provides financial planning services to high-net-worth clients via its private wealth segment, though this business is currently being sold. In its trust segment, it provides outsourced responsible entity services to funds, as well as custodial and trustee services in the debt capital markets, particularly in securitization issuances.
WATCH
Portfolio Manager Harry Watt on Ausbiz, discussing Magellan (MFG), Regal Partners (RPL) & Perpetual (PPT)
Recorded Monday 6th March @10.30am
Portfolio Manager Harry Watt on Ausbiz, discussing Magellan (MFG), Regal Partners (RPL) & Perpetual (PPT)
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WATCH
Portfolio Manager Harry Watt on Ausbiz, discussing Magellan (MFG), Regal Partners (RPL) & Perpetual (PPT)
Recorded Monday 6th March @10.30am
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