PLATINUM ASSET MANAGEMENT LIMITED (PTM)
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23/09/2025

3

Downgrade to Hold from Buy

$0.70

1.45%

Bell Potter notes all major resolutions regarding Platinum Asset Management's merger with L1 Capital ((LSF)) were passed at the September 22 AGM, paving the way for the merger by month-end, forming L1 Group. The ASX code will be L1G.

The company made several announcements since July, with a key one being a significant client redemption of -$580m expected in October and November. FY25 result, published in late August, was in line with the broker's expectations.

The broker updated the model to incorporate FY25 results, disclosures and fund flow updates, resulting in a 10.5% increase to FY26 net profit forecast and a 5% increase to FY27.

Target rises to 70c from 60c. Rating downgraded to Hold from Buy.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 2.50 cents and EPS of 4.80 cents.
Bell Potter forecasts a full year FY27 dividend of 2.70 cents and EPS of 5.40 cents.

10/07/2025

3

Neutral

$0.53

-23.19%

Jarden believes the proposed merger between Platinum Asset Management and L1 Capital is strategically sound.

The new entity will combine complementary funds under management (FUM) and target $20m in cost synergies on top of Platinum's existing cost-out plans, explain the analysts.

The broker estimates the merger would be around 11% EPS accretive within a year and 38% by FY27, with potential upside if L1’s FUM grows faster than forecast or Platinum's outflows improve.

L1 shareholders would own 74% of the merged entity, with escrow conditions applied, and the deal remains subject to a Platinum shareholder vote in September and a $3m break fee.

Jarden raises its 12-month target price to 53c from 37c and retains a Neutral rating.

FORECAST
Jarden forecasts a full year FY26 dividend of 3.20 cents and EPS of 3.30 cents.